Schedule 3, paragraph 1(16)

In paragraph 9A of the Schedule (operation of a multilateral trading facility)— in the heading insert at the end “ or an organised trading facility ”; in sub-paragraph (1), after “multilateral trading facility” insert “ or an organised trading facility ”; in sub-paragraph (2)— after “multilateral trading facility” insert “ or an organised trading facility ”; for paragraph (b) substitute— any directly applicable EU regulation made under Chapter I, after sub-paragraph (3) insert— An exchange operating a multilateral trading facility or an organised trading facility must provide the FCA with a detailed description of— the functioning of the multilateral trading facility or organised trading facility; any links to another trading venue owned by the same exchange or to a systematic internaliser owned by the same exchange; and a list of the facility's members, participants and users. Any multilateral trading facility or an organised trading facility operated by the exchange must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.

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Source: legislation.gov.uk · retrieved 2026-09-04