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MAR 5AA.1 Operation of a multilateral system as an MTF or OTF


1Where a firm operates a multilateral system from an establishment in the United Kingdom it must operate it as a multilateral trading facility or an organised trading facility.

[Note: article 1(7) of MiFID]


In our view, any system that merely receives, pools, aggregates and broadcasts indications of interest, bids and offers or prices should not be considered a multilateral system. This means that a bulletin board should not be considered a multilateral system. The reason is that there is no reaction of one trading interest to another other within these types of facilities. However, operating such a facility may amount to performing the activity of making arrangements with a view to transactions in investments (see PERG 2.7.7BG).