In UK MiFIR, a multilateral system operated or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems which is a UK recognised investment exchange (UK RIE) (Article 2(1)(13A), UK MiFIR).

The UK Takeover Code, as well as section 1173 and section 1261 of the Companies Act 2006, adopt this definition in UK MiFIR in defining "UK regulated market".

For example, the Main Market is a UK regulated market operated by the London Stock Exchange (LSE) as a UK recognised investment exchange (UK RIE).

A UK regulated market is a UK trading venue under UK MiFIR and is distinct from a UK MTF.

For more information, see Practice note, Exchanges and markets: UK regulated markets.

When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of regulated market.

For a list of UK regulated markets, see the FCA UK regulated markets register