ESMA_QA_2559
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition and OTC execution of client orders
Original question
Does the prohibition of receiving payment for order flow (PFOF) apply to situations where the order is not executed on a trading venue, for instance for products traded over the counter (OTC)?
Status: Forwarded to EC/Public Consultation/Other
Additional Information
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries
Additional Legal Reference
Article 39a
Topic
Inducements