MTF broker - who is it?

MTF (Multilateral Trading Facility) — это розничная биржа, поэтому делаем предположением, что MTF broker — это компания, которая работает непосредственно с ней. Давайте наглядно посмотрим в самую суть понятия MTF:

Let's now look at the differences between ECN and MTF brokers

• Brokers like MTF do not use alternative sources quotes (Reuters, Bloomberg), but provide only prices and liquidity guaranteed by marker-makers.
• MTF Brokers never put up against customer positions, but simply bring buyers and sellers together, whether it's a bank or a retail customer.
• Counterparties of MTF brokers there is an obligation to redeem trades at the price specified by them, unlike ECN systems, where counterparties are not obliged to execute trades, and each trade must be confirmed by the counterparty (market maker or the broker himself).
• In the case of ECN, the above point may be the result of delayed execution or order cancellation. In an MTF this does not happen because the counterparty is obligated to execute the trade.

In other cases  MTF brokers work on the principle of ECN and realize their benefits.

Useful articles on the topic

• Mechanism of the broker's work according to the agent model on
• How to protect yourself from fraudulent brokers
• Models of brokerage work: "kitchen" and interbank