Organised trading facility
Market Abuse Regulation (MAR).
An organised trading facility is any facility or system that is:
- Not a multilateral trading facility (MTF) or regulated market (RM);
- Operated by an investment firm or market operator; and
- In which multiple third party buying and selling interests in financial instruments are able to interact in the system in a way that results in a contract.
This includes facilities that are bilateral or multilateral, discretionary and non-discretionary.
Pure over the counter trading and order routing systems are excluded.
OTFs include broker crossing systems (internal matching systems that execute client orders against each other) and derivatives trading systems.
Financial instruments which are traded on OTFs are governed by MAR.