- (a) which is not a regulated market or an MTF;
- (b) in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract, and complies, as applicable, with:
- (i) paragraph 9A of the Recognition Requirements Regulations;
- (ii) the EU regulations specified in Schedule 2 of MiFIR;
- (iii) rules made by the competent authority governing the operating conditions of investment firms so far as they apply to OTFs.