In UK MiFIR, a multilateral system operated or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems which is authorised and functions regularly and in accordance with Title III of the MiFID II Directive (2014/65/EU) (Article 2(1)(13B), UK MiFIR).

Section 1173 of the Companies Act 2006 adopts this definition in UK MiFIR in defining "EU regulated market".

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

For more information, see Practice note, Exchanges and markets: Regulated market.

When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of EU regulated market.