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    137(as defined in Article 2(1)(15B) 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 in accordance with Title II of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments directive of 15 May 2014.