CHAPTER II U.K. PRE-TRADE TRANSPARENCY

Section 1 U.K. Pre-trade transparency for trading venues

Article 5 U.K. Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)

A negotiated transaction in shares, depositary receipts, ETF, certificates or other similar financial instruments shall be considered to be a transaction which is negotiated privately but reported under the rules of a trading venue and where any of the following circumstances applies:

(a)

two members or participants of that trading venue are involved in any of the following capacities:

(i)

one is dealing on own account when the other is acting on behalf of a client;

(ii)

both are dealing on own account;

(iii)

both are acting on behalf of a client;

(b)

one member or participant of that trading venue is either of the following:

(i)

acting on behalf of both the buyer and seller;

(ii)

dealing on own account against a client order.