1.A person shall be considered not capable of electronically transmitting orders relating to a financial instrument directly to a trading venue in accordance with [F2the definition of ‘direct electronic access’ in regulation 2(1) of the Markets in Financial Instruments Regulations 2017] where that person cannot exercise discretion regarding the exact fraction of a second of order entry and the lifetime of the order within that timeframe.
2.A person shall be considered not capable of such direct electronic order transmission where it takes place through arrangements for optimisation of order execution processes that determine the parameters of the order other than the venue or venues where the order should be submitted, unless these arrangements are embedded into the clients' systems and not into those of the member or participant of a regulated market or of an MTF or a client of an OTF.
Textual Amendments
F1Words in Art. 20 heading omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 41(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 20(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 41(3)(b) (as amended by S.I. 2019/710, regs. 1(2), 16(19)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)