What Is the Difference Between an MTF and an OTF?

A new form of European trading venue for bonds, derivatives, and emissions allowances, but not for stocks, is the Organized Trading Facility, or OTF. Stocks and other equity products can be traded using Multilateral Trading Facilities.
Additionally, when placing orders, OTF operators are expected to use judgment. “The operator of an OTF does have a degree of discretion in determining whether to put or remove an order on its OTF and in opting not to match a client order with other orders accessible in the OTF’s systems,” the Dutch Authority for Financial Markets says.