What distinguishes an OTF from an MTF?

Does the concept of OTF apply to voice trading and, if yes, when an investment firm executing transactions through voice negotiation should be considered as falling under the definition of OTF?

What are the characteristics of an OTF? When is the authorisation for the operation of an OTF required?

Where the price of a transaction is not available at the time of execution (e.g. the NAV for certain ETFs), how can investment firms fulfil their post-trade transparency obligations under Articles 20 and 21 of MiFIR and their transaction reporting obligations under Article 26 of MiFIR for those transactions?

a) Are primary market transactions, block trades and share buy-backs subject to the trading obligation for shares?
b) Are accelerated book-building transactions subject to the trading obligation for shares?
c) Are an acquisition or disposal of shares made under employee share incentive plans subject to trading obligation for shares?
d) Are share purchases/sales carried out exclusively to manage operational errors subject to the trading obligation for shares?
e) Are sales and purchases of “odd lot shares” (e.g. a quantity of shares which is not a multiple of the minimum lot) as a result of a corporate action subject to the trading obligation for shares?