For the purposes of this Regulation, the following definitions shall apply:
1. [deleted]
2. [deleted]
3. "two-day spot" means allowances auctioned for delivery at an agreed date no later than the second trading day from the day of the auction;
4. "five-day futures" means allowances auctioned for delivery at an agreed date no later than the fifth trading day from the day of the auction;
5. "bid" means an offer in an auction to acquire a given volume of allowances at a specified price;
6. "bidding window" means the time period during which bids may be submitted;
7. "trading day" means any day during which an auction platform and the clearing system or settlement system connected to it are open for trading;
8. "investment firm" means the same as in point (1) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council [Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2