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🔗 Back to Summary. 🇫🇷 French Version: 2017R0576_FR.2. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 1 – Subject matter ⬅️ | ➡️ Article 3 – Information on the top five execution venues and quality of execution obtained
Article 2 - 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.