Section 2: Operating conditions

The operator of the multilateral trading facility establishes the rules of the facility. These rules, which are transparent and non-discretionary, ensure fair and orderly trading and set objective criteria for the efficient execution of orders on the system. They shall also set the conditions for admission of members in accordance with the provisions of Article L. 424-5. The rules of the system and any amendments thereto shall be approved by…

Without prejudice to Titles III, IV or V of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, and Article 53 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories, the Autorité des marchés…