Last checked at 7 Oct 2022 12:43
Ricardo PLC
Director / PDMR Shareholdings
7 October 2022
London
1. 2020 Long Term Incentive Plan - grant of plan cycle 16 awards
Ricardo PLC (the "Company") announces that, on 6 October 2022 conditional awards over a total of 501,598 shares of 25 pence each in the Company ("Shares") were granted to Executive Directors and other Persons Discharging Managerial Responsibility ("PDMRs") as set out below under the terms of the Company's 2020 Long Term Incentive Plan (the "LTIP"). These awards vest after three years and are subject to TSR and EPS performance conditions.
Name | Role | No. of Shares over which awards granted |
Graham Ritchie | Executive Director | 157,788 |
Ian Gibson | Executive Director | 103,336 |
Chris Amsden | PDMR | 10,476 |
Mike Bell | PDMR | 27,417 |
Iain Carmichael | PDMR | 19,024 |
Tim Curtis | PDMR | 22,476 |
Thomas DaPolito | PDMR | 16,351 |
Chester Gryczan | PDMR | 26,261 |
Marques McCammon | PDMR | 34,685 |
Alex Pascoe | PDMR | 9,682 |
Ian Rogerson | PDMR | 9,970 |
Patricia Ryan | PDMR | 11,260 |
Adrian Schaffer | PDMR | 7,819 |
Brian Smith | PDMR | 14,408 |
Martin Starkey | PDMR | 20,171 |
Gareth Taylor | PDMR | 10,474 |
2. 2021 Deferred Bonus Plan - grant of deferred bonus awards
Ricardo PLC (the "Company") announces that, on 6 October 2022, conditional awards over a total of 82,856 shares of 25 pence each in the Company ("Shares") were granted to Executive Directors and other Persons Discharging Managerial Responsibility ("PDMRs") as set out below under the terms of the Company's 2021 Deferred Bonus Plan (the "DBP"). Subject to continuing employment, the awards granted to the Executive Directors vest after three years and the awards granted to other PDMRs (with the exception of Marques McCammon, Tim Curtis, Chester Gryczan and Martin Starkey, whose awards vest in equal tranches on the first, second and third anniversaries of grant) vest on the first anniversary of grant. These DBP awards (which include dividend equivalent entitlements) are not subject to performance conditions.
Name | Role | No. of Shares over which awards granted |
Graham Ritchie | Executive Director | 22,682 |
Ian Gibson | Executive Director | 17,752 |
Chris Amsden | PDMR | 1,602 |
Mike Bell | PDMR | 5,110 |
Tim Curtis | PDMR | 8,088 |
Thomas DaPolito | PDMR | 2,193 |
Chester Gryczan | PDMR | 3,740 |
Marques McCammon | PDMR | 6,462 |
Alex Pascoe | PDMR | 2,588 |
Ian Rogerson | PDMR | 2,942 |
Patricia Ryan | PDMR | 2,757 |
Brian Smith | PDMR | 1,390 |
Martin Starkey | PDMR | 4,001 |
Gareth Taylor | PDMR | 1,279 |
3. Current total holdings of awards/options over shares
Following the above notification, the total number of Shares over which the relevant Executive Directors and other PDMRs hold outstanding awards / options is set out below:
Name | Role | Total holding following this notification | Approximate % of Company's issued share capital |
Graham Ritchie | Executive Director | 348,327 | 0.560% |
Ian Gibson | Executive Director | 401,574 | 0.645% |
Chris Amsden | PDMR | 41,391 | 0.067% |
Mike Bell | PDMR | 61,323 | 0.099% |
Iain Carmichael | PDMR | 23,524 | 0.038% |
Tim Curtis | PDMR | 95,141 | 0.153% |
Thomas DaPolito | PDMR | 48,975 | 0.079% |
Chester Gryczan | PDMR | 97,474 | 0.157% |
Marques McCammon | PDMR | 156,947 | 0.252% |
Alex Pascoe | PDMR | 32,197 | 0.052% |
Ian Rogerson | PDMR | 42,147 | 0.068% |
Patricia Ryan | PDMR | 36,017 | 0.058% |
Adrian Schaffer | PDMR | 12,819 | 0.021% |
Brian Smith | PDMR | 49,226 | 0.079% |
Martin Starkey | PDMR | 81,733 | 0.131% |
Gareth Taylor | PDMR | 40,293 | 0.065% |
The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Graham Ritchie | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Chief Executive Officer | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
N/A | ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Ian Gibson | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Chief Financial Officer | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Chris Amsden | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Finance Director - Performance Products | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Mike Bell | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Chief Strategy and Digital Officer | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Iain Carmichael | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Managing Director - Ricardo Rail | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Tim Curtis | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Managing Director - Ricardo Energy and Environment | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Thomas DaPolito | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Chief Financial Officer, Ricardo US | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Chester Gryczan | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: President, Ricardo Defense Systems | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Marques McCammon | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Managing Director - Automotive & Industrial | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Alex Pascoe | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Group Financial Controller | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Ian Rogerson | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Finance Director - Ricardo Energy and Environment | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Patricia Ryan | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Group General Counsel and Company Secretary | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Adrian Schaffer | ||||
2 | Reason for the notification | |||||
a) | Position/status | PDMR: President, Emerging Mobility | ||||
b) | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ricardo plc | ||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||
Identification code | GB0007370074 | |||||
b) | Nature of the transaction | Conditional award of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 2022-10-06 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Brian Smith | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: VP Finance - Ricardo Defense Systems | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Martin Starkey | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Managing Director - Performance Products | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Gareth Taylor | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR: Finance Director - Ricardo Rail | ||||||
b) | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Ricardo plc | ||||||
b) | LEI | 213800ZNYAY35F4XB814 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 25p each ("Shares") | ||||||
Identification code | GB0007370074 | |||||||
b) | Nature of the transaction | Conditional awards of shares pursuant to the rules of the Ricardo plc 2020 Long Term Incentive Plan and the Ricardo plc 2021 Deferred Bonus Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||||
e) | Date of the transaction | 2022-10-06 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||