Article 2 Definitions

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

1. (1)

   ‘commodity’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;

2. (2)

   ‘issuer’ means an entity which issues transferable securities and, where appropriate, other financial instruments;

3. (3)

   ‘Community issuer’ means an issuer which has its registered office in the Community;

4. (4)

   ‘third country issuer’ means an issuer which is not a Community issuer;

5. (5)

   ‘normal trading hours’ for a trading venue or an investment firm means those hours which the trading venue or investment firm establishes in advance and makes public as its trading hours;

6. (6)

   ‘portfolio trade’ means a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price;

7. (7)

   ‘relevant competent authority’ for a financial instrument means the competent authority of the most relevant market in terms of liquidity for that financial instrument;

8. (8)

   ‘trading venue’ means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF;

9. (9)

   ‘turnover’, in relation to a financial instrument, means the sum of the results of multiplying the number of units of that instrument exchanged between buyers and sellers in a defined period of time, pursuant to transactions taking place on a trading venue or otherwise, by the unit price applicable to each such transaction;

10. (10)

    ‘securities financing transaction’ means an instance of stock lending or stock borrowing or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a buy-sell back or sell-buy back transaction.