(20)While an OTF is any system or facility in which multiple third-party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third-party buying and selling interests. For instance, a so-called single-dealer platform, where trading always takes place against a single investment firm, should be considered a systematic internaliser, were it to comply with the requirements included in this Regulation. However, a so-called multi-dealer platform, with multiple dealers interacting for the same financial instrument, should not be considered a systematic internaliser.
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New version applies from 01/07/2016 — introduced by Regulation (EU) 2016/1033.
90 provisions change.
Later versions: 26/03/2020, 04/07/2020, 26/06/2021, 01/01/2022, 09/01/2024, 28/03/2024, 04/12/2024, 17/01/2025.
Recital 20 changes in this version: compare with the current text.