what is the difference between an mtf and an otf 
an organized trading facility or otf is a new type of european trading venue for bonds derivatives and emissions allowances but not equities multilateral trading facilities can trade in stocks and other equity products in addition the operators of otfs are required to exercise discretion when they place orders as the dutch authority for financial markets explains the operator of an otf does have a degree of discretion in deciding whether to place or withdraw an order on its otf and in deciding not to match a client order with other orders available in the systems of the otf 