The European Commission released their update to MIFID this week, now pushing into the OTC markets by defining how trades should be executed on an OTF.

1. Reaction from ISDA and others here: http://on.ft.com/oqP5FO
2. Press release: http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/716&format=HTML&aged=0&language=EN&guiLanguage=en
3. MIFID 2 page: http://ec.europa.eu/internal_market/securities/isd/index_en.htm
4. The proposed regulations themselves: http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm
5. Excellent microsite by LinkLaters on the topic: http://www.linklaters.be/Publications/MiFIDII/Pages/MiFIDII.aspx

On the Directive PDF (link 4 above), bottom of page 72, begins the rules for an OTF, and references “Articles 24, 25, 27 and 28” within the same document. The LinkLaters site is being updated following this weeks update, and is the easiest to navigate.