Q&A · ESMA
Organized Trading facilities OTFs
Answered
Read the official text on the ESMA website(opens in a new tab)AI-generated Summary
An entity must be authorised as an OTF where trading in non-equity instruments is multilateral, the arrangements have the characteristics of a system, and orders are executed on a discretionary basis through or under the system's rules; ESMA explains each condition and the two OTF system types in Article 20(6).
Details
| Reference | ESMA_QA_1642 |
|---|---|
| Issuer | ESMA |
| Published | 3 Apr 2017 |
| Answered | 3 Apr 2017 |
| Submitted | 3 Apr 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.10 |
Provisions it relates to
- Article 4 MiFID II · DefinitionsInferred · 85%
- Article 20 MiFID II · Specific requirements for OTFsInferred · 85%
- MiFID II (whole act)Explicit reference