natgillin/translations-raw huggingface dataset:
Transactions or orders to trade which have the effect of, or are likely to have the effect of bypassing the trading safeguards of the market (e.g. as regards volume limits; price limits; bid/offer spread parameters; etc.).
Vnos velikega števila naročil za trgovanje in/ali preklicev in/ali sprememb naročil za trgovanje, da se pri drugih udeležencih ustvari negotovost, zaradi česar se upočasni njihova obdelava in prikrije lastna strategija – tako imenovano „kopičenje kvot“ (angleško: quote stuffing).
Entering of orders to trade or a series of orders to trade, executing transactions or series of transactions likely to start or exacerbate a trend and to encourage other participants to accelerate or extend the trend in order to create an opportunity to close out/open a position at a favourable price (usually know as momentum ignition).
Vnos naročil za trgovanje za privabljanje drugih članov/udeležencev na trgu z uporabo tradicionalnih trgovalnih tehnik („počasni trgovalci“), ki se nato hitro popravijo na manj ugodne pogoje, v upanju na njihovo dobičkonosnost glede na dotok naročil za trgovanje s strani „počasnih trgovalcev“, tako imenovano „prikrivanje“ (angleško: smoking).
Submitting multiple or large orders to trade often away from the touch on one side of the order book in order to execute a trade on the other side of the order book.
Izvedba naročil za trgovanje ali niza naročil za trgovanje, da se odkrijejo naročila drugih udeležencev, nato vnos naročila za trgovanje, da se izkoristijo pridobljene informacije – tako imenovano „ribarjenje“ (angleško: phishing).
Once that trade has taken place, the manipulative orders will be removed (usually known as layering and spoofing).
Obseg, do katerega po najboljši vednosti upravljavca mesta trgovanja dana naročila za trgovanje ali sklenjeni posli dokazujejo zamenjave pozicij v kratkem obdobju in predstavljajo pomemben delež dnevnega obsega poslov z zadevnim finančnim instrumentom na zadevnem mestu trgovanja ter so lahko povezani s pomembnimi spremembami cene finančnega instrumenta, ki je uvrščen v trgovanje ali s katerim se trguje na mestu trgovanja.
Entry of small orders to trade in order to ascertain the level of hidden orders and particularly used to assess what is resting on a dark platform (usually know as ping order).
Znaki tržne manipulacije med produkti, vključno na različnih mestih trgovanja
Entry of large numbers of orders to trade and/or cancellations and/or updates to orders to trade so as to create uncertainty for other participants, slowing down their process and to camouflage their own strategy (usually known as quote stuffing).
Upravljavec mesta trgovanja bi moral še posebej upoštevati spodaj opisane znake, če so finančni instrument in z njim povezani finančni instrumenti uvrščeni v trgovanje ali se z njimi trguje ali če se z zgoraj navedenimi instrumenti trguje na več mestih trgovanja, ki jih upravlja isti upravljavec.
Posting of orders to trade, to attract other market members/participants employing traditional trading techniques (‘slow traders’), that are then rapidly revised onto less generous terms, hoping to execute profitably against the incoming flow of ‘slow traders’ orders to trade (usually known as smoking).
Posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na zvišanje/znižanje/ohranjanje cene finančnega instrumenta v dneh pred izdajo, opcijskim odkupom ali dospelostjo povezanega izvedenega ali zamenljivega finančnega instrumenta;
Executing orders to trade or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained (usually known as phishing).
Posli ali naročila za trgovanje, ki vplivajo ali bi lahko vplivali na ohranjanje cene finančnega instrumenta, ki je osnova, pod ali nad izvršilno ceno ali drugim elementom, s katerim se določi izplačilo (npr. meja) povezanega izvedenega finančnega instrumenta, na datum dospelosti;
The extent to which, to the best knowledge of the operator of a trading venue, orders to trade given or transactions undertaken show evidence of position reversals in a short period and represent a significant proportion of the daily volume of transactions in the relevant financial instrument on the trading venue concerned, and might be associated with significant changes in the price of a financial instrument admitted to trading or traded on the trading venue.
