(Articles 29(2) and 44(2) of Directive 2004/39/EC)

For the purpose of Article 18(1)(b) a negotiated transaction shall mean a transaction involving members or participants of a regulated market or an MTF which is negotiated privately but executed within the regulated market or MTF and where that member or participant in doing so undertakes one of the following tasks:

(a) dealing on own account with another member or participant who acts for the account of a client;

(b) dealing with another member or participant, where both are executing orders on own account;

(c) acting for the account of both the buyer and seller;

(d) acting for the account of the buyer, where another member or participant acts for the account of the seller;

(e) trading for own account against a client order.