This article identifies barriers to the complete implementation of the organized trading facility (OTF) as a new category of trading venue under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It argues that attempts to reconcile the competing claims of incumbent regulated markets and dealer banks operating broker crossing networks in the cash securities markets led to a market design that is not suitable for the over-the-counter (OTC) derivatives markets. The result has been that multilateral trading in the wholesale secondary markets has not been incorporated in trading venues, as was intended, and that changes that are better aligned to market requirements are needed. These include reform of requirements transposed from the cash securities markets, such as standardized fee structures, and relaxation of restrictions on interactions between an OTF and other OTFs or systematic internalizers.

中文翻译：

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MiFID II 和场外衍生品多边交易监管：OTF 是否符合目的？

本文确定了完全实施有组织交易设施 (OTF) 作为金融工具市场指令（指令 2014/65/EU）（MiFID II）下的新类别交易场所的障碍。它认为，试图调和现有受监管市场和在现金证券市场上经营经纪人交叉网络的交易商银行的竞争主张导致市场设计不适合场外交易 (OTC) 衍生品市场。结果是批发二级市场的多边贸易并未按预期纳入交易场所，需要进行更符合市场要求的变革。其中包括改革从现货证券市场转换而来的要求，例如标准化收费结构、