Newsletter November 2011: Key MiFID II proposals at a glance

* Trading venues: The regulatory framework, which already covers multilateral trading facilities (MTFs) and traditional exchanges under the existing MiFID, will now be extended to a new type of trading venue called organised trading facilities (OTFs). These facilities are expected to play an increasingly important role as a platform for trading standardised derivatives and capturing some other currently unregulated activities, such as Broker Crossing Networks (systems operated by investment firms which mainly internally match client orders).