Multilateral trading system
A multilateral trading system ( English multilateral trading facility is abbreviated MTF) one from a financial service provider , a securities company, or a market operator equipped and operated, exchange-like network or multilateral system with the aim of a variety of suppliers and demanders on the financial market by specific Merge rules.
backgrounds
According to the Directive on Markets in Financial Instruments of the European Union , such service providers have extensive disclosure obligations . The operation of such a system has been considered a securities or financial service in Germany since 2006 .
What is to be regarded as a financial service is finally specified in Section 1 (1a) sentences 2 and 3 KWG . The operation of a multilateral trading system is defined in Section 2 (8) No. 8 and Section 21 of the WpHG and regulated in particular in Sections 72 to 74 of the WpHG.
A multilateral trading system is an exchange-like trading platform (mostly internet-based) with requirements that are largely the same as for regulated markets , for example on
- Admission of trading participants
- Rules for determining prices and doing business,
- Control procedures and
- Pre- and post-trade transparency by BaFin .
It differs from the regulated market in that there are no requirements for financial instruments and issuers to be included in trading, and there are also no post-admission obligations . This means that the financial institutions are given the opportunity to jointly set up a trading system on which securities are traded. Financial institutions can thus also clear customers' securities orders internally , which the provider cannot do in the regulated market.
The first multilateral trading system in Germany was the Tradegate trading platform operated in Berlin . In the meantime this has been admitted as a stock exchange. Another multilateral trading system is the run by major banks Turquoise . The multilateral trading systems compete with the established exchanges .
See also
Individual evidence
- ↑ Listed companies # Multilateral trading systems ( Memento of the original from September 30, 2009 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