Posli, ki vplivajo ali bi lahko vplivali na spremembo cene finančnega instrumenta, ki je osnova, tako da presega ali ne dosega izvršilne cene ali drugega elementa, s katerim se določi izplačilo (npr. meja) povezanega izvedenega finančnega instrumenta, na datum dospelosti;
Signals for cross-product market manipulation, including across different trading venues
Posli, ki vplivajo ali bi lahko vplivali na spremembo poravnalne cene finančnega instrumenta, če se ta cena uporablja kot referenca/determinanta, zlasti pri izračunu zahtev po kritju;
The signals described below should be particularly considered by the operator of a trading venue where both a financial instrument and related financial instruments are admitted to trading or traded or where the above mentioned instruments are traded on several trading venues operated by the same operator.
Naročila, ki jih je dal član/udeleženec s pomembnim nakupnim ali prodajnim interesom v finančnem instrumentu, ali posli, ki jih je ta sklenil, katerih posledica so večje spremembe cene povezanega izvedenega finančnega instrumenta ali sredstva, ki predstavlja osnovo, uvrščenega v trgovanje na mestu trgovanja;
Transactions or orders to trade which have the effect of, or are likely to have the effect of increasing/decreasing/maintaining the price of a financial instrument during the days preceding the issue, optional redemption or expiry of a related derivative or convertible;
Podjetje, ki trguje ali vnaša naročila za trgovanje na enem mestu trgovanja ali zunaj njega (vključno z vnašanjem navedb interesa), da bi neprimerno vplivalo na ceno povezanega finančnega instrumenta na drugem ali istem mestu trgovanja ali zunaj njega – tako imenovana „manipulacija med produkti“ (trgovanje s finančnim instrumentom z namenom izkrivljanja cene povezanega finančnega instrumenta na drugem ali istem mestu trgovanja ali zunaj njega);
Transactions or orders to trade which have the effect of, or are likely to have the effect of maintaining the price of the underlying financial instrument below or above the strike price, or other element used to determine the pay-out (e.g. barrier), of a related derivative at expiration date;
Ustvarjanje možnosti arbitraže med finančnim instrumentom in drugim povezanim finančnim instrumentom ali krepitev teh možnosti z vplivanjem na referenčne cene enega od finančnih instrumentov se lahko izvaja z različnimi finančnimi instrumenti (npr. pravice/delnice, denarni trgi/trgi izvedenih finančnih instrumentov, nakupni boni/delnice...).
Transactions which have the effect of, or are likely to have the effect of modifying the price of the underlying financial instrument so that it surpasses/not reaches the strike price, or other element used to determine the pay-out (e.g. barrier), of a related derivative at expiration date;
V okviru izdaje nakupnih pravic bi bilo to mogoče doseči z vplivanjem na (teoretično) začetno ali (teoretično) končno ceno pravic.
Undertaking trading or entering orders to trade in one trading venue or outside a trading venue (including entering indications of interest) with a view to improperly influencing the price of a related financial instrument in another or in the same trading venue or outside a trading venue (usually known as cross-product manipulation (trading on financial instrument to improperly position the price of a related financial instrument in another or in the same trading venue or outside a trading venue)).
Ime in oznaka vseh zadevnih oseb, ki delujejo v imenu stranke;
Creating or enhancing arbitrage possibilities between a financial instrument and another related financial instrument by influencing reference prices of one of the financial instruments can be carried out with different financial instruments (like rights/shares, cash markets/derivatives markets, warrants/shares, …).
Oznaka za identifikacijo trgovca (identifikacijska oznaka trgovca), ki je znotraj investicijskega podjetja odgovoren za investicijsko odločitev;
In the context of rights issues, it could be achieved by influencing the (theoretical) opening or (theoretical) closing price of the rights.
Oznaka za identifikacijo algoritma (identifikacijska oznaka algoritma), ki je znotraj investicijskega podjetja odgovoren za investicijsko odločitev;
ANNEX IV
Kazalnik nakupa/prodaje;
Name and designation of the client
Identifikacija instrumenta;
Name and designation of any relevant person acting on behalf of the client
Cena na enoto in oznaka o ceni;
A designation to identify the trader (Trader ID) responsible within the investment firm for the investment decision
Cena;
A designation to identify the algorithm (Algo ID) responsible within the investment firm for the investment decision;
Cenovni multiplikator;
B/S indicator;
Valuta 1;
Instrument identification
Valuta 2;
Unit price and price notation;
Začetna količina in oznaka o količini;
Price
Obdobje veljavnosti;
Price multiplier
Vrsta naročila;
Currency 1
Vse druge podrobnosti, pogoji in posebna navodila stranke;
Currency 2
Ime in oznaka stranke;
Initial quantity and quantity notation;
Ime in oznaka vseh oseb, ki delujejo v imenu stranke;
Validity period
Oznaka za identifikacijo trgovca (identifikacijska oznaka trgovca), ki je znotraj investicijskega podjetja odgovoren za investicijsko odločitev;
Type of the order;
Oznaka za identifikacijo algoritma (identifikacijska oznaka algoritma), ki je znotraj investicijskega podjetja odgovoren za investicijsko odločitev;
Any other details, conditions and particular instructions from the client;
Referenčna številka posla;
The date and exact time of the receipt of the order or the date and exact time of when the decision to deal was made.
