imported>Doug Williamson |
imported>Doug Williamson |
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| (MTF).
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| A facility for trading which is less formal than a fully established exchange.
| | National Association of Corporate Treasurers. |
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| Operating a Multilateral trading facility is an investment service to which [[MiFID]] regulation applies.
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| An MTF is defined for MiFID purposes as:
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| #A multilateral system
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| #Operated by an investment firm or a market operator
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| #Which brings together multiple third-party buying and selling interests in financial instruments
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| #In the multilateral system
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| #In accordance with non-discretionary rules
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| #In a way that results in a contract.
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| MTFs are required under MiFID to comply with regulations about:
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| #Organisation
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| #Transparency and
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| #Market surveillance.
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| The regulations for MTFs are similar to those applying to larger and more formal regulated markets (RMs).
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| However, the regulatory requirements for MTFs are lighter than the requirements for regulated markets.
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| ''MiFID Level 1 Directive. Articles 4(15), 13, 14, 25, 26, Annex I, Section A.''
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| Participants in MTFs are also subject to the Market Abuse Regulation (MAR).
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| MTFs were formerly known as Alternative Trading Systems (ATSs).
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| The MTF system is sometimes also known as a 'venue'.
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| In practice the venue would normally be a virtual venue, rather than a physical location.
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| == See also == | | == See also == |
| *[[Broker crossing network]] | | * [[Association of Corporate Treasurers]] |
| *[[Market Abuse Regulation]] | | * [[EACT]] |
| *[[MiFID]] | | * [[IGTA]] |
| *[[Organised trading facility]]
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| *[[Regulated market]]
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| *[[Systematic internaliser]]
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| [[Category:Corporate_finance]]
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| [[Category:Compliance_and_audit]]
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| [[Category:Manage_risks]]
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