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Organised Trading Facility (OTF)

Tradeweb has operated its Organised Trading Facility (OTF) since the day MiFID II went live in January of 2018. MiFID II introduced the OTF as a new category of trading venue, a multilateral system in which multiple third-party buying and selling interests in bonds, structured finance product, emissions allowances or derivatives are able to interact. An OTF is neither a regulated market (RM) nor a multilateral trading facility (MTF). It has been regulated by the FCA since its inception, and by the AFM since 2019. After Brexit, our OTF’s will together continue to serve our clients in the EU and UK alike.

Many of the requirements are the same but a key difference with the Tradeweb MTF is the ability for the Tradeweb OTF to use discretion when matching buying and selling interests. When executing OTC derivatives trades, Tradeweb OTF offers clients more flexibility when choosing the type of venue and execution method. This helps support the execution of intermediate and discretionary flow and gives clients the opportunity to discover new liquidity sources and trading opportunities.

Tradeweb’s EU OTF is ‘passported’ under MiFID II and is available throughout the European Economic Area (EEA). Tradeweb’s UK OTF is licensed by the FCA and is available in the UK and selected EU countries.


Tradeweb UK OTF Rulebook
Tradeweb EU OTF Rulebook

Transparency Reporting

To access our on-venue reporting, please follow these links (work best 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.

Click here to read our European Disclosures.