Oznaka za identifikacijo naročila (identifikacijska oznaka naročila);
The exact time must be measured according to the methodology prescribed under the standards on clock synchronisation under Article 50(2) of Directive 2014/65/EU.
Identifikacijska koda naročila, ki jo določi mesto trgovanja po prejemu naročila;
name and designation of the client;
Enotna identifikacija za vsako skupino združenih naročil strank (ki bodo pozneje oddana kot eno skupno naročilo na danem mestu trgovanja).
name and designation of any relevant person acting on behalf of the client;
Pri tej identifikaciji bi moralo biti navedeno „združenih_X“, pri čemer X predstavlja število strank, katerih naročila so bila združena;
a designation to identify the trader (Trader ID) responsible within the investment firm for the investment decision;
Oznaka MIC segmenta za mesto trgovanja, kateremu je bilo oddano naročilo;
a designation to identify the Algo (Ago ID) responsible within the investment firm for the investment decision
Ime in druga oznaka osebe, kateri je bilo posredovano naročilo;
Transaction reference number
Oznaka za identifikacijo prodajalca in kupca;
a designation to identify the order (Order ID)
Vloga pri naročilu za trgovanje;
the identification code of the order assigned by the trading venue upon receipt of the order;
Oznaka za identifikacijo trgovca (identifikacijska oznaka trgovca), odgovornega za izvršitev;
a unique identification for each group of aggregated clients' orders (which will be subsequently placed as one block order on a given trading venue).
Oznaka za identifikacijo algoritma (identifikacijska oznaka algoritma), odgovornega za izvršitev;
This identification should indicated ‘aggregated_X’ with X representing the number of clients whose orders have been aggregated.
Identifikacija instrumenta;
the segment MIC code of the trading venue to which the order has been submitted.
Končni instrument, ki je osnova;
the name and other designation of the person to whom the order was transmitted
Identifikacijska oznaka prodajne in nakupne opcije;
designation to identify the Seller & the Buyer
Izvršilna cena;
the trading capacity
Vnaprejšnje plačilo;
a designation to identify the Trader (Trader ID) responsible for the execution
Način poravnave;
a designation to identify the Algo (Algo ID) responsible for the execution
Vrsta/razred opcije;
instrument identification
Datum zapadlosti;
ultimate underlying
Cena na enoto in oznaka o ceni;
Put/Call identifier
Cena;
Strike price
Cenovni multiplikator;
Up-front payment
Preostala količina;
The exact time must be measured according to the methodology prescribed under the standards on clock synchronisation under Article 50(2) of Directive 2014/65/EU
Oznaka prodaje na kratko;
the date and exact time of any message that is transmitted to and received from the trading venue in relation to any events affecting an order.
Oznaka izvzetja na podlagi uredbe o prodaji na kratko;
The exact time must be measured according to the methodology prescribed under Commission Delegated Regulation (EU) 2017/574 [1]
Oznaka opustitve.
Short selling flag
Datum in točen čas prejema naročila ali datum in točen čas, ko je bila sprejeta odločitev o trgovanju; Točen čas mora biti merjen v skladu z metodologijo, predpisano v standardih glede uskladitve ur v skladu s členom 50(2) Direktive 2014/65/EU.
supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions
o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta o trgih finančnih instrumentov v zvezi z regulativnimi tehničnimi standardi za razmerje neizvršenih naročil v poslih, da bi preprečili neurejene pogoje trgovanja
Having regard to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU [1], and in particular Article 48(12)(b) thereof,
ob upoštevanju Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU [1], in zlasti člena 48(12)(b) Direktive;
Trading venues should have a number of systems, procedures and arrangements in place to ensure that algorithmic trading systems cannot create or contribute to disorderly trading conditions including systems to monitor and, where appropriate, limit the ratio of unexecuted orders to transactions.
