A new limb to art 20.1a MiFID 2 bans Organised Trading Facility (OTF) operators from using matched principal trading to execute client orders in derivatives subject to the trading obligation.
MiFID II now gives ESMA the task of developing draft regulatory technical standards (RTS) specifying the characteristics of transactions in shares that do not contribute to the price discovery process. Investment firms would not be obliged to undertake these transactions on a regulated market, multilateral trading facility (MTF) or OTF, or by using a systematic internaliser.
Lexology
Compromise text for MiFID II
Compromise text for MiFIR
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