Definition of a trading venue: Reg review risks ensnarling tech vendors
Industry participants are divided over the definition of a trading venue and how regulators should revise the regulatory framework.
What constitutes a trading venue? Which kinds of firms should be regulated as trading venues? The answers to those questions are the subject of much heated debate in Europe, and the review of the Markets in Financial Instruments Directive (Mifid II) could throw fuel on that fire.
Market observers say the European regulator’s broad definition of which companies must register as organized trading facilities (OTFs) or multilateral trading facilities (MTFs) pulls into the scope of the regulation
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