Article 1 Definitions

For the purposes of this Regulation, the following definitions shall apply:

1. (a)

   "order" includes all input messages, including messages on submission, modification and cancellation sent to the trading system of a trading venue, relating to an order or a quote, but excluding cancellation messages sent subsequent to:

   1. (i)

      uncrossing in an auction;

   2. (ii)

      a loss of venue connectivity;

   3. (iii)

      the use of a kill functionality;

2. (b)

   "transaction" means a totally or partially executed order;

3. (c)

   "volume" means the quantity of financial instruments traded expressed as any of the following:

   1. (i)

      the number of instruments for shares, depositary receipts, ETFs, certificates and other similar financial instruments;

   2. (ii)

      the nominal value for bonds and structured finance products;

   3. (iii)

      the number of lots size or contracts for derivatives;

   4. (iv)

      metric tonnes of carbon dioxide for emission allowances.