Mesta trgovanja bi morala imeti vzpostavljene številne sisteme, postopke in ureditve za zagotovitev, da sistemi algoritemskega trgovanja ne morejo povzročiti neurejenih pogojev trgovanja ali prispevati k njihovemu nastanku, vključno s sistemi za spremljanje ali po potrebi omejevanje deleža neizvršenih naročil v poslih.
Taking into account their nature, voice trading systems should be exempt from the scope of this Regulation which should only apply to trading venues operating electronic continuous auction order book or quote-driven or hybrid trading systems.
Sistemi za glasovno trgovanje bi morali biti glede na svojo naravo izvzeti iz področja uporabe te uredbe, ki bi se morala uporabljati le za mesta trgovanja, ki upravljajo trgovalne sisteme za elektronsko avtomatsko povezovanje naročil, trgovalne sisteme na podlagi ponudb ali hibridne trgovalne sisteme.
Directive 2014/65/EU extends the requirements relating to the determination of the ratio of unexecuted orders to transactions to multilateral trading facilities and organised trading facilities.
Direktiva 2014/65/EU zahteve v zvezi z določitvijo deleža neizvršenih naročil v poslih razširja na večstranske sisteme trgovanja in organizirane sisteme trgovanja.
It is therefore important that those venues are also within the scope of this Regulation.
Zato je pomembno, da so tudi navedena mesta trgovanja zajeta v področju uporabe te uredbe.
Trading venues should calculate the ratio of unexecuted orders to transactions effectively incurred by their members or participants at the level of each financial instrument traded on them in order to ensure effectively that the ratio does not lead to excessive volatility in that instrument.
Mesta trgovanja bi morala izračunati razmerje neizvršenih naročil v poslih, ki dejansko nastanejo njihovim članom ali udeležencem, na ravni vsakega finančnega instrumente, s katerim se trguje na mestu trgovanja, da bi učinkovito zagotovila, da razmerje ne povzroči pretirane nestanovitnosti tega instrumenta.
In order to ensure sufficient harmonisation across the Union of the arrangements to prevent disorderly trading conditions through the limitation of the ratio between unexecuted orders and transactions, a clear methodology to calculate the ratio of unexecuted orders to transactions with respect to all market participants should be laid down.
Da bi v Uniji zagotovili zadostno usklajenost ureditev za preprečevanje neurejenih pogojev trgovanja z omejitvijo deleža med neizvršenimi naročili in posli, bi bilo treba določiti jasno metodologijo za izračun razmerja neizvršenih naročil v poslih za vse udeležence na trgu.
The meaning of certain essential parameters to be used for the calculation of the ratio of unexecuted orders to transactions should be clarified.
Pojasniti bi bilo treba pomen določenih bistvenih parametrov, ki se uporabijo za izračun razmerja neizvršenih naročil v poslih.
The calculation of the ratio of unexecuted orders to transactions entered into the system by a member or participant should be supported by an adequate observation period.
Izračun razmerja neizvršenih naročil v poslih, ki jih v sistem vnese član ali udeleženec, bi bilo treba podpreti z ustreznim obdobjem opazovanja.
On that basis, the calculation period of the effective ratio of unexecuted orders to transactions should not be longer than a trading session.
Zato obdobje izračuna dejanskega razmerja neizvršenih naročil v poslih ne bi smelo biti daljše od trgovalnega dne.
However, trading venues should be allowed to set out shorter observation periods in case such shorter observation periods would contribute more effectively to maintain orderly trading conditions.
Vendar bi mesta trgovanja morala imeti možnost, da določijo krajše obdobje opazovanja, če bi taka krajša obdobja opazovanja učinkoviteje prispevala k vzdrževanju urejenih pogojev trgovanja.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing Directive 2014/65/EU apply from the same date.
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov je nujno, da določbe iz te uredbe in povezane nacionalne določbe, ki prenašajo Direktivo 2014/65/EU v nacionalno zakonodajo, veljajo od istega dneva.
