ERM Glossary: Multilateral trading facility (MTF)

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A multilateral trading facility (MTF) is a type of regulated trading venue recognised by MiFID. A MTF generally needs to be ‘pre-trade transparent’, i.e. the price at which orders may be executed generally needs to be made available on market data fees, its prices and charges need to be made public and applied consistently across all members, it needs to have a rulebook advising how it operates and how one can apply for membership and it needs to provide post trade transparency, with details of the price of trades on the platform being published in real-time. However, unlike most recognised exchanges it does not support a listing process as such.

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