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A multilateral trading facility (MTF) is a European regulatory term for a non-exchange financial trading venue. These are alternatives to the traditional stock exchanges where a market is made in securities, typically using electronic systems. The operation of a MTF is considered an investment service. The concept was introduced within the Markets in Financial Instruments Directive (MiFID), a European Directive designed to harmonise retail investors protection and allow investment firms to provide services throughout the EU. Article 4 (15) of MiFID describes MTF as ''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''. The term 'non-discretionary rules' means that the investment firm operating an MTF has no discretion as to how interests may interact. Interests are brought together by forming a contract and the execution takes place under the system's rules or by means of the system's protocols or internal operating procedures. The MTF can be operated by a market operator or an investment firm whereas the operation of a regulated market is not considered an investment service and is carried out exclusively by market operators that are authorised to do so. The United States equivalent is an alternative trading system. ==Origin== Before the introduction of MiFID trading in stocks and shares was typically centred on large national stock exchanges, such as London Stock Exchange (LSE), Deutsche Börse and Euronext. The rules for operating exchanges varied from country to country, with some exchanges granted exclusivity over certain services for that country's market. Consequently, European share trading tended to be conducted on one specific venue, like the Euronext Paris market for French securities or the LSE for United Kingdom securities. MiFID classified three types of trading venue: * A regulated market (RM) run by a market operator * A multilateral trading facility (MTF) * A systematic internaliser (SI) Permission to run any of the three types of service was required from an appropriate regulator, with the existing exchanges registering as regulated markets. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Multilateral trading facility」の詳細全文を読む スポンサード リンク
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