organised trading facility

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

1. (a) an organised trading facility (within the meaning of article 4(1)(23) of MiFID86) operated by an investment firm, a credit institution or a market operator; or
2. (b) a facility which:
   1. (i) is operated by an investment firm, a credit institution or a market operator which does not have a Home State; and
   2. (ii) if its operator had a Home State, would be an organised trading facility within the meaning of article 4(1)(23) of MiFID86.

[Note: article 4(1)(23) of MiFID86]