Trading venues under MiFID II/MiFIR mean facilities, in which multiple third party buying and selling interests interact in the system. Trading venues functionality embraces a regulated market, an MTF or an OTF.
Our requirements for all trading venues governed by MiFID II, namely regulated markets, MTFs, and OTFs, are generally analogous (in contrast to bilateral systems, like for example systematic internalisers).
However, while regulated markets and MTFs under MiFID II continue to be subject to similar transparency and non-discrimination requirements regarding whom we admit as members or participants, OTFs are able to determine and restrict access based, inter alia, on the role and obligations which they have in relation to their clients.