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

1. (a)
   ‘clearing member’ means an undertaking as defined in point (14) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council4;
2. (b)
   ‘exchange-traded fund (ETF)’ means a fund as defined in point (46) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council5;
3. (c)

   ‘execution of orders’ means ‘execution of orders on behalf of clients’ as defined in point (5) of Article 4(1) of Directive 2014/65/EU;

4. (d)

   ‘retail client’ means a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;

5. (e)
   ‘settlement instruction’ means a transfer order as defined in point (i) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council6;
6. (f)

   ‘trading party’ means a party acting as principal in a securities transaction referred to in point (c) of the first subparagraph of Article 7(10) of Regulation (EU) No 909/2014;

7. (g)

   ‘trading venue member’ means a member of, or a participant to, a trading venue.