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    81(as defined in article 2(1)(15A) of MiFIR) means a multilateral system:

      1. (a) which is not a regulated market or an MTF;
      1. (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:
        1. (i) paragraph 9A of the Recognition Requirements Regulations;
        1. (ii) the EU regulations specified in Schedule 2 of MiFIR;
        1. (iii) rules made by the competent authority governing the operating conditions of investment firms so far as they apply to OTFs.