The Financial Conduct Authority has finalized guidance regarding multilateral trading facilities. (MTFs are loosely analogous to automated trading systems in the United States that are regulated by the Securities and Exchange Commission.) Among other things, MTFs must have “transparent and non-discretionary rules and procedures for fair and orderly trading;” may make available rules’ supporting documents (e.g., terms of business, user agreements) to a closed group only (in order not to stifle innovation); and have a “proportionate and effective sanctions regime” to ensure compliance with its rules by its users.