Exchanges and further definitions

(1) Exchanges are partially legally capable institutions under public law that, in accordance with this Act, regulate and supervise multilateral systems that bring together the interests of a multitude of persons in the purchase and sale of economic assets and rights admitted to trading there, within the system and in accordance with non-discretionary rules, in a way that results in a contract for the purchase of these trading objects, or that facilitate such bringing together.
(2) Securities exchanges within the meaning of this Act are exchanges at which securities and derivatives relating to them within the meaning of section 2(3) of the Securities Trading Act are traded. Other financial instruments within the meaning of section 2(4) of the Securities Trading Act and precious metals may also be traded on securities exchanges.
(3) Commodity exchanges within the meaning of this Act are exchanges at which goods within the meaning of section 2(5) of the Securities Trading Act and forward transactions relating to goods are traded. Forward transactions within the meaning of section 2(3), no. 2 of the Securities Trading Act and the underlying assets on which they are based may also be traded on commodity exchanges.
(4) Where both the economic assets and rights named in subsection (2) and those named in subsection (3) are traded on an exchange, the provisions relating to securities exchanges and those relating to commodity exchanges both apply.
(5) Trading venues within the meaning of this Act are exchanges, multilateral trading facilities and organised trading facilities.
(6) A multilateral trading facility within the meaning of this Act is a multilateral system that brings together the interests of a multitude of persons in the purchase and sale of financial instruments within the system and in accordance with non-discretionary rules, in a way that results in a contract for the purchase of those financial instruments.
(7) An organised trading facility within the meaning of this Act is a multilateral system, other than an exchange or a multilateral trading facility, that brings together the interests of a multitude of third parties in the purchase and sale of bonds, structured finance products, emission allowances or derivatives within the system in a way that results in a contract for the purchase of those financial instruments.
(8) Trading participants within the meaning of this Act are the undertakings, exchange traders, specialists and persons acting as specialists admitted to participate in exchange trading under section 19. Indirect trading participants within the meaning of this Act are persons who electronically transmit orders to a trading participant, which are forwarded by the trading participant to the exchange with limited or no human intervention, or who use direct electronic access.
(9) Direct electronic access within the meaning of this Act is an arrangement under which a trading participant permits another person to use its trading code so that that person can transmit orders relating to financial instruments electronically direct to the trading venue, with the exception of the cases named in Article 20 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1), in its respective current version. Direct electronic access also includes arrangements that involve the use, by that person, of the infrastructure or another connecting system of the trading participant for the transmission of orders (direct market access), as well as arrangements in which such infrastructure is not used by that person (sponsored access).
(10) Small and medium-sized enterprises within the meaning of this Act are undertakings whose average market capitalisation, based on year-end quotations, was less than EUR 200 million over the last three calendar years. Further provisions are contained in Articles 77 to 79 of Delegated Regulation (EU) 2017/565.
(10a) Outsourcing undertakings within the meaning of this Act are undertakings to which an exchange operator has outsourced activities and processes for conducting exchange operations, as well as their sub-contractors in the case of further outsourcing of activities and processes that are material to the conduct of exchange operations.
(11) In administrative court proceedings, the exchange may sue and be sued in its own name.