matched principal trading

as defined in MiCA, Article 3(1), point (40) (Definitions)

matched principal trading as defined in Article 4(1), point (38), of Directive 2014/65/EU

Also defined in

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments… 32014L0065, Article 4(1), point (38)
a transaction where the facilitator interposes itself between the buyer and the seller to the transaction in such a way that it is never exposed to market risk throughout the execution of the transaction, with both sides executed simultaneously, and where the transaction is concluded at a price…