Transitional provisions relating to Regulation (EU) No 596/2014

Section 39(3d), point 1, in the version of this Act of 30 June 2016 (Federal Law Gazette I, p. 1514), does not apply until the day from which Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (OJ L 173, 12.6.2014, p. 349; L 74, 18.3.2015, p. 38), as amended by Regulation (EU) No 909/2014 (OJ L 257, 28.8.2014, p. 1), is applied under its Article 93. Until the end of 2 January 2018, Regulation (EU) No 596/2014 applies to the provisions of this Act with the following proviso: 1. trading venue within the meaning of Article 3(1), point 10, of that Regulation means a regulated market within the meaning of Article 4(1), point 14, of Directive 2004/39/EC and a multilateral trading facility within the meaning of Article 4(1), point 15, of Directive 2004/39/EC; 2. algorithmic trading within the meaning of Article 3(1), point 18, of that Regulation means trading in financial instruments in which a computer algorithm automatically determines individual order parameters, other than a system that is used only for the purpose of routing orders to one or more trading venues or for the confirmation of orders; 3. high-frequency trading within the meaning of Article 3(1), point 33, of that Regulation means a high-frequency algorithmic trading technique characterised by infrastructure intended to minimise network and other types of latencies, by system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders, and by high message intraday rates constituting orders, quotes or cancellations.