http://tabbforum.com/opinions/can-single-dealer-platforms-become-organized-trading-facilities (login in required for free membership to the TABB Forum).
Will Rhodes questions whether single-dealer platforms will qualify as OTF’s under the latest draft of MiFID regulation because of the ambiguity surrounding the actual wording of the latest draft. The principal difference between SEF’s and OTF’s is that SEF’s must not be dealer-owned, while European legistlators have not (until now?) included this limitation in the definition of an OTF.
Rhodes looks at the workd on the draft reform and asks some compelling questions about the definition of OTFs. Read the full article here.
