Section 2(1B)

For the purposes of the definition of “direct electronic access” in paragraph (1), a person is to be considered not capable of electronically transmitting orders relating to a financial instrument directly to a trading venue where either or both of the following apply— that person cannot exercise discretion regarding— the exact fraction of a second of order entry, and the lifetime of the order within that timeframe; the electronic transmission of orders takes place through arrangements for optimisation of order execution processes that determine the parameters of the order other than the trading venue where the order should be submitted, unless these arrangements are embedded into that person’s systems and not into those of— the member or participant of a regulated market or of an MTF, or a client of an OTF.

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Source: legislation.gov.uk · retrieved 2026-09-04