- (1) a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments - in the system and in accordance with its non-discretionary rules - in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of MiFID.65
- (2) (in addition, in INSPRU and IPRU(INS) only) a market situated outside the EEA States which is characterised by the fact that:65
- (a) it meets comparable requirements to those set out in (1); and
- (b) the financial instruments dealt in are of a quality comparable to those in a regulated market in the United Kingdom.
article 4(1)(14) of