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Could you be operating an MTF without even realising it? This week, I had an interesting conversation about RFQ trading that sparked a lively debate on regulatory boundaries in trading—specifically the infamous Trading Venue Perimeter regulations. The scenario? A buy-side trader at an institutional asset management firm requests quotes from multiple dealers, compares them on a screen, and selects the best quote to execute the trade. It seems straightforward. But here’s the question that threw a curveball into our discussion: Could a buy-side trader be inadvertently operating a multilateral trading facility (MTF)? ?? The idea that a buy-side trader could be running an MTF in this scenario sounds unbelievable at first. After all, you’re trading assets your firm manages, using a system you control. You’re not allowing third parties to interact with one another's quotes, so how could this be classified as an MTF? Where’s the line between bilateral and multilateral trading? And why does understanding the Trading Venue Perimeter matter for your compliance strategy? ?? At FINOV8, we help firms optimise their trading systems, ensuring compliance and innovation are aligned with your strategic goals. We help navigate the complexities of the market, providing flexible solutions that empower your trading operations. Ready to elevate your trading capabilities? Let’s talk. ?? For a deeper dive into this topic, check out the full article. #CapitalMarkets #Trading #RFQ #MTF #TradingVenuePerimeter