Qu'est-ce que « Regulated market and organised trading facility » ?

A regulated market is a multilateral system, operated by a market operator, that brings together multiple third-party buying and selling interests under non-discretionary rules and admits instruments to trading: the European legal form of an exchange. An organised trading facility (OTF) is a multilateral system whose operator may exercise discretion in matching; it exists for bonds and derivatives and may not trade shares.