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organised trading facility

    86 (in accordance with article 3(1) of the Regulated Activities Order):

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

    [Note: article 4(1)(23) of MiFID86]