On April 29, 2022, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on the trading venue perimeter, with the aim of clarifying the meaning of multilateral systems under the Markets in Financial Instruments Directive /Markets in Financial Instruments Regulation. In its response, ISDA highlights the need to differentiate between systems allowing for multiple bilateral interactions, such as communication platforms and multilateral systems that set the rules of trading and should be required to have trading venue authorization.