In UK MiFIR, a multilateral system, operated by an investment firm or a market operator which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Title II of the MiFID II Directive (2014/65/EU) (Article 2(1)(14B), UK MiFIR).

An EU MTF is an EU trading venue under UK MiFIR and is distinct from an EU regulated market.

For more information, see Practice note, Exchanges and markets: Multilateral trading facility (MTF).