multilateral trading facility

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

1. 1. 118(a) a UK132 multilateral trading facility (within the meaning of article 2(1)(14A) of MiFIR132) 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 qualifying credit institution132 or a market operator whose home State is not the United Kingdom132; and
      2. (ii) if its operator’s home State was the United Kingdom,132 would be a UK multilateral trading facility132 within the meaning of article 2(1)(14A) of MiFIR132. 118
      [Note: article 2(1)(14A) of MiFIR132]118