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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
General Module (GEN) [VER44/07-19]
GEN 2 Financial Services
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
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  • GEN 2.22.1

    (1) In Rule 2.2.2, Operating an Alternative Trading SystemG means:
    (a) operating a Multilateral Trading FacilityG ("MTF"); or
    (b) operating an Organised Trading FacilityG ("OTF").
    (2) In (1)(a), a PersonG operates an MTF if that PersonG operates a system which brings together multiple third party buying and selling interests in InvestmentsG , in accordance with its non-discretionary rules, in a way that results in a contract in respect of such InvestmentsG .
    (3) In (1)(b), a PersonG operates an OTF if that Person operates a system which brings together multiple third party buying and selling interests in InvestmentsG , in accordance with its discretionary rules, in a way that results in a contract in respect of such InvestmentsG .
    [Added][VER4/08-05]
    [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

    • GEN 2.22.1 Guidance

      The main distinction between operating an MTFG and operating an OTFG is that the former is operated in accordance with the non-discretionary rules adopted and implemented by the operator, whereas the latter is operated in accordance with the discretionary rules of the operator. Accordingly, a PersonG operating an OTFG has more flexibility relating to how it applies its rules to participants on its facility, whereas a PersonG operating an MTFG is required to apply its rules in a non-discretionary manner across all participants on its facility.

      [Added] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]