Definitions
Article 2
For the purposes of this Decision, the following definitions apply: (1) ‘auction’ means the issuance process of the Union and Euratom debt securities based on competitive bids through an auction platform on primary market; (2) ‘borrowing programmes’ means the Union and Euratom programmes involving borrowing activities on the financial markets; (3) ‘credit institution’ means credit institution as defined in Article 4, paragraph 1 (1), of Regulation (EU) No 575/2013; (4) ‘debt securities’ means notes and/or short term financial instruments, such as treasury bills, as well as any other financial instrument, issued by the Union and/or Euratom; (5) ‘investment firms’ means investment firms as defined in Article 4(1), point 1 of Directive 2014/65/EU; (6) ‘interdealer platform’ means a dealer to dealer electronic trading venue, established in the European Union, as defined in Article 4(1), point (24) of Directive (EU) 2014/65/EU, where primary dealers participate as market makers for secondary market trading; (7) ‘quote’ means firm bid and ask rates or prices placed on interdealer platforms which lead to the automatic conclusion of a transaction if corresponding bid or ask rates or prices have been provided by another participant (central limit order book); (8) ‘members of the primary dealer network’ means any credit institutions or investment firms fulfilling the eligibility criteria set out in Article 4 and included in the list referred to in Article 15; (9) ‘European supranational issuer’ means the Council of Europe Development Bank, the European Financial Stability Facility, the European Stability Mechanism, the European Investment Bank or the Nordic Investment Bank.