Regulatory Alerts2020-11-04
FINMA Circular 2018/1: Organised Trading Facilities
The Swiss Financial Market Supervisory Authority (FINMA) issued this circular to define organised trading facilities (OTFs) and specify the regulatory duties of their operators under the Financial Market Infrastructure Act. The document distinguishes OTFs from multilateral trading facilities and stock exchanges by outlining criteria for standardised rules, participant initiative, and discretionary versus non-discretionary trading. It mandates that operators implement strict organizational separations, ensure best execution, maintain orderly trading controls, and adhere to specific transparency and reporting obligations.
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