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May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions (Text with EEA relevance)","document_date":"2016-05-18"},"position":{"kind":"article","key":"1","index":1,"articles":4,"annexes":1},"prev":null,"next":{"path":"/mifid-ii/level-2/rts/2017-566-the-ratio-of-unexecuted-orders-to-transactions-in-order-to/articles/2","key":"2","title":"Article 2 — Obligation to calculate the ratio of unexecuted orders to transactions"},"act_anchor":"#art-1"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2017/566/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/rts/2017-566-the-ratio-of-unexecuted-orders-to-transactions-in-order-to.md","unit_text_sha256":"8330006b659fbed49032e02a62fe4620f844caa208eabf7921ca1301e984c32c","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2017-566-the-ratio-of-unexecuted-orders-to-transactions-in-order-to/art-1","kind":"article","key":"1","heading":"Article 1 — Definitions","text":"## <a id=\"art-1\"></a>Article 1 — Definitions\n\nFor the purposes of this Regulation, the following definitions shall apply:\\\n**(a)** ‘order’ includes all input messages, including messages on submission, modification and cancellation sent to the trading system of a trading venue, relating to an order or a quote, but excluding cancellation messages sent subsequent to:\n> **(i)** uncrossing in an auction;\n> **(ii)** a loss of venue connectivity;\n> **(iii)** the use of a kill functionality;\n**(b)** ‘transaction’ means a totally or partially executed order;\n**(c)** ‘volume’ means the quantity of financial instruments traded expressed as any of the following:\n> **(i)** the number of instruments for shares, depositary receipts, ETFs, certificates and other similar financial instruments;\n> **(ii)** the nominal value for bonds and structured finance products;\n> **(iii)** the number of lots size or contracts for derivatives;\n> **(iv)** metric tonnes of carbon dioxide for emission allowances.\n\n","marks":[],"text_hash":"8330006b659fbed49032e02a62fe4620f844caa208eabf7921ca1301e984c32c","revision":1}}