operating a multilateral trading facility

30the regulated activity in article 25D of the Regulated Activities Order, which is, in summary, the operation of a multilateral trading facility on which MiFID instruments are traded. In this definition "MiFID instrument" means any investment:

1. (a) of the kind specified by articles 76, 77, 78, 79, 80, 81, 82B86127, 83, 84 or 85 of the Regulated Activities Order; or
2. (b) of the kind specified by article 89 of the Regulated Activities Order, so far as relevant to an investment falling within (a);86127

that is a financial instrument.