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  • What MiFID II means for liquidity providers on Tradeweb  

    As your firm is engaging with clients on a fully-disclosed basis over Tradeweb, any interaction with a buy-side client will be conducted over the Tradeweb platform and/or regulated Tradeweb marketplace where the buy-side client is located as per below:
     
    UK or EU 'MiFID Europe'
    You will be transacting on the Tradeweb Europe MTF and, where applicable, the Tradeweb Organised Trading Facility (OTF).
     
    U.S. 
    For U.S. buy-side clients trading securities and other non-derivatives products, you will be trading on a facility offered by Tradeweb LLC; a U.S. registered broker-dealer. If you trade derivatives, you will be trading on the Tradeweb SEF. Where clients in these jurisdictions decide to trade on the Tradeweb MTF, you can provide liquidity to them through the MTF. Tradeweb will make it clear to you that you are trading on the MTF. 
     
    Asia-Pacific 
    Tradeweb offers multiple regulated marketplaces in Asia, including an RMO in Singapore, an ATS in Hong Kong and two platforms in Japan (PTS for securities and ETP for derivatives). If you transact with clients in these jurisdictions, you will be trading on these regulated venues.

    Other Jurisdictions
    In all other jurisdictions where you interact with buy-side clients through Tradeweb, Tradeweb offers platforms through necessary legal clearances and/or appropriate exemptions. 

    Questions
    In certain jurisdictions not directly subject to EU or U.S. regulatory oversight, buy-side customers may voluntarily participate on the Tradeweb MTF and/or the Tradeweb SEF. In such cases, Tradeweb will clearly identify, in incoming requests, the regulated marketplace you are trading on.

    If you have any questions, please contact the Tradeweb Global Regulatory Affairs team: regulatoryaffairs@tradeweb.com

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