Multilateral trading facility - Revision history

imported>Doug Williamson: Add link.

2022-07-06T12:51:49Z

Add link.

← Older revision		Revision as of 12:51, 6 July 2022
Line 46:		Line 46:
	== See also ==		== See also ==
	*[[Broker crossing network]]		*[[Broker crossing network]]
			* [[Facility]]
	*[[Market Abuse Regulation]]		*[[Market Abuse Regulation]]
	*[[MiFID]]		*[[MiFID]]

imported>Doug Williamson: Note covered by MAR.

2018-08-04T16:32:05Z

Note covered by MAR.

← Older revision		Revision as of 16:32, 4 August 2018
Line 30:		Line 30:

	''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''		''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''


			Participants in MTFs are also subject to the Market Abuse Regulation (MAR).


Line 36:		Line 39:


	The MTF system is sometimes also known as a 'venue'. In practice the venue would normally be a virtual venue, rather than a physical location.		The MTF system is sometimes also known as a 'venue'.

			In practice the venue would normally be a virtual venue, rather than a physical location.


	== See also ==		== See also ==
			*[[Broker crossing network]]
			*[[Market Abuse Regulation]]
	*[[MiFID]]		*[[MiFID]]
			*[[Organised trading facility]]
	*[[Regulated market]]		*[[Regulated market]]
	*[[Systematic internaliser]]		*[[Systematic internaliser]]
	*[[Broker crossing network]]

	[[Category:Corporate_finance]]		[[Category:Corporate_finance]]
	[[Category:Compliance_and_audit]]		[[Category:Compliance_and_audit]]
	[[Category:Manage_risks]]		[[Category:Manage_risks]]

imported>Doug Williamson: Add description about 'venue' meaning 'system'. Source: EC Europa Glossary http://ec.europa.eu/internal_market/securities/docs/glossary_en.pdf

2014-08-04T07:37:33Z

Add description about 'venue' meaning 'system'. Source: EC Europa Glossary http://ec.europa.eu/internal_market/securities/docs/glossary_en.pdf

← Older revision		Revision as of 07:37, 4 August 2014
Line 34:		Line 34:

	MTFs were formerly known as Alternative Trading Systems (ATSs).		MTFs were formerly known as Alternative Trading Systems (ATSs).


			The MTF system is sometimes also known as a 'venue'. In practice the venue would normally be a virtual venue, rather than a physical location.


Line 42:		Line 45:
	*[[Broker crossing network]]		*[[Broker crossing network]]

	[[Category:~~Equity~~]]		[[Category:Corporate_finance]]
	[[Category:~~Regulation_and_Law~~]]		[[Category:Compliance_and_audit]]
	[[Category:~~FX_Risk~~]]		[[Category:Manage_risks]]

imported>Doug Williamson: Link with Broker crossing network page.

2014-08-02T16:39:59Z

Link with Broker crossing network page.

← Older revision		Revision as of 16:39, 2 August 2014
Line 40:		Line 40:
	*[[Regulated market]]		*[[Regulated market]]
	*[[Systematic internaliser]]		*[[Systematic internaliser]]
			*[[Broker crossing network]]

	[[Category:Equity]]		[[Category:Equity]]
	[[Category:Regulation_and_Law]]		[[Category:Regulation_and_Law]]
	[[Category:FX_Risk]]		[[Category:FX_Risk]]

imported>Doug Williamson: Expand to clarify that the definition quoted is 'for MiFID purposes'.

2014-08-02T15:40:20Z

Expand to clarify that the definition quoted is 'for MiFID purposes'.

← Older revision		Revision as of 15:40, 2 August 2014
Line 7:		Line 7:


	An MTF is defined as:		An MTF is defined for MiFID purposes as:

	#A multilateral system		#A multilateral system

imported>Doug Williamson: Add reference to former name Alternative Trading Systems.

2014-08-02T12:21:09Z

Add reference to former name Alternative Trading Systems.

← Older revision		Revision as of 12:21, 2 August 2014
Line 31:		Line 31:
	''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''		''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''



			MTFs were formerly known as Alternative Trading Systems (ATSs).

imported>Doug Williamson: Create the page. Source: Linklaters publications MiFID II 'MTF' definition: http://www.linklaters.com/Publications/MiFIDII/Pages/Multilateral_Trading_Facilities.aspx

2014-08-02T12:10:40Z

Create the page. Source: Linklaters publications MiFID II 'MTF' definition: http://www.linklaters.com/Publications/MiFIDII/Pages/Multilateral_Trading_Facilities.aspx

New page

(MTF).

A facility for trading which is less formal than a fully established exchange.

Operating a Multilateral trading facility is an investment service to which [[MiFID]] regulation applies.

An MTF is defined as:

#A multilateral system
#Operated by an investment firm or a market operator
#Which brings together multiple third-party buying and selling interests in financial instruments
#In the multilateral system
#In accordance with non-discretionary rules
#In a way that results in a contract.

MTFs are required under MiFID to comply with regulations about:

#Organisation
#Transparency and
#Market surveillance.

The regulations for MTFs are similar to those applying to larger and more formal regulated markets (RMs).

However, the regulatory requirements for MTFs are lighter than the requirements for regulated markets.

''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''

== See also ==
*[[MiFID]]
*[[Regulated market]]
*[[Systematic internaliser]]

[[Category:Equity]]
[[Category:Regulation_and_Law]]
[[Category:FX_Risk]]