# EDGAR Filing Document

**Accession Number:** 0001714174
**File Stem:** 0001714174-23-000011
**Filing Date:** 2023-3
**Character Count:** 22440
**Document Hash:** 54ef40318344b2ee1e900e381f8dff96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001714174-23-000011.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001714174-23-000011

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230322

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Burford Capital Ltd
- **CENTRAL INDEX KEY:** 0001714174
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** Y7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39511
- **FILM NUMBER:** 23752024

**BUSINESS ADDRESS:**
- **STREET 1:** OAK HOUSE
- **STREET 2:** HIRZEL STREET
- **CITY:** ST PETER PORT
- **STATE:** Y7
- **ZIP:** GY1 2NP
- **BUSINESS PHONE:** 44 (0)1481 723450

**MAIL ADDRESS:**
- **STREET 1:** OAK HOUSE
- **STREET 2:** HIRZEL STREET
- **CITY:** ST PETER PORT
- **STATE:** Y7
- **ZIP:** GY1 2NP

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2023**

**Commission File Number: 001-39511**

**BURFORD CAPITAL LIMITED**

(Translation of registrant's name into English)

**Oak House**

**Hirzel Street**

**St. Peter Port** 

**Guernsey GY1 2NP**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

------

This report includes materials as an exhibit that have been made available in respect of Burford Capital Limited as of March 22, 2023.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| Exhibit 99.1 | [Release, dated March 22, 2023](tmb-20230322xex99d1.htm). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **BURFORD CAPITAL LIMITED** | **BURFORD CAPITAL LIMITED** |
| By: | /s/ Mark N. Klein |
|  | Name: Mark N. Klein |
|  | Title: General Counsel and Chief Administrative Officer |

---

Date: March 22, 2023

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## Exhibit 99.1

![Graphic](tmb-20230322xex99d1001.jpg)

**22 March 2023**

**BURFORD CAPITAL LIMITED**

**Notification of transactions by persons discharging managerial responsibilities**

Burford Capital Limited, the leading global finance and asset management firm focused on law, provides the following notification of various transactions by persons discharging managerial responsibilities (each, a "PDMR").

With respect to the Burford Capital 2016 Long Term Incentive Plan (the "LTIP"), the table below shows (i) the vesting on March 17, 2023 of awards granted in prior years following the satisfaction of the performance conditions related thereto and (ii) new grants made as part of Burford's usual annual compensation cycle on March 22, 2023, 50% of which are subject to performance conditions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PDMR** | **Number of ordinary shares granted on March 22, 2023 under the LTIP** | **Number of previously granted ordinary shares vested on March 17, 2023 under the LTIP** | **Net number of ordinary shares delivered to the PDMR following vesting on March 17, 2023 and tax withholding** | **Total number of ordinary shares held by the PDMR\***  |
| Craig Arnott | 36873 | 125447 | 125447 | 303877 |
| Christopher Bogart | 215136 | 125447 | 61407 | 9987099 |
| Mark Klein | 36873 | 41816 | 26742 | 147201 |
| Jordan Licht | 36873 | - | - | 140085 |
| Jonathan Molot | 215136 | 125447 | 62599 | 10593060 |
| Elizabeth O'Connell | 36873 | 108721 | 53220 | 236759 |
| David Perla | 36873 | 108721 | 53111 | 265674 |
| Aviva Will | 36873 | 125447 | 56843 | 436822 |

---

\*Includes unvested ordinary shares granted under the LTIP and ordinary shares allocated under the Burford employee deferred compensation plan, including any unvested matching contribution by Burford.

The Notification of Dealing Forms for each of the transactions set forth above are included at the end of this announcement.

------

![Graphic](tmb-20230322xex99d1001.jpg)

**For further information, please contact:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Burford Capital Limited** |  |
| &nbsp;&nbsp;&nbsp;*For investor and analyst inquiries:* |  |
| &nbsp;&nbsp;&nbsp;Robert Bailhache, Head of Investor Relations, EMEA and Asia - <u>email</u> | &nbsp;&nbsp;&nbsp;+44 (0)20 3530 2023 |
| &nbsp;&nbsp;&nbsp;Jim Ballan, Head of Investor Relations, Americas - <u>email</u> | &nbsp;&nbsp;&nbsp;+1 (646) 793 9176 |
| &nbsp;&nbsp;&nbsp;*For press inquiries:* |  |
| &nbsp;&nbsp;&nbsp;David Helfenbein, Vice President, Public Relations - <u>email</u> | &nbsp;&nbsp;&nbsp;+1 (212) 235 6824  |
| &nbsp;&nbsp;&nbsp;**Numis Securities Limited** - NOMAD and Joint Broker | &nbsp;&nbsp;&nbsp;+44 (0)20 7260 1000 |
| &nbsp;&nbsp;&nbsp;Giles Rolls |  |
| &nbsp;&nbsp;&nbsp;Charlie Farquhar |  |
| &nbsp;&nbsp;&nbsp;**Jefferies International Limited** - Joint Broker | &nbsp;&nbsp;&nbsp;+44 (0)20 7029 8000 |
| &nbsp;&nbsp;&nbsp;Graham Davidson |  |
| &nbsp;&nbsp;&nbsp;Tony White |  |
| &nbsp;&nbsp;&nbsp;**Berenberg** – Joint Broker | &nbsp;&nbsp;&nbsp;+44 (0)20 3207 7800 |
| &nbsp;&nbsp;&nbsp;Toby Flaux |  |
| &nbsp;&nbsp;&nbsp;James Thompson |  |
| &nbsp;&nbsp;&nbsp;Arnav Kapoor |  |

