Multilateral Trading Facilities (MTFs)
Multilateral Trading Facilities (MTFs)

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Multilateral Trading Facilities (MTFs)
  • MTFs and MiFID II
  • MTFs and the Market Abuse Regulation
  • The regulation of MTFs in the UK
  • What is a multilateral trading facility (MTF)?
  • Authorisation of MTFs under MiFID II
  • Register of MTFs under MiFID II
  • Operating an MTF in the UK
  • MTFs and passporting
  • MTFs—trading process requirements
  • more

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

This Practice Note considers the regulatory framework for multilateral trading facilities (MTFs) under the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It examines how the MiFID II regime has been implemented in the UK, and summarises the principal changes from the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) and the MiFID I implementing regulation (Commission Regulation (EC) 1287/2006). In addition, the Market Abuse Regulation (Regulation (EU) 596/2014), which came into effect on 3 July 2016, expanded the EU market abuse regime to cover financial instruments traded on MTFs.

For more information about other types of trading venues under MiFID II and MiFIR (regulated markets and organised trading facilities (OTFs)) as well as systematic internalisers (SIs), see the Practice Notes: Regulated Markets under MiFID II and MiFIR, Organised Trading Facilities (OTFs) and Systematic internalisers.


One of the key aims of MiFID I was to improve the transparency of EU markets