What is a negotiated trade?
A negotiated trade is a trade conducted in an EU regulated market security that is not subject to pre-trade transparency on our markets and which is on terms that are no worse than those that could be achieved on the relevant Exchange order or quote book, (or where the share is not traded continuously, and is on terms that are no worse than those that could be achieved on a relevant venue with continuous trading), after taking into account any relevant trading, settlement and clearing costs.