EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.4.3:5.II.4.3 What does ‘on a multilateral basis’ mean?

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.4.3

5.II.4.3 What does ‘on a multilateral basis’ mean?

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

MiFID II only requires internal matching systems in equity instruments to authorise as an MTF where the execution (matching) takes place ‘on a multileral basis’.1 Similar to the term ‘internal matching system’, the term ‘on a multilateral basis’ is not entirely clear. A case of the European Court of Justice (hereafter: the European Court) and ESMA guidance is relevant in this context. Both are examined below.

5.II.4.3.1 Interpretation 1: the case of Robeco versus AFM – excluding price formation from the RM (and MTF)-definition5.II.4.3.2 Interpretation 2: new provisions under MiFID II – Price formation as an element of the MTF-definition

Deze functie is alleen te gebruiken als je bent ingelogd.