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Under the Markets in Financial Instruments Directive II (MiFID II) framework in the European Union, “regulated alternative trading systems” primarily fall under two categories:
* Multilateral Trading Facilities (MTFs): An MTF is a multilateral system operated by an investment firm or a market operator that brings together multiple third-party buying and selling interests in financial instruments according to non-discretionary rules, resulting in a contract. MTFs can trade a wide range of financial instruments, including equities. They are often seen as “exchange lite” and provide alternative venues to traditional stock exchanges.
* Organised Trading Facilities (OTFs): An OTF is a multilateral system that is not a regulated market or an MTF. In an OTF, multiple third-party buying and selling interests in bonds, structured finance products, emission allowances, or derivatives are able to interact in a way that results in a contract. A key difference from MTFs is that the operator of an OTF has some discretion in the order execution process. OTFs cannot trade equities.
Number of Regulated Alternative Trading Systems in the EU:
Pinpointing an exact real-time number of regulated MTFs and OTFs operating across the entire European Union is difficult due to the dynamic nature of the market and the varying authorization processes in each member state.
However, based on available information:
* A 2000 report by the European Securities and Markets Authority (ESMA) identified 27 multilateral systems operating in the European Economic Area (EEA) that fit within their definition of an Alternative Trading System (ATS). It’s important to note that this report is from 2000, predating MiFID II, and uses a broader definition of ATS.
* More recent data would be needed to accurately count the currently authorized MTFs and OTFs under the MiFID II regime across all EU member states.
Where to Find More Specific Information:
To get a more precise count, you would need to consult the registers of the national competent authorities (NCAs) in each EU member state. These authorities are responsible for authorizing and supervising investment firms and market operators, including those operating MTFs and OTFs.
Some examples of NCAs include:
* Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
* France: Autorité des marchés financiers (AMF)
* Netherlands: Autoriteit Financiële Markten (AFM)
* Ireland: Central Bank of Ireland
* Belgium: Financial Services and Markets Authority (FSMA)
By reviewing the public registers of these authorities, you may be able to compile a more comprehensive list of the regulated MTFs and OTFs currently operating in the EU.
Keep in mind that the number can change as new venues are authorized and existing ones may cease operations.

Video courtesy of Escrow.com

Video courtesy of Escrow.com