> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/definitions/definitions/mifid-ii/matched-principal-trading.md).

# matched principal trading

|                  |                                            |
| ---------------- | ------------------------------------------ |
| **Defined term** | matched principal trading                  |
| **Source**       | MiFID II                                   |
| **Reference**    | Article 4(1), point (38)                   |
| **Status**       | Published                                  |
| **Refresh rule** | Regenerate after source legal-text changes |

## Definition

> (38) '[matched principal trading](/definitions/definitions/mica/matched-principal-trading.md)' means a transaction where the facilitator interposes itself between the buyer and the seller to the transaction in such a way that it is never exposed to market risk throughout the execution of the transaction, with both sides executed simultaneously, and where the transaction is concluded at a price where the facilitator makes no profit or loss, other than a previously disclosed commission, fee or charge for the transaction;

## Source

[MiFID II, Article 4(1), point (38)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20260606).

## Used In MiCA

* [Article 76](https://www.mica.wtf/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-76)


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