The second iteration of the EU’s Markets in Financial Instruments Directive extended the scope of MiFID I to include new pre- and post-trade transparency requirements for investment firms trading in non-equities instruments and products, specifically bonds and swaps, as well as for a wide variety of other types of derivatives instruments and products. To facilitate these transparency mandates, MiFID II introduced a new type of trading venue designation that investment firms could use when trading in those instruments called an Organised Trading Facility.
Living with MiFID II: Examining Organised Trading Facilities
