A DLT trading facility is a commercially operated institution for multilateral trading of DLT securities whose purpose is the simultaneous exchange of bids between several participants and the conclusion of contracts based on non-discretionary rules and which meets at least one of the following criteria:
It admits participants in accordance with Article 73c paragraph 2 letter e.
It holds DLT securities in central custody based on uniform rules and procedures.
It clears and settles transactions in DLT securities based on uniform rules and procedures.
The criterion of a commercial basis is deemed satisfied by an independent economic activity pursued on a permanent, for-profit basis.
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