Shall we compare thee to a multilateral trading venue?

As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.

Credit: montage

As William Shakespeare never quite put it: “What’s in a name? That which we call a trading venue by any other name would smell just as sweet.”

Yet for software firms that operate aggregators and for execution management systems (EMSs) that organize trading orders and assist with execution, there is a great deal in the name that EU and UK regulators might use to designate their activities.

The European Securities and Markets Authority and the UK’s Financial Conduct Authority this year closed a

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