This chapter examines trading venues. The communiqué of the G20 finance ministers and central bank governors of 15 April 2011 states that participants in commodity derivatives markets should be subject to appropriate regulation and supervision. Therefore, certain exemptions from Directive 2004/39/EC (MiFID) are to be modified. These amendments particularly affect clearing houses, trade repositories, and trading venues, and reflect the increased risk and technological development since the last financial crisis. In Europe, MiFID II both defines the types of commodity derivatives that are regulated and the types of activity undertaken in relation to them that requires authorization. It also defines the types of trading venues that create the European trading landscape. As of January 2018, there are three types of trading venues in Europe: regulated markets, multilateral trading facilities, and organized trading facilities. While there are some important distinctions between them, it will be noted that many of the same requirements apply to each of them.
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