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There is an unspoken distrinction in the {{tag|COBS}} rules between: | There is an unspoken distrinction in the {{tag|COBS}} rules between: | ||
*"'''agency'''" or "'''quasi-agency'''" orders | *"'''agency'''" or "'''quasi-agency'''" orders: orders whereby a broker receives instructions from client and then turns around and interacts with third party venues (including {{fcaprov|regulated market}}s, {{fcaprov|MTF}}s but also unregulated venues like systematic internalisers), without involvement of the client, to fill that order); and | ||
*"'''bilateral'''" transactions where client trades with the broker directly in a principal capacity and any transaction between the broker and the market is by way of {{tag|hedge}} and not fulfillment of the customer's order. These are things like OTC derivatives under an {{isdama}}; spot FX trades and so on. | *"'''bilateral'''" transactions where client trades with the broker directly in a principal capacity and any transaction between the broker and the market is by way of {{tag|hedge}} and not fulfillment of the customer's order. These are things like OTC derivatives under an {{isdama}}; spot FX trades and so on. | ||