A multilateral trading facility (MTF) is a multilateral system which can be operated both by a regulated market or an investment firm. MTFs provide similar services to regulated markets but do not have the same level of obligations or regulation as regulated markets.

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As operating an MTF in the UK is a ‘regulated activity’ (See STSM123080) any firm wishing to do so must be authorised by the Financial Conduct Authority (FCA). As with regulated markets, recognised investment exchanges (RIE) do not need to be separately authorised to operate an MTF. All RIEs which operate an MTF in the UK must also operate a regulated market.