Multidealer platform (MDP). A venue where customers can access pricing

and liquidity from multiple dealers and brokers at the same time. MDPs are

usually limited in terms of the value-add services that are offered.


Multilateral trading facility (MTF). A non-exchange trading venue operated

by an investment firm or market operator, as defined by the Markets in Financial Instruments Directive (MiFID). There is no discretion in the way buying

and selling interest can interact. An MTF is a type of MDP.


Organized trading facility (OTF). A venue that captures trading in instruments other than equities that do not take place on regulated markets or on MTFs, according to MiFID II. Operators of OTFs have discretion on how

order-matching occurs, subject to transparency obligations. Own account

trading and matched principle trading can be allowed. An OTF is a type

of MDP.


Request for quote (RfQ). A customer request for a dealer to show a bid or

an offer in a particular security for a given size. An RfQ can be sent bilaterally

via voice, message or chat channels, or may be sent to more than one dealer

for participation in a sealed-bid-auction process.


Swap execution facility (SEF). A facility, trading system or platform for regulated swaps trading in the U.S. Mandated by Dodd-Frank, SEFs attempt to bring OTC swaps trading into a more transparent public domain where bids and offers, and their relevant sizes, are available to all market participants, while providing a complete record and audit trail of transactions. A swap listed on an SEF may be traded on the SEF, but may also be traded

off-SEF in any lawful manner. An SEF is a type of MDP.


Single-dealer platform (SDP). A platform that integrates trading, pricing,

research and technical analysis from one dealer into a single user interface.

SDPs often include significant value-add services beyond execution.


Straight-through-processing (STP). A process that allows for an entire trade settlement process to be captured electronically without manual intervention. STP requires electronically linking an institution’s front and back offices with the front and back offices of the trade’s counterparty. It reduces

the time, costs and risks associated with traditional settlements.

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