(1) In these Regulations -
"the Act" means the Financial Services and Markets Act 2000;
"algorithmic trading" means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions;
"the appropriate regulator" has the meaning given in section 285A of the Act [Section 285A was inserted into the Act by section 29 of the Financial Services Act 2012 (c.21).];
"certificates" has the meaning given in Article 2.1.27 of the markets in financial instruments regulation;
"commodity derivatives" ha
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