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A multilateral trading facility (MTF) is a European Union regulatory term for a self-regulated financial trading venue.These are alternatives to the traditional stock exchanges where a market is made in securities, typically using electronic systems.
An ATS must be approved by the United States Securities and Exchange Commission (SEC) and is an alternative to a traditional stock exchange. [1] The equivalent term under European legislation is a multilateral trading facility (MTF). These venues play an important role in public markets for allowing alternative means of accessing liquidity.
The GATT was the only multilateral instrument governing international trade from 1946 until the WTO was established on 1 January 1995. [9] Despite attempts in the mid-1950s and 1960s to create some form of institutional mechanism for international trade, the GATT continued to operate for almost half a century as a semi-institutionalized multilateral treaty regime on a provisional basis. [10]
The International Trade Organization (ITO) was the proposed name for an international institution for the regulation of trade.. Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
The authority of Congress to regulate international trade is set out in the United States Constitution (Article I, Section 8, Paragraph 1): . The Congress shall have power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and to promote the general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform ...
This led to new definitions in financial regulations that recognized these new exchanges, such as the multilateral trading facility in Europe and alternative trading system in the United States. Regulators also started using the term trading venue to describe the wider definition which encompasses both traditional exchanges and electronic ...
The sixth round of GATT multilateral trade negotiations, held from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the United States trade agenda, which resulted in the Trade Expansion Act of 1962. This Act gave the President the widest-ever negotiating authority.
Where once a financial institution was able to see information from just one or two exchanges, they now have the possibility (and in some cases the obligation) to collect information from a multitude of multilateral trading facilities, Systematic Internalisers and other exchanges from around the European Economic Area (EEA). This results in an ...