Q&A · ESMA
Organized Trading facilities OTFs
Answered
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Under Article 20(4) MiFID II, orders in an OTF may not interact with SI quotes or orders from other OTFs, so both sides of a trade must be placed on the same venue, though the operator may withdraw an order and route it to another venue in line with its execution policy.
Details
| Reference | ESMA_QA_1649 |
|---|---|
| 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 5.17 |
Provisions it relates to
- Article 20 MiFID II · Specific requirements for OTFsInferred · 95%
- MiFID II (whole act)Explicit reference