During the FIX EMEA Trading regulatory panel, the Dutch AFM representative said resolving the ongoing trading venues perimeter debate is a priority for 2026.
European regulators look set to take a harder line on firms operating multilateral trading systems without a trading venue licence.
Speaking at the FIX EMEA Trading conference, Martijn Rookhuijzen, senior supervisor at the Dutch authority for the financial markets (AFM), said: “It is a priority for the AFM in 2026 to address the issue of firms operating multilateral systems without the proper trading venue license. ESMA clarified the scope of the licensing requirements more than three years ago. We consider this sufficient time for the market to adapt, yet we still observe multilateral activity on unlicensed systems. This places licensed trading venues at an unfair disadvantage and results in reduced oversight of trading activities.”