Article 20 › 6

Member States shall require that the execution of orders on an OTF is carried out on a discretionary basis. An investment firm or market operator operating an OTF shall exercise discretion only in either or both of the following circumstances: (a) when deciding to place or retract an order on the OTF they operate; (b) when deciding not to match a specific client order with other orders available in the systems at a given time, provided it is in compliance with specific instructions received from a client and with its obligations in accordance with Article 27. For the system that crosses client orders the investment firm or market operator operating the OTF may decide if, when and how much of two or more orders it wants to match within the system. In accordance with paragraphs 1, 2, 4 and 5 and without prejudice to paragraph 3, with regard to a system that arranges transactions in non-equities, the investment firm or market operator operating the OTF may facilitate negotiation between clients so as to bring together two or more potentially compatible trading interest in a transaction. That obligation shall be without prejudice to Articles 18 and 27.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04