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multilateral trading facility

as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April…, Article 4(1), point (15)

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 that results in a contract in accordance with the provisions of Title II;

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