ESMA_QA_1637
15/11/2017
Subject Matter
Client relationship between two counterparties that trade on a trading venue
Original question
Does a client relationship exist between two counterparties that trade on a trading venue?
ESMA Answer
15-11-2017
Original language
[ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.5]
No, there is no new client relationship between two counterparties to a trade that takes place on a trading venue, including when the trading venue operates on a request for quote basis.
Status: Answer Published
Additional Information
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Multilateral and bilateral systems