LMAX的MTF模式与普通ECN模式之间的区别是什么？

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Are we an ECN?
No. ECNs emerged in the US with Instinet in 1969. The subsequent growth of off-exchange trading finally prompted the SEC to dust off its 60 year old legislation and divide trading systems into into Exchanges and Broker-Dealers, with different regulatory, reporting and surveillance requirements. Anything still calling itself ECN is a Broker-Dealer as far as the SEC is concerned, and is governed by Regulation ATS.
The distinction is open to a large degree of detailed legal interpretation and an ATS that develops significant market share may be forced to meet higher standards of reporting or, as with BATS, transition to becoming an Exchange.

What's the difference between an MTF and an ECN?
MTFs (Multilateral Trading Facilities) are a MIFID Europe concept, defined as "a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments - in the system and in accordance with non-discretionary rules - in a way that results in a contract in accordance with the provisions of Title II of MiFID."
This broadly fits with the SEC's definition of an exhange, which is "any organization, association, or group of persons that:  (1) brings together the orders of multiple buyers and sellers; and (2) uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of a trade.", and some business such as BATS are listed regulated as an MTF in Europe and an Exchange in the USA.
Having said that, you'll find a lot of literature that consider and ECN and an MTF to be equivalent.

So what's the practical difference?
LMAX runs a single order book with binding orders. There's no last look by price providers, no opporunity to re-quote, and no routing around a network of possible counterparties to find a price. As a result a customers ability to hit an advertised price is only constrained by competition and the laws of physics, offering reliable and consistent order execution.
There's nothing to stop an ECN from operating in the exactly same way as LMAX, but many ECNs do offer price

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以下内容摘自网络：

LMAX所使用的技术:多边交易设施Multilateral Trading Facility(MTF)，曾经用来设计伦敦证券交易所London Stock Exchange、德国证券及衍生工具交易所Deutsche Börse以及欧洲证券交易所Euronext，就是这个技术造成一个革命性的新概念。很多人认为目前LMAX的模式就是ECN，但是LMAX的概念实际上是交易所概念：所有的客户都是平等的。
LMAX利用这个MTF技术建立了一个集中的区域，多品种交易所Multi-Assets Exchange，无论是银行、投资机构、对冲基金还是个人投资者的订单都直接放到这个交易所来撮合成交。首先，所有的单都是市价单或者限价单，包括银行发送的，并不是Currenx或者Hotspot平台上的报价Quote。其次就是成交方式：如果交易所接收到订单的时候，价格已经跳过，系统会直接在交易所内将订单与下一个交易所中可成交的最好价格撮合，然后再同时将确认信息同时传达给银行和客户。这样就节省了信息在银行和服务器之间反复来回所花掉的时间，实际上我们的系统会所有的集中和撮合都会在3万百秒之一（3 million seconds）内完成。我们的一个金融商专门设计一个软件，将LMAX和两个不同公司的Currenex平台和一个公司的Integral平台相比，在３天的连续观察，下单５０个订单之后，发现LMAX是唯一一个在该５０个订单内提供‘正滑点’的公司，滑点数也是最小的，在LMAX平台上出现的价格与下单时候看到的价格比较的准确率是最高的

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