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This article may need to be wikified to meet Wikipedia's quality standards. Please help by adding relevant internal links, or by improving the article's layout. (September 2010) A Multilateral Trading Facility (or MTF) is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments - in the system and in accordance with non-discretionary rules - in a way that results in a contract in accordance with the provisions of Title II of MiFID.1 They can be assimilated to alternative trading exchanges providing additional pool of liquidity to their members (usually banks, major mutual funds and large insurance companies). For countries without established or stable exchanges, the formation of an MTF is one of several actions that aims to improve the entrepreneurial environment and ease the access of small and medium sized enterprises to capital through new share, bond and rights issues.2 For OTC products without centralized exchanges (like convertible bonds) and therefore relying on market makers, the addition of an MTF is a step to improve the liquidity (by aggregating the clients' interests) and the transparency of the market (by disclosing pre-trade and post-trade information, by opposition to the OTC dark pool market).10 In the European Union, there are several MTFs: POSIT, a pure dark-pool MTF operated by ITG, launched in 1998. Chi-X3, launched in March 2007. Project Turquoise6, launched in August 2008. Equiduct-Berliner Börse (under project en 2008). NASDAQ OMX Europe, launched in September 2008. Will close 1 July 2010 Bats Europe5, launched in October 2008. NYSE Arca Europe7, launched in March 2009. Burgundy4, launched in May 2009. QUOTE MTF8 - launched 4 September 2009. NX MTF - launched on 11 December 2009 by NOMURA. Vega-Chi MTF9 - Launched 17 February 2010 by Vega-Chi Ltd.. TOM MTF11 - Launched on 8 October 2010. 1 fsahandbook.info/FSA/glossary-html/handbook/Glossary/M?definition=G2354 2 www.iflr.com/Article/1976930/Multilateral-trading-facilities.html 3 Chi-x 4 Burgundy 5 Bats Europe 6 Project Turquoise 7 NYSE Arca Europe 8 QUOTE MTF 9 Vega-Chi MTF 10 http://www.thetradenews.com/trading-venues/mtfs-ecns/3938 11 TOM MTF This business-related article is a stub. You can help Wikipedia by expanding it. v • d • e