On 15 April the European Parliament adopted new rules for Markets in Financial Instruments (MiFID II).  MiFID II introduces a market structure framework which closes loopholes and ensures that trading, wherever appropriate, takes place on regulated platforms.  It subjects shares and non-equity instruments to a trading obligation. It further ensures that investment firms operating an internal matching system which executes client orders in shares, depository receipts, exchange traded funds, certificates and other similar financial instruments on a multi-lateral basis have to be authorised as a multi-lateral trading facility (MTF). It also introduces a new multi-lateral trading venue, the Organised Trading Facility (OTF), for non-equity instruments to trade on organised multi-lateral trading platforms.