Article 1 Definitions

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

1. (1)

   "portfolio trade" means transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price;

2. (2)

   "give-up transaction" or "give-in transaction" means:1

   1. (a) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for the purpose of post-trade processing; or1

   2. (b) where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.1

3. (3)

   "securities financing transaction" means a securities financing transaction as defined in Article 3(6) of Delegated Regulation (EU) 2017/577;

4. (5)

   "the Recognition Requirements Regulations" means the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (SI 2001/995);

5. (5A)

   “benchmark trade” means a transaction is executed by reference to: 1

   1. (a) a price calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price; or1

   2. (b) the market closing price.1

6. (5B)

   “designated reporter” means an investment firm that accepts responsibility for making public through an APA the trades it concludes with another investment firm outside the rules of a trading venue, where it is the buyer of a financial instrument either on own account or on behalf of clients;1

7. (5C)

   “inter-affiliate transaction” means a transaction between entities within the same group carried out exclusively for intra-group risk management purposes.1