eligible counterparty business

the following services and activities carried on by a firm:

1. (a) dealing on own account, execution of orders on behalf of clients or reception and transmission of orders; or
1. (b) any ancillary service directly related to a service or activity referred to in (a); or
1. (c) arranging in relation to business which is not MiFID or equivalent third country firm business;

but only to the extent that the service or activity is carried on with or for an eligible counterparty.