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.