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transaction

29only the purchase and sale of a financial instrument. For the purposes of the MiFID Regulation, excluding Chapter II, this does not include:

(a) securities financing transactions; or
(b) the exercise of options or covered warrants; or
(c) primary market transactions (such as issuance allotment or subscription) in financial instruments falling within Article 4(1)(18)(a) and (b) of MiFID.

[Note: article 5 of the MiFID Regulation]

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