MiFID II introduced a new category trading venue called Organised Trading Facility (OTF) and Tradeweb has been approved by the Financial Conduct Authority (FCA) and has operated its OTF since January 3, 2018. An Organised Trading Facility (OTF) is 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).
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.
The Tradeweb OTF is ‘passported’ under MiFID II and is available throughout the European Economic Area (EEA).
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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 will apply when trading on the Tradeweb MTF or OTF from 3 January 2018. 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.