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The European watchdog shines a brighter light on “traded on a trading venue” equivalency but there are still some lingering questions.
Although the latest edict from the European Securities Market Authority (ESMA) was supposed to clarify the concept of “traded on a trading venue” (TOTV), there is still some uncertainty around the over the counter (OTC) component of securities transactions. The objective of ESMA’s opinion is to help market participants better understand under which circumstances transactions...
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