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When I'm looking at EFS, Funds and Stocks in the German market I alway see (and always only in English, surrounded by German words) "Listed Only" on all these exchanges.

What do they mean? What is the implication? Why is it there? Am I prevented from trading with these exchanges?

Here are some I saw on websites:

example link 1 example link 2

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Here's one from inside Commerzbank's trading platform:

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BATS and NYSE ARCA are considered MTFs (multilateral trading facility) under MiFID II.

The "listed only" seems to refer to the type of order routing. I believe it means your order will only be re-routed to listed exchanges like NYSE and NASDAQ, as opposed to dark pools and other trading venues.

For a definitive answer, I'd suggest calling your broker's support, e.g. Commerzbank.

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