Article 2 U.K. Definitions

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

(a)

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

(b)

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

(c)

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