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Trading facilities: Difference between revisions
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Note, OTFs are mutually exclusive with MTFs and regulated markets. | Note, OTFs are mutually exclusive with MTFs and regulated markets. | ||
{| class="wikitable" | |||
|+ Mifid multilateral facilities compared | |||
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! Feature !! Regulated Market !! MTF !! OTF | |||
{{aligntop}} | |||
| Rules || Non-discretionary || Non-discretionary|| Discretionary | |||
{{aligntop}} | |||
| Operator || Market operator || investment firm or a market operator || Not stated | |||
{{aligntop}} | |||
| Assets || Financial instruments that are admitted to trading || Financial instruments|| [[Debt security|Bond]]s, structured finance products, [[emission allowances]] or [[Derivative|derivatives]] '''but not equities''' | |||
{{aligntop}} | |||
| Authorisation || Yes || No|| No | |||
{{aligntop}} | |||
| Examples || Eurex, Xetra, Luxembourg Stock Exchange<ref>See more [https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_upreg here].</ref> || Chi X-Europe, Liquidnet Europe, Currenex MTF, UBS MTF || Tradeweb EU OTF | |||
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