Fun Fact: The Law of Conservation of Energy states that energy can neither be created nor destroyed. So, what happens to the energy from the cancelled light waves? It is transferred through the lens medium to the patient's eyes improving contrast and clarity!

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Light coming from the back of the wearer to the back surface of a lens will also undergo a certain amount of reflection. Light here can be reflected directly back to the eye. The results can be a distraction to the wearer or can, in certain conditions, impair vision. For example, bright sun light hitting the back surface of a sun lens that is not AR coated, depending on the angle, can either be reflected directly back into the eye or can "fill" the lens with reflected light. Either case can result in significant vision impairment.

As light passes through a lens from air, it experiences a change in index of refraction. When that occurs, some of the incident light is transmitted through the lens material and refracted while some of the light is reflected. This reflected light is perceived by others as glare and represents a loss of light transmitted through to the eye.

Oleophobic coatings, on the other hand, are designed to repel oils. This includes the natural oils from a person's skin, which can be transferred to the lenses during handling. By repelling these oils, oleophobic coatings help to keep lenses free from smudges and fingerprints. This property is especially valuable for individuals who frequently need to adjust or touch their glasses. The reduced adherence of oils and other substances also makes the lenses easier to clean and maintain, contributing to better lens hygiene.

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Hydrophobic coatings, as the name suggests, repel water. This means that when water comes into contact with a lens equipped with a hydrophobic coating, it beads up and rolls off rather than spreading and smearing. This characteristic is particularly beneficial in rainy conditions or during activities that involve water, such as boating or fishing. It ensures that the wearer's vision remains unobstructed by water droplets. Additionally, the hydrophobic properties help to prevent fogging, a common issue in humid environments or when moving between different temperatures.

They operate under the European Union’s (EU’s) Markets in Financial Instruments Directive II (MiFID II), which stipulates that financial instruments traded via an MTF must be exchanged on a ‘non-discretionary basis’. This means that contracts between buyers and sellers must be formed according to a set of transparent rules that do not discriminate between members or their clients.

The main difference between a regulated market and an MTF is that an RM can only be run by a ‘market operator’, which must achieve this status by subjecting its management team and structure to the scrutiny of the EU member state in which it is based. MTFs, in contrast, can be set up by either a market operator or an investment firm.

Many of the financial instruments available on MTFs can be listed elsewhere – for example, on traditional exchanges. It is also worth noting that securities can be made available for trading across multiple MTFs, which has led to greater fragmentation of the financial markets in Europe and increased competition.

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An Anti-Reflective (AR) coating, also known as anti-glare coating, is a thin multilayer finish applied to the surface of eyeglass lenses. This coating is designed to reduce the amount of surface glare that reflects off the lenses, thereby enhancing the efficiency of the glasses. AR coatings play a pivotal role in improving visual clarity and comfort, especially in situations where the wearer is subjected to bright lights, such as while using digital screens or driving at night.

Hydrophobic and oleophobic coatings are significant enhancements often applied in conjunction with Anti-Reflective (AR) coatings on eyeglass lenses. These coatings play a vital role in maintaining the clarity and longevity of the lenses, further enhancing the wearer's visual experience.

Brokers, market makers, banks, hedge funds and asset managers can connect to MTFs directly – becoming ‘members’ – while retail traders can only access the markets on offer via a provider of their choosing. MTFs are described as ‘multilateral’ because they have multiple members and user that are capable of interacting with each other to set prices.

All information contained herein is for information purpose only and addresses exclusively Members of Spectrum Markets and persons interested in becoming a Member of Spectrum Markets. Nothing herein constitutes an offer to sell or a solicitation of an offer to purchase any securitized derivatives listed on Spectrum Markets or any product described herein. Spectrum Markets does not provide financial services, such as investment advice or investment brokering. Prospective retail investors can trade such products only with their brokers. The information herein does not constitute investment advice or an investment recommendation. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Turbo Warrants are complex financial instruments and investors may experience a total loss.

As an example, these rules could be based on the time and price at which orders and quotes are entered into the system. MTFs are not permitted to execute client orders against their own capital or engage in matched principal trading – they are simply a venue where buyers and sellers are paired so that a contract can be.

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What is an MTF?Discover everything you need to know about multilateral trading facilities (MTFs) including what they are and how they work, as well as the differences between a multilateral trading facility (MTF), a regulated market (RM) and an organised trading facility (OTF).

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MTF is a measure of the quality of an image formed by a lens or an electro-optical system. It has the following characteristics: ▫ It is a quantitative and ...

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Anti-reflective coating becomes even more important when you have a stronger prescription that calls for high-index lenses, which tend to reflect more light than other types of eyeglass lenses.

