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In this act Article 1 of 24
Text as of 5 Jun 2023 · Consolidated version of 2 March 2026 · Same wording as today’s text.Today’s text

Article 1 — Definitions (Article 9(5), point (f), of Regulation (EU) No 600/2014)

Financial servicesLevel 2RTSMiFIRIn forceOfficial source

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

1(1)
(1)‘central limit order book trading system’ means any of the following:
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1(a)
(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
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1(b)
(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
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1(2)
(2)‘periodic auction trading system’ means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.
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