Multilateral Trading Facilities (MTFs) are electronic trading platforms that enable multiple buyers and sellers to meet and trade financial instruments. These facilities operate under the oversight of regulatory bodies and are designed to provide transparency, efficiency, and lower transaction costs to market participants. MTFs offer trading in a wide range of financial instruments, including equities, bonds, currencies, and derivatives.

MTFs operate using a non-discriminatory access model, where all market participants have equal access to trading opportunities. MTFs differ from traditional exchanges as they are not limited to trading securities listed on specific exchanges. This provides traders with a greater range of investment opportunities and can lead to improved liquidity and price discovery.

MTFs have become increasingly popular in recent years, as they provide a cost-effective alternative to traditional exchanges. However, they are subject to the same regulatory requirements as traditional exchanges, and failure to comply with these regulations can result in fines or even the closure of the facility.