the act of piercing or perforating, as with a pointed instrument or object. 2. a hole or mark so made. 3. Zoology. a small pointlike depression. verb (used with object), punctured, puncturing. 4. to pierce or perforate, as with a pointed instrument: to puncture leather with an awl. 5. to make (a hole, perforation, etc.) by piercing or perforating: He punctured a row of holes in the cardboard.
A Regulated Market is a multilateral system, (as defined by MiFID), which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments in a way that results in a contract. For example, the London Stock Exchange (LSE).
(To help your understanding, refer to the Victor Cha's figure below) Multilateralism, whether in the form of membership in anr in international institutions,to bind the great power, discourage unilateralism, and give the small powers a voice and voting opportunities that they would not otherwise have.