Locations around the world

Europe

For Non-US persons, Clear Markets conducts business through Clear Markets Europe Limited which is regulated by the Financial Conduct Authority (FCA) of the United Kingdom (FRN# 192356).

What is a Multilateral Transaction Facility (MTF)?

A Multilateral Transaction Facility (MTF) is an electronic trading system for financial products regulated within the European Union.

The concept was introduced within the Markets in Financial Instruments Directive (MiFID), a European financial regulation, and describes a trading venue that brings together buyers and sellers in a non-discretionary way, according to a defined set of rules resulting in trades.

MiFID MTF Requirements:

  • Pre-trade price transparency: the price of existing orders must be displayed in a Central Limit Order Book (CLOB) and made available on market data feeds
  • Post-trade transparency: any trades executed on the platform must be published in real-time
  • Trading fees and charges must be public and applied consistently across all members
  • There must be a rulebook advising users how the system works and a standardized means of applying for membership

Marketplace Characteristics

Clients can choose to execute their transactions via our FCA compliant:

  • Anonymous Central Limit Order Book (CLOB)
  • Name Disclosed Request for Quote
  • Voice managed Third-Party Trading

Clients can trade:

  • Cleared and non-cleared swaps
  • Customized swaps: Vanilla /Non-Vanilla, IMM dates, non-standard conventions
  • Authorised DCOs: Japan Securities Clearing Corp. (JSCC) and the London Clearing House (LCH).

The Clear Markets system is designed to accommodate authorized customer and agency models.

Clear Markets Europe Limited is passported by the FCA to operate in 31 European Countries.