Multilateral trading facilities are a type of trading venue in the European Union operated by a regulated entity such as an investment firm. MTFs match participants’ orders automatically rather than using discretion and are not permitted to execute orders on a principal basis. MTFs can execute trades in all liquid instruments, whether listed or over-the-counter. They can operate on a request-for-quote or central limit order book basis.
MULTILATERAL TRADING FACILITY (MTF)
