organised trading facility
- (a) an organised trading facility (within the meaning of article 4(1)(23) of MiFID86) operated by an investment firm, a credit institution or a market operator; or
- (b) a facility which:
- (i) is operated by an investment firm, a credit institution or a market operator which does not have a Home State; and
- (ii) if its operator had a Home State, would be an organised trading facility within the meaning of article 4(1)(23) of MiFID86.
86 (in accordance with article 3(1) of the Regulated Activities Order):