Multilateral Trading Facility (MTF)
Tradeweb has operated its FCA-regulated multilateral trading facility (MTF) since 2007.
MiFID II expanded the MiFID regime for MTFs, which is now more aligned to those of regulated markets (RMs). For all trades conducted on our platform, Tradeweb satisfies the relevant MiFID II and MiFIR pre- and post-trade reporting obligations; for non-MiFID firms, we perform regulatory transaction reporting and offer an APA reporting service for trades executed off-venue.
MiFID II and MiFIR generally apply to transactions in financial instruments across asset classes and formats concluded on venue or over-the-counter (OTC). The requirements directly apply to relevant firms in the European Economic Area and EU regulated trading venues such as the Tradeweb Europe MTF.
The Tradeweb MTF is ‘passported’ under MiFID II and is available throughout the European Economic Area (EEA).
MiFID II solutions and services
Tradeweb continues to help clients adhere to MiFID II requirements; our solutions encompass all pre-trade, execution and post-trade obligations.
Learn more about our full suite of MiFID II solutions here.
For more information, please contact your Tradeweb representative or email firstname.lastname@example.org.
To access the Tradeweb MTF rulebook, please click here.
To access our on-venue reporting, please follow these links (in Chrome):
MiFIR transparency waivers and deferrals applied on the Tradeweb MTF and OTF
MiFIR requires trading venues to make public information about bids, offers and completed trades. These obligations can be waived or publication deferred in certain circumstances, as permitted by MiFIR and where the venue’s competent authority has given its approval. As set out in our MTF and OTF Rulebooks (Rules 5.12 and 5.13 of MTF Rulebook and 5.19 and 5.20 of the OTF Rulebook), Tradeweb has received approval from the FCA to use a number of waivers and deferrals. We describe in this document how these apply when trading on the Tradeweb MTF or OTF. The waivers and deferrals are available for qualifying transactions in single instruments and packages. Any changes to waivers and deferrals that Tradeweb might apply to transactions on the MTF and OTF from time to time will be updated on the document.
Packages offered on the Tradeweb MTF: MEFRROC Requirement
MiFIR Article 2(1)(50) defines “package transaction” with prong (ii) requiring that “each component of the transaction bears meaningful economic or financial risk related to all the other components”. ESMA, in its Q&As on Transparency topics, Chapter 4 Question 4 (a) defines this requirement as “mefrroc” and clarifies that it expects “trading venues … to document how the mefrroc requirement is met, either in contract specifications for packages traded on trading venues or on a package-by-package basis in case of OTC-transactions.”
Tradeweb offers a number of “packages” on its MTF as specified below and updated from time to time. All of the listed packages consist of components that bear a meaningful risk in relation to all other components and, on that basis, satisfy the above described mefrroc requirement. Packages of two, three or more components are executed contingently, priced as a unit and quoted with a single price for the entire package. Users of the Tradeweb MTF are unable to add instruments to a package without having an impact on the quoted price. Where a package consists of several instruments (LIST trading) neither the RFQ requester nor the executing liquidity provider is able to execute a limited amount of package components (“all-or-nothing”).
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TRSY Spread Switches
EUR Basis Swaps
Bullish Risk Reversals
Call Spread Collars
Put Spread Collars
Calendar Call Spreads
Calendar Put Spreads
Baskets (contingent lists)