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In this act Article 2 of 5

Article 2 — Definitions

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

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.