The European Securities and Markets Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2],
Evropski organ za vrednostne papirje in trge je o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, izvedel odprta javna posvetovanja, analiziral morebitne s tem povezane stroške in koristi ter zaprosil za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [2] –
‘order’ includes all input messages, including messages on submission, modification and cancellation sent to the trading system of a trading venue, relating to an order or a quote, but excluding cancellation messages sent subsequent to:
„naročilo“ pomeni vsa vnesena sporočila, vključno s sporočili o oddaji, spremembi in preklicu, ki se pošljejo v sistem trgovanja mesta trgovanja in so povezana z naročilom ali ponudbo, vendar brez sporočil o preklicu, ki se pošljejo po:
uncrossing in an auction;
neujemanju naročil v dražbi (uncrossing);
a loss of venue connectivity;
težavah s povezljivostjo mesta trgovanja;
the use of a kill functionality;
uporabi mehanizma za izklop v sili (kill functionality);
‘transaction’ means a totally or partially executed order;
„posel“ pomeni v celoti ali delno izvršeno naročilo;
‘volume’ means the quantity of financial instruments traded expressed as any of the following:
„obseg“ pomeni količino finančnih instrumentov, s katerimi se trguje, izraženo kot:
the number of instruments for shares, depositary receipts, ETFs, certificates and other similar financial instruments;
število instrumentov za delnice, potrdila o lastništvu, ETF, certifikate in druge podobne finančne instrumente;
the nominal value for bonds and structured finance products;
nominalna vrednost za obveznice in strukturirane finančne instrumente;
the number of lots size or contracts for derivatives;
velikost lota ali število pogodb za izvedene finančne instrumente;
metric tonnes of carbon dioxide for emission allowances.
metrične tone ogljikovega dioksida za emisijske kupone.
Obligation to calculate the ratio of unexecuted orders to transactions
Obveznost izračuna razmerja neizvršenih naročil v poslih
Trading venues shall calculate the ratio of unexecuted orders to transactions effectively entered into the system by each of their members and participants for every financial instrument traded under an electronic continuous auction order book or a quote-driven or a hybrid trading system.
Mesta trgovanja izračunajo razmerje neizvršenih naročil v poslih, ki jih je v sistem dejansko vnesel vsak od njihovih članov in udeležencev, za vsak finančni instrument, s katerim se trguje v trgovalnem sistemu za elektronsko avtomatsko povezovanje naročil ali trgovalnem sistemu na podlagi ponudb ali hibridnem trgovalnem sistemu.
Trading venues shall calculate the ratio of unexecuted orders to transactions for each of their members or participants at least at the end of every trading session in both of the following ways:
Mesta trgovanja izračunajo razmerje neizvršenih naročil v poslih za vsakega svojega člana ali udeleženca vsaj ob koncu vsakega trgovalnega dne na oba naslednja načina:
in volume terms (total volume of orders/total volume of transactions) – 1;
glede na obseg (skupni obseg naročil/skupni obseg poslov) – 1;
in number terms (total number of orders/total number of transactions) – 1.
glede na število (skupno število naročil/skupno število poslov) – 1.
The maximum ratio of unexecuted orders to transactions calculated by the trading venue shall be deemed to have been exceeded by a member or participant of the trading venue during a trading session if the trading activity of that member or participant in one specific instrument, taking into account all phases of the trading session, including the auctions, exceeds either or both of the two ratios set out in paragraph 1.
Šteje se, da član ali udeleženec mesta trgovanja v trgovalnem dnevu preseže najvišje razmerje neizvršenih naročil v poslih, ki ga izračuna mesto trgovanja, če trgovanje tega člana ali udeleženca z enim določenim instrumentom ob upoštevanju vseh faz trgovalnega dneva, vključno z dražbami, preseže enega ali obe razmerji iz odstavka 1.
Trading venues shall calculate the number of orders received from each member or participant following the counting methodology per order type set out in the Annex.
Mesta trgovanja izračunajo število naročil, ki so jih prejela od vsakega člana ali udeleženca, v skladu z metodologijo štetja glede na vrsto naročila, določeno v Prilogi.
Where a trading venue uses an order type which is not explicitly laid down in the Annex, it shall count the messages in accordance with the general system behind the counting methodology and on the basis of the most similar order type appearing in the Annex.
Če mesto trgovanja uporablja vrsto naročila, ki ni izrecno določena v Prilogi, prešteje sporočila v skladu s splošnim sistemom, na katerem temelji metodologija štetja, in na podlagi najbolj podobne vrste naročila, ki se pojavi v Prilogi.