Background
2.1 Trading venues are organised markets where tradable securities and other financial contracts are bought and sold. They differ from over-the-counter (OTC) trading, where contracts are traded directly between two parties.
2.2 Trading venues ensure fair and orderly trading as they communicate price information for all instruments that they trade. This helps investors to make well informed decisions and increases market transparency. The requirements derived from the MiFID II framework form the main part of the legal framework governing the regulation of trading venues. They are complemented by a number of implementing measures that further specify the detailed obligations trading venues are subject to.
2.3 The MiFID II framework includes three types of trading venues: regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs). RMs and MTFs are multilateral systems where multiple third-party buying and selling interests in financi
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