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Article 2 Definitions

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

  1. (a)

    "passive order" means an order entered into the order book that provided liquidity;

  2. (b)

    "aggressive order" means an order entered into the order book that took liquidity;

  3. (c)

    "directed order" means an order where a specific execution venue was specified by the client prior to the execution of the order.