On 8 April 2021, the European Securities and Markets Authority (ESMA) published a final report on the functioning of Organised Trading Facilities (OTFs).  The report contains proposals aimed at clarifying the MiFID II provisions relating to OTFs and, more generally, multilateral systems to ensure efficient EU market structures and to enhance the level playing field between all firms operating in the EU while reducing the level of complexity for market participants. In particular, the report includes a two-step approach with a recommendation to the European Commission to move Article 1(7) from MiFID II to MiFIR and the proposal for ESMA to publish an opinion to provide guidance on the trading venue authorisation perimeter. The report also includes evidence on how OTFs have been making use of matched principal trading (MPT), based on a fact-finding exercise performed by ESMA. It also includes a recommendation to align the provisions regarding the prohibition of the use of MPT amongst different types of trading venues.