Multilateral Trading Facilities (MTFs)

The following Financial Services practice 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...

Multilateral Trading Facilities (MTFs)

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory 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

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