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Systematic internaliser ESMA

ESMA has published data for the systematic internaliser calculations for equity, equity-like instruments and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). ESMA has published the total number of trades and total volume over the period October 2019-March 2020 for the purpose of the systematic. ESMA Systematic Internalisers (SI) Systematic internalisers (SIs) are investment firms which, on an organised, frequent, systematic and substantial basis, deal on own account by executing client orders outside a regulated market, MTF or OTF without operating a multilateral system ESMA makes available a list of all systematic internalisers, in respect of shares admitted to trading on a regulated market. This list is based on the information communicated by the competent authorities, regarding the systemic internalisers they have authorised as investment firms. The list is reviewed the list at least annually On 9 April 2020 ESMA announced the postponement of the annual non-equity transparency calculations and the calculations for the systematic internaliser (SI) tests for derivatives, ETCs, ETNs, emission allowances and structured finance products (SFPs) under MiFID II

ESMA prepares for MIFID II Systematic Internaliser regime. The European Securities and Markets Authority (ESMA) has published an updated questions and answers (Q&A) document on the application of MiFID II/ MiFIR which clarifies when ESMA will publish the first set of data needed to implement the Systematic Internaliser (SI) regime and the date by. The European Securities and Markets Authority (ESMA) has today published an update of its action plan (within its updated Q&As on MiFID II and MiFIR transparency topics) for the systematic internaliser (SI) regime calculations ahead of the next schedule publication on 1 February 2019. The updated action plan maintains the ongoing publication for equity, equity-like instrument

ESMA wird das Verzeichnis um Angaben zur Anlageklasse ergänzen, in der eine Wertpapierfirma als systematischer Internalisierer gilt. Außerdem haben Wertpapierfirmen, die als systematische Internalisierer gelten, neben den für alle Wertpapierfirmen verbindlichen MiFIR -Regelungen zur Nachhandelstransparenz besondere Vorschriften zur Vorhandelstransparenz zu beachten ESMA has reported on the workings of the systematic internaliser (SI) regime for non-equity instruments. The SI regime for non-equity instruments, was introduced by MiFID II and gave rise to a number of difficulties during implementation. These difficulties have, in part, been recognised by ESMA in its report. The recommendations, in a number of areas, are likely to be welcomed by certain. ESMA veröffentlicht erstmalig Werte für die Berechnung der Schwellenwerte für Systematische Internalisierer. 2. August 2018 |. Die für die Durchführung der Schwellenwertberechnungen für Systematische Internalisierer notwendigen EU-bezogenen Werte (Gesamtzahl der abgeschlossenen Geschäfte, Transaktionsvolumen) stehen seit 01.08.2018 erstmalig für.

Systematic internalisers (SIs) are investment firms which, on an organised, frequent, systematic and substantial basis, deal on own account by executing client orders outside a regulated market, MTF or OTF without operating a multilateral system. 1 June 2021 Final report MiFID II MiFIR obligations on market data, ESMA70-156-4305 1 May 202 the Systematic Internaliser regime What is a Systematic Internaliser? A Systematic Internaliser (SI) is an original MiFID term, used in equities in MiFID I (2007). It has an increased scope in MiFID II: an investment firm which, on an organised, frequent and systematic, and substantial basis, deals on its own accoun ESMA already has a register on its website of all systematic internalisers who operate in the European market. ESMA will also include in the register information on the asset class in which an investment firm is deemed to be a systematic internaliser List of Registers. Keyword search: Search © European Securities and Markets Authority | version: 3.3.

ESMA publishes annual bond transparency calculations

  1. A Systematic Internaliser ( SI ) is an investment firm which is a counterparty dealing with its proprietary capital and is not a trading venue. The formal definition is provided in Article 4 (1) (20) of MiFID II, which states that SIs are investment firms which on an organised, frequent, systematic and substantial basis, deal on own account when.
  2. JP Morgan is the latest investment bank to show up on the EU regulator's database of systematic internalisers (SI) ahead of MiFID II. The European Securities and Markets Authority's (ESMA) register reveals JP Morgan will operate as an SI for cash equities as of 21 August this year, having updated its application last month
  3. Basic information - Register. Selected Register: Refine searc
  4. ation that market participants need to comply with MiFID II in Europe. The European Securities and Markets Authority (ESMA) was due to publish the SI regime data for equity and equity-like instruments and bonds on 30 April, but the technical issue has.
  5. What is a systematic internaliser? MiFID I (2007) introduced the systematic internaliser (SI) regime for equity markets, where an SI for a particular instrument is 'an investment firm which, on an organised, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF'
  6. BaFin must then forward this information to the European Securities and Markets Authority (ESMA), BaFin assumes that each investment services enterprise active as a systematic internaliser possesses a complete list of those financial instruments for which it conducts systematic internalisation. It should be pointed out in this regard that BaFin can request the submission of this list at.

ESMA Systematic Internalisers (SI) › Point Nin

ESMA has published today, on a voluntary basis, the total number of trades and total volume over the period October 2020-March 2021 for the purpose of the systematic internaliser (SI) calculations under MiFID II for: 22,409 equity and equity-like instruments; 105,011 bonds; and 7,934 sub-classes of derivatives (including equity derivatives, interest rate derivatives, commodity derivatives,.. With Systematic Internaliser (SI) obligations having taken on effect on 3 Jan 2018, most large dealers have already or are weighing the pros and cons of choosing to opt-in to the SI regime early, ahead of 1 September 2018 SI ESMA assessment based on trade volumes. As we have previously explained, deciding at which level of granularity to declare as an SI is complicated see article. What's a Systematic Internaliser? Each Investment Firm (IF) is required to make a quarterly assessment on its previous 6 months' data to determine if it qualifies as a Systematic Internaliser (SI). Where an IF is classified as a SI, it will be obliged to meet the pre- and post-trade transparency requirements Systematic Internalisers What is a Systematic Internaliser (SI)? SIs are defined as investment firms which, on an organised, frequent, systematic and substantial basis, deal on own account when executing client orders outside a regulated market, an MTF or an OTF ESMA added that a systematic internaliser may update its quotes at any time, provided at all times that the updated quotes are the consequence of, and consistent with, genuine intentions of the systematic internaliser to trade with its clients in a non-discriminatory manner. Withdrawal of the SI's quotes . Systematic internalisers may withdraw their quotes under exceptional market conditions.

Systematic internalisers - data

ESMA publishes templates for quarterly non-equity

ESMA prepares for MIFID II Systematic Internaliser regim

You can access the 'Systematic Internaliser Notification' form via our Connect portal. Existing Connect users may need to amend their profiles to get access to the form. Please refer to our user guide for more information about this and the SI notification submission process. If you have a specific question about the SI requirements, please email [email protected]. For questions on how to. ESMA UPDATES ITS Q&AS ON TRANSPARENCY AND IN PARTICULAR THE