ERM Glossary: Multilateral trading
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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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