multilateral trading facility

118(in accordance with article 3(1) of the Regulated Activities Order):

1. 1. 118a multilateral trading facility (within the meaning of article 4(1)(22) of MiFID) operated by an investment firm, a credit institution or a market operator; or
   2. 118(b) a facility which:
      1. 118(i) is operated by an investment firm, a credit institution or a market operator which does not have a Home State; and
      2. 118(ii) if its operator had a Home State, would be a multilateral trading facility within the meaning of article 4(1)(22) of MiFID.
      [Note: article 4(1)(22)118 of MiFID]