trading facility

(B)The term “trading facility” does not include— (i)a person or group of persons solely because the person or group of persons constitutes, maintains, or provides an electronic facility or system that enables participants to negotiate the terms of and enter into bilateral transactions as a result of communications exchanged by the parties and not from interaction of multiple bids and multiple offers within a predetermined, nondiscretionary automated trade matching and execution algorithm;

Source

7 USC § 1a(51)(B)


Scoping language

As used in this chapter
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