Glossary

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Term Definition Legal instruments

direct electronic access

31/12/2020

THIS DEFINITION ONLY APPLIES TO THE ALGORITHMIC TRADING PART

The changes to this defined term are effective from 23:00 on 31/12/2020.

means an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue and includes arrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access).