What's the difference between lmax and ecn mtf?

What is the difference between MTF and ECN? MTFs (Multilateral Trading Facility) is a concept of MiFID Europe, which is defined as "a multilateral system operated by an investment company or a market operator. In this system, according to the non-discretionary rule, the rights and interests of multiple third parties to buy and sell financial instruments are pooled together, thus generating a contract that meets the provisions of MIFID Title II." This is generally in line with the definition of an exchange by the US Securities and Exchange Commission, that is, "any organization, association or group of people: (1) collects orders from multiple buyers and sellers; And (2) using established, non-discretionary methods (whether by providing trading facilities or making rules), under which such orders interact and the buyers and sellers who enter such orders agree to the trading terms. Some businesses, such as Bat, are listed as MTF in Europe and as exchanges in the United States. Having said that, you will find many documents that ECN and MTF are equivalent. So what's the actual difference? LMAX runs a single order book with binding orders. There is no final check by the price provider, no opportunity to re-quote, and no way to find the price in the network of possible counterparties. Therefore, customers' ability to reach the advertising price is only limited by competition and physical laws, providing reliable and consistent order execution. Nothing can stop ECN from running in exactly the same way as LMAX, but many ECNs do provide price routing, last look, etc., which increases the unpredictability of order execution. The regulatory constraints of ECN are not clear, because it depends on the exemptions they agree to and the level of market share they gain. There are far fewer negotiations on the regulatory requirements of MTF. The above content is taken from the book Speculative Revision. In fact, you can also check the specific information of mtf exchange model on wiki. Or just detain me and discuss this new model with me.