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03 February 2020

Obtain a trading venue authorisation

The market operator or investment firm operating a trading venue is supervised jointly by ACPR and AMF. The trading venue authorisation file to be provided to the French authorities is constituted of the items required by MiFID2 and the related technical standards as well as by the French regulatory framework.

Regulations

The Directive (EU) 2014/65 on markets in financial instruments defines three types of trading venues: the regulated markets (RM) operated by a market operator, the multilateral trading facilities (MTF) and the organised trading facilities (OTF) operated by a market operator or an investment firm.

The market operator or investment firm operating a trading venue is supervised jointly by ACPR and AMF.

Obtain an authorisation

The regulated market status is granted by the Minister of Economy based on a proposal by AMF, which consults ACPR on some parts of the filling.

The authorisation for operating an MTF or an OTF is granted by AMF after consulting ACPR, when the trading venue is operated by a market operator. The authorisation is granted by ACPR after consulting AMF, when the trading venue is operated by an investment firm.

The trading venue authorisation file to be provided to the French authorities is constituted of the items required by MiFID2 and the related technical standards as well as by the French regulatory framework. It includes notably :

  • the program of operations of the operator of the trading venue
  • the relevant elements referred to in the Implementing Regulation (EU) 2017/824 of 25 May 2016
  • the draft rulebook of the trading venue, which must include the items defined in the French regulations

For the recognition of a regulated market, the market operator shall provide the elements relating to the concerned company and market which are specified in AMF general regulation.

For granting the licence to the operator of a trading venue, AMF checks the compliance with the regulatory framework, approves the operating rules and grants a professional card to the persons in charge of some control functions which are defined in AMF general regulation.

The operator of the trading venue is required also to send several reportings to AMF and to ESMA ; tests are performed to ensure that it has the capacity to do so.

Markets Directorate
SecretariatDM [at] amf-france.org

My contribution due to the AMF

As a trading venue, each year, you must pay a tax to the AMF. This contribution is set at an amount equal to your operating income for the previous fiscal year, multiplied by 0.3%.

You must declare your operating income by email to the address declarationcontribution [at] amf-france.org and you must pay this sum directly to the AMF, no later than 3 months after the balance sheet date of the previous year.

For more information, see the guide on fees and contributions due to the AMF (in French only)

 

List of authorised French trading venues

Trading venue type

Name

MIC

Regulated market

Euronext Paris SA

XPAR

Regulated market

MATIF

XMAT

Regulated market

MONEP

XMON

Regulated market

Powernext SAS

XPSF

Multilateral trading facility

Alternext Paris

ALXP

Multilateral trading facility

AQUIS EXCHANGE EUROPE

AQEU

Multilateral trading facility

AQUIS EXCHANGE EUROPE

AQEA

Multilateral trading facility

Marché Libre Paris

XMLI

Multilateral trading facility

MORGAN STANLEY FRANCE

MSAX

Multilateral trading facility

MTS France SAS

FMTS

Multilateral trading facility

NOWCP

NOWX

Multilateral trading facility

TP ICAP (Europe)

TPIR

Multilateral trading facility

TP ICAP (EUROPE)

TPIO

Organised trading facility

AUREL BGC

AURO

Organised trading facility

GRIFFIN MARKETS EUROPE

GMEO

Organised trading facility

HPC Energy Trading OTF

HPCS

Organised trading facility

HPC eTrading OTF

HPCO

Organised trading facility

HPC Voice OTF

HPCV

Organised trading facility

ICAP EU OTF

ICOT

Organised trading facility

KEPLER CHEUVREUX

KOTF

Organised trading facility

Powernext SAS

XPOT

Organised trading facility

Tradition securities and futures

TDON

Organised trading facility

TSAF OTC

TSAF

Organised trading facility

Tullett Prebon EU OTF

TPEU