Q&A · ESMA
Organized Trading facilities OTFs
Answered
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An OTF operator owes best execution to brokers that are its clients and applies its own execution policy to their orders, while each broker must check the OTF lets it meet its own best-execution duties; DEA orders are executed as orders of the broker, and the operator may refuse DEA.
Details
| Reference | ESMA_QA_1656 |
|---|---|
| Issuer | ESMA |
| Published | 3 Oct 2017 |
| Answered | 3 Oct 2017 |
| Submitted | 3 Oct 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.24 |
Provisions it relates to
- Article 4 MiFID II · DefinitionsExplicit reference · 90%
- MiFID II (whole act)Explicit reference