Organisierte Handelssysteme im neuen FinfraG – Versuch einer regulatorischen Kategorisierung
The new Financial Market Infrastructures Act (FMIA) introduced a new regulatory framework for trading venues and organized trading that was inspired by EU regulations EMIR, MiFID II and MiFIR that conceptually distinguishes between stock exchanges, multilateral trading facilities (MTFs) and organized trading facilities (OTFs). Among these regulatory categories the OTF poses various difficulties as its scope and function tend to be rather unclear. In particular, the OTF under FMIA tends to be over inclusive. Accordingly, the definition of OTF involves forms of bilateral trading including systematic internalization which under MiFID II would not be categorized as OTF. This paper argues that the concept of the OTF according to FMIA should be further clarified by introducing technical provisions aligned with the current development under MiFID II and MiFIR.
