Art. 2

02014R0600-20240109 → 02014R0600-20240328

Article 2 Definitions 1. For the purposes of this Regulation, the following definitions apply: (1) investment firm means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU; (2) investment services and activities means investment services and activities defined in Article 4(1)(2) of Directive 2014/65/EU; (3) ancillary services means ancillary services as defined in Article 4(1)(3) of Directive 2014/65/EU; (4) execution of orders on behalf of clients means execution on behalf of clients as defined in Article 4(1)(5) of Directive 2014/65/EU; (5) dealing on own account means dealing on own account as defined in Article 4(1)(6) of Directive 2014/65/EU; (6) market maker means a market maker as defined in Article 4(1)(7) of Directive 2014/65/EU; (7) client means a client as defined in Article 4(1)(9) of Directive 2014/65/EU; (8) professional client means a professional client as defined in Article 4(1)(10) of Directive 2014/65/EU; (8a) SME growth market means an SME growth market as defined in Article 4(1), point (12), of Directive 2014/65/EU; (9) financial instrument means a financial instrument as defined in Article 4(1)(15) of Directive 2014/65/EU; (10) market operator means a market operator as defined in Article 4(1)(18) of Directive 2014/65/EU; (11) multilateral system means a multilateral any system as defined or facility in Article 4(1)(19) of Directive 2014/65/EU; which multiple third-party buying and selling trading interests in financial instruments are able to interact; (12) systematic internaliser means a systematic internaliser as defined in Article 4(1)(20) of Directive 2014/65/EU; (13) regulated market means a regulated market as defined in Article 4(1)(21) of Directive 2014/65/EU; (14) multilateral trading facility or MTF means a multilateral trading facility as defined in Article 4(1)(22) of Directive 2014/65/EU; (15) organised trading facility or OTF means an organised trading facility as defined in Article 4(1)(23) of Directive 2014/65/EU; (16) trading venue means a trading venue as defined in Article 4(1)(24) of Directive 2014/65/EU; (16a) designated publishing entity means an investment firm responsible for making transactions public through an APA in accordance with Article 20(1) and Article 21(1); (17) liquid market means: (a) for the purposes of Articles 9, 11, 11 and 18, 11a: (i) as regards bonds, a market for a financial instrument or a class of financial instruments, where in which there are ready and willing buyers and sellers on a continuous basis, where the market is assessed according to the issuance size of the bond; (ii) as regards a financial instrument or a class of financial instrument other than those referred to in point (i), a market in which there are ready and willing buyers and sellers on a continuous basis, where the market is assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments: (i) instrument: the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument; (ii) instrument, the number and type of market participants, including the ratio of market participants to traded financial instruments in a particular product; (iii) product, the average size of spreads, where available; available, the issuance size, where appropriate; (b) for the purposes of Articles 4, 5 and 14, a market for a financial instrument that is traded daily daily, where the market is assessed according to the following criteria: (i) the free float; market capitalisation of that financial instrument; (ii) the average daily number of transactions in those that financial instruments; instrument; (iii) the average daily turnover for those that financial instruments; instrument; (18) competent authority means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU and, for the authorisation and supervision of data reporting services providers, ESMA, with the exception of those approved reporting mechanisms (ARMs) and … 368 unchanged words … market considered to be equivalent to a regulated market in accordance with Article 28 of this Regulation, and as such does not fall within the definition of an OTC derivative as defined in Article 2(7) of Regulation (EU) No 648/2012; (32a) OTC derivative means an OTC derivative as defined in Article 2, point (7), of Regulation (EU) No 648/2012; (33) actionable indication of interest means a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade; (34) approved publication arrangement or APA means a person authorised under this Regulation to provide the service of publishing trade reports on behalf of investment firms pursuant to Articles 20 and 21; (35) consolidated tape provider or CTP means a person authorised under in accordance with Title IVa, Chapter 1, of this Regulation to provide the service of collecting trade reports for financial instruments listed in Articles 6, 7, 10, 12 data from trading venues and 13, 20 APAs, and 21 from regulated markets, MTFs, OTFs and APAs and of consolidating them those data into a continuous electronic live data stream providing price core market data and volume data per financial instrument; regulatory data; (36) approved reporting mechanism or ARM means a person authorised under this Regulation to provide the service of reporting details of transactions to competent authorities or to ESMA on behalf of investment firms; (36a) data reporting services provider means a person referred to in points (34) to (36) and a person referred to in Article 27b(2); (36b) core market data means: (a) all of the following data on a given share or ETF at any given timestamp: (i) for continuous order books, the European best bid and offer with the corresponding volume; (ii) for auction trading systems, the price at which the trading algorithm would be best satisfied and the volume potentially executed at that price by participants in that system; (iii) the transaction price and volume executed at that price; (iv) for transactions, the type of trading system and the applicable waivers and deferrals; (v) except for the information referred to in points (i) and (ii), the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue; (vi) the standardised instrument identifier that applies across execution venues; (vii) the timestamp information on the following, as applicable: the execution of the transaction and any amendment thereto, the entry of the best bids and offers into the order book, the indication, in an auction trading system, of the prices or volumes, the publication by the trading venues of the elements listed in the first, second and third indents, the dissemination of core market data; (b) all of the following data on a given bond or OTC derivative at any given timestamp: (i) the transaction price and quantity or size executed at that price; (ii) the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue; (iii) for bonds, the standardised instrument identifier that applies across execution venues; (iv) for OTC derivatives, the identifying reference data as referred to in Article 27(1), second subparagraph; (v) the timestamp information on the following: the execution of the transaction and any amendment thereto, the publication of the transaction by the trading venues, the dissemination of core market data; (vi) the type of trading system and the applicable waivers and deferrals; (36c) regulatory data means data related to the status of systems matching orders in financial instruments and data related to the trading status of individual financial instruments; (37) home Member State means a home Member State as defined in Article 4(1)(55) of Directive 2014/65/EU; (38) host Member State means a host Member State as defined in Article 4(1)(56) of Directive 2014/65/EU; (39) benchmark means any rate, index or figure, … 900 unchanged words … for any services provided in its capacity as a data reporting services provider under this Regulation, none of its activities as an ARM or APA shall be excluded from ESMA supervision under any delegated act adopted pursuant to this paragraph.