The application of AR coatings is a complex, high-tech process that requires precision and cleanliness. The process is typically conducted in a vacuum chamber to ensure the purity and adherence of the coatings. Here’s a step-by-step overview:

MTFs generate revenue by charging the members that use the venue. These financial institutions, in turn, generate revenue predominately from the spread and commissions charged on trades. This structure ensures that there is no conflict of interest between the end trader and the MTF.

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As such, there is a level playing field between RMs and MTFs – both are neutral venues that provide a high level of transparency and supervision.

The science behind AR coatings involves using layers of material with specific refractive indices that work together to cancel out the light reflections. This not only reduces glare but also significantly minimizes eye strain and fatigue associated with prolonged exposure to bright light sources. Additionally, AR coatings make the lenses nearly invisible, thereby improving the cosmetic appearance of the glasses. They also help in reducing the reflections others see on the lens surface, allowing for better eye contact. With these functional and aesthetic benefits, AR coatings have become a popular choice for enhancing the performance and appearance of eyeglasses.

A regulated market (RM) is a European multilateral trading venue where contracts for the exchange of financial instruments are formed. They are very similar to multilateral trading facilities because – under MiFID II rules – both can offer equities and non-equities, must execute orders on a non-discretionary basis, and are prohibited from using proprietary capital or engaging in matched principal trading.

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AR coating can minimize front and back lens surface reflections, significantly reducing or eliminating the problems discussed above, reducing eye strain, while allowing more light to reach the eye, improving contrast and clarity.

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When combined with AR coatings, hydrophobic and oleophobic coatings contribute to a superior lens performance. AR coatings alone significantly reduce reflections and improve visual clarity, but they can sometimes be prone to smudges and moisture. The addition of hydrophobic and oleophobic properties ensures that the AR coating can function optimally by keeping the lens surface clear and clean. This combination results in a lens that not only provides sharp, clear vision through reduced glare but also remains cleaner and clearer during everyday use, enhancing the overall satisfaction and experience of the eyewear.

Improves Visual Clarity: With an anti-reflective coating, a greater amount of ambient light can reach your eyes, unobstructed by lens reflections. This optimized light transmission results in clearer, more acute vision, allowing you to perceive your surroundings with enhanced sharpness and detail.

The main difference between OTFs and MTFs is that the former can only offer non-equities, whereas MTFs can offer equities and non-equities. An OTF can also only be operated by an investment firm, while an MTF can be run by an investment firm or market operator.Additionally, orders executed on an OTF are carried out on a discretionary basis, unlike MTFs where buyers and sellers must be matched according to non-discretionary rules. OTFs are also allowed to engage in matched principal trading on instruments that aren’t subject to the clearing obligation set out in the European Market Infrastructure Regulation (EMIR), provided they have client consent to do so.Finally, OTFs are authorised to deal bonds against proprietary capital and on their own account, with this regulation reflecting the fact that the sovereign debt markets are often illiquid.

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AR coatings reduce lens surface reflections through a process called destructive interference, by actually generating reflections of its own. The index of refraction of the AR layer is in between that of the lens medium and that of air. Light incident upon an AR coated lens experiences reflection at both the AR layer and the surface of the lens. However, the thickness of the AR layer is such that the light waves reflected from the AR surface are 180° out of phase with light waves reflected from the surface of the lens. Consequently, the reflected light waves undergo destructive interference and effectively cancel each other.

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AR coating is a thin, multilayered application on eyeglass lenses designed to reduce reflections, allowing more light to pass through. This improves vision clarity and reduces glare from digital screens and headlights. A thermal cured hard coat, on the other hand, is applied to make lenses more resistant to scratches and impacts, extending their usable life.

Organised trading facilities (OTFs) are a type of European multilateral trading venue where contracts for the exchange of non-equities such as bonds, structured finance products, emission allowances or derivatives are formed.

Multilateral trading facilities are also required to provide pre- and post-trade transparency. The result of this is that orders and quotes are visible on a data feed before trades are executed – enabling users to select the best available prices for their trade volumes – while executed orders are published as close to real time as technically possible. Pre- and post-trade information is publicly available.

As the refracted light continues through the lens material and reaches the back surface of the lens, there is another index change (lens to air) and again refraction and reflection occur. Reflected light here can bounce off the internal surfaces of the lens and be seen by the wearer as glare, blurred or ghost images. Others may see internal reflections as multiple rings inside the lens (most prevalent in high minus powers). Blurred or ghost images can become intensified at night around bright lights common in dusk or night time driving conditions, and can significantly impair vision. Also, this backside reflection represents further loss of light transmitted through to the eye.