Exchange

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Untutored ramblings™ on the FCA’s conduct of business rules

FCA Handbook - COBS Rules
COBS Anatomy
COBS: Table of Contents | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | Transchedule |
MiFID: 25 | 28 |

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Broadly, a stock exchange, futures exchange, or any other organised venue which brings together bids and offers in certain types of securities and doesn’t look like an over-the-counter transaction. In the EU parlance (MiFID and all that kind of jazz) called a Regulated Market, and usually contrasted with a systematic internaliser (where a broker matches buys and sells on an OTC basis in its own order book). The question is whether a dark pool, a kind of multilateral trading facility counts as an exchange.

See also