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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.
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.
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 :
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.
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)
Trading venue type
Euronext Paris SA
Multilateral trading facility
AQUIS EXCHANGE EUROPE
Marché Libre Paris
MORGAN STANLEY FRANCE
MTS France SAS
TP ICAP (Europe)
TP ICAP (EUROPE)
Organised trading facility
GRIFFIN MARKETS EUROPE
HPC Energy Trading OTF
HPC eTrading OTF
HPC Voice OTF
ICAP EU OTF
Tradition securities and futures
Tullett Prebon EU OTF