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Jurisdiction(s):
European Union

EU trading venues under MiFID II/MiFIR: RMs, MTFs, OTFs—definitions, perimeter, authorisation, access, venue rules, transparency, reporting, SME growth markets and reforms (MiFID II/MiFIR Reviews; Listing Act)

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Practice notes
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This Practice Note

This Practice Note reviews the regulatory landscape for trading venues under the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), as amended by Directive (EU) 2024/790 (the MiFID II Review) and Directive (EU) 2024/2811 (the Listing Act), together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as updated by Regulation (EU) 2024/791 (the MiFIR Review), and outlines the following:

  • definitions of regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs)
  • principal differences between RMs, MTFs and OTFs
  • authorisation of RMs, MTFs and OTFs
  • the European Securities and Markets Authority (ESMA’s) register of RMs, MTFs and OTFs
  • ways to access other EU markets for RMs, MTFs and OTFs
  • specific requirements for RMs
  • specific requirements for OTFs
  • joint requirements for MTFs and OTFs
  • requirements common to RMs, MTFs and OTFs

For information on UK trading venues, see Practice Note: Regulation of UK trading venues...

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Web page updated on 27/05/2026

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