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.