---

**About Burford Capital**

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include <u>litigation finance</u> and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.

For more information, please visit <u>www.burfordcapital.com</u><u>.</u>

**This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.**

**This announcement does not constitute an offer of any Burford private fund.** Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

------

![Graphic](tmb-20230322xex99d1001.jpg)

**Forward-looking statements**

This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, Burford and its representatives may from time to time make other oral or written statements which are forward-looking statements, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information sent to Burford's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those Burford expects include, among others, (i) impacts resulting from changes to Burford's valuation policy for capital provision assets, including any requirement to recast or restate Burford's historical financial statements and/or disclose a material weakness in internal controls in connection with these changes, (ii) the successful completion of audit and other procedures and other conditions necessary to issue Burford's audited financial statements and to file Burford's annual report on Form 20-F for the year ended December 31, 2022 with the US Securities and Exchange Commission and (iii) those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2021 filed with the US Securities and Exchange Commission on March 29, 2022, Burford's interim report on Form 6-K furnished to the US Securities and Exchange Commission on August 9, 2022 and other reports or documents that Burford files with, or furnishes to, the SEC from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods.

Except as required by law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Craig Arnott

(a)Position/status A PDMR occupying the position of Deputy Chief Investment Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Craig Arnott

(a)Position/status A PDMR occupying the position of Deputy Chief Investment Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Christopher Bogart

(a)Position/status A PDMR occupying the position of Chief Executive Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 61,407 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

------

![Graphic](tmb-20230322xex99d1001.jpg)

<u>(f)Place of the transaction</u> <u>Outside a trading venue</u>

(a)Name Christopher Bogart

(a)Position/status A PDMR occupying the position of Chief Executive Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Mark Klein

(a)Position/status A PDMR occupying the position of General Counsel and Chief Administrative Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 26,742 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

------

![Graphic](tmb-20230322xex99d1001.jpg)

<u>(f)Place of the transaction</u> <u>Outside a trading venue</u>

(a)Name Mark Klein

(a)Position/status A PDMR occupying the position of General Counsel and Chief Administrative Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Jordan Licht

(a)Position/status A PDMR occupying the position of Chief Financial Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Jonathan Molot

(a)Position/status A PDMR occupying the position of Chief Investment Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 62,599 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Jonathan Molot

(a)Position/status A PDMR occupying the position of Chief Investment Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Elizabeth O'Connell

(a)Position/status A PDMR occupying the position of Chief Strategy Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 53,220 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Elizabeth O'Connell

(a)Position/status A PDMR occupying the position of Chief Strategy Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name David Perla

(a)Position/status A PDMR occupying the position of Co-Chief Operating Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 53,111 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

------

![Graphic](tmb-20230322xex99d1001.jpg)

<u>(f)Place of the transaction</u> <u>Outside a trading venue</u>

(a)Name David Perla

(a)Position/status A PDMR occupying the position of Co-Chief Operating Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Aviva Will

(a)Position/status A PDMR occupying the position of Co-Chief Operating Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan. After the settlement of tax, the individual described above received net 56,843 shares.

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 17, 2023

(f)Place of the transaction Outside a trading venue

------

![Graphic](tmb-20230322xex99d1001.jpg)

(a)Name Aviva Will

(a)Position/status A PDMR occupying the position of Co-Chief Operating Officer

(b)Initial notification /Amendment Initial

(a)Name Burford Capital Limited

(b)LEI 549300FUKUWFYJMT2277

(a)Description of the financial instrument, type of instrument Ordinary Shares of nil par value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification code GG00BMGYLN96

(b)Nature of the transaction Grant of share award under the Burford Capital 2016 Long Term Incentive Plan

(d)Aggregated information●Aggregated volume●Price N/A

(e)Date of the transaction March 22, 2023

(f)Place of the transaction Outside a trading venue

------