Q&A · ESMA
Organized Trading facilities OTFs
Answered
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An OTF operator need not exercise discretion over placing or retracting orders order by order (it may act for a set of orders), but must be able to do so for individual orders when needed; discretion over whether to match two interests can only be exercised order by order.
Details
| Reference | ESMA_QA_1652 |
|---|---|
| Issuer | ESMA |
| Published | 3 Apr 2017 |
| Answered | 3 Apr 2017 |
| Submitted | 3 Apr 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.20 |
Provisions it relates to
- Article 20 MiFID II · Specific requirements for OTFsInferred · 90%
- MiFID II (whole act)Explicit reference