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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 17 June 2019 - onwards
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Article 2 Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1) "CCP" means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;

(2) "trade repository" means a legal person that centrally collects and maintains the records of derivatives;

(3) "clearing" means the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions;

(4) "trading venue" means a system operated by an investment firm or a market operator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive 2004/39/EC other than a systematic internaliser within the meaning of Article 4(1)(7) thereof, which brings together buying or selling interests in financial instruments in the system, in a way that results in a contract in acco