Authors: Raza Naeem, Benjamin Maconick, Karen Cooper

FCA CP on the trading venue perimeter is helpful rather than limiting for market participants

In its consultation paper (CP22/18) on the trading venue perimeter, the FCA proposes guidance on the “multilateral systems” definition, as well as some helpful Q&As on why and in which circumstances certain “edge cases” (like bulletin boards, asset managers crossing discretionary trades and crowdfunding platforms) do not require authorisation as trading venues. Read our note which highlights some key points from the consultation paper.