# Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (Text with EEA relevance), Article 2: Definitions

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/eur/2017/576/article/2 (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-576/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.