This Practice Note considers the requirements for UK trading venues including the provisions which implemented the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) and covers: (1) the definition of a UK trading venue, a UK regulated market (RM), a UK multilateral trading facility (MTF) and a UK organised trading facility (OTF), (2) authorisation requirements for UK trading venues, (3) specific requirements for UK RMs, UK MTFs and UK OTFs, (4) joint requirements for UK MTFs and UK OTFs, (5) requirements for UK RMs, UK MTFs and UK OTFs, and (6) reforms that are being made to the UK’s post-Brexit regulatory framework.
For information on EU trading venues, see Practice Note: MiFID II—EU trading venues.
UK’s implementation of MiFID II framework for trading venues
MiFID II and MiFIR came into effect on 3 January 2018. Member States were required to transpose the provisions of MiFID II into national law by 3 July 2017, while MiFIR had direct effect in Member States without transposition.
For
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