Q&A · ESMA
Organized Trading facilities OTFs
Answered
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An investment firm or market operator running an OTF must cover best execution both at firm level (which venues, including its own OTF, it uses) and at OTF level (how the best result is achieved within the OTF's mechanisms), and set out where and how it exercises discretion.
Details
| Reference | ESMA_QA_1650 |
|---|---|
| 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 5.18 |
Provisions it relates to
- Article 20 MiFID II · Specific requirements for OTFsInferred · 85%
- Article 27 MiFID II · Obligation to execute orders on terms most favourable to the clientInferred · 80%
- MiFID II (whole act)Explicit reference