EU · MiFID II · TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS · CHAPTER I Conditions and procedures for authorisation
Article 19 MiFID IISpecific requirements for MTFs
MTF operators must have non-discretionary execution rules, access rules meeting Article 53(3), risk management, settlement arrangements and sufficient financial resources. Conduct rules do not apply to transactions between the MTF and its members, though members owe them to their own clients, and operators may not execute client orders against proprietary capital or engage in matched principal trading.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 75%
AI summaryTrading venues may offer member preferencing if it is transparent and available to all members, but it cannot be used to formalise pre-arranged trades, which may be formalised on a venue only under an appropriate pre-trade waiver; venues must monitor for and stop such misuse.
- Q&AAwaiting answerInferred · 75%
AI summaryAsks whether the operator of an MTF may be a member or participant of its own MTF. The question has been published but not yet answered.
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines of May 2021 (ESMA50-164-4285) on outsourcing to cloud service providers by a wide range of firms, including fund managers and depositaries, CCPs, trade repositories and MiFID II investment firms and credit institutions providing investment services, covering governance and documentation, pre-outsourcing due diligence, key contract terms, information security, exit strategies, access and audit rights, sub-outsourcing, notifying authorities and supervision.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
- DivergedExplicit reference · 90%
UK changes after exit to COBS 1 Annex 1: FCA 2025/40 (from 23 Oct 2025), FCA 2025/32 (from 19 Jan 2026), FCA 2026/5 (from 2 Mar 2026).
- MAR 5.3.1R · Rules, procedures and arrangementsEquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). MAR 5.3.1R transposes the article, so the wording differs.
- MAR 5.3.1AR · Functioning of an MTFDivergedExplicit reference · 90%
UK changes after exit to MAR 5.3.1AR: FCA 2021/59 (from 1 Dec 2021), FCA 2025/55 (from 28 Nov 2025).
- EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). MAR 5.4.1R transposes the article, so the wording differs.
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Version history
- From 17 Sept 2014
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.