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.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of 2026-07-04
CitationArticle 2 of Commission Delegated Regulation (EU) 2017/576 (LawPlayer, data as of 2026-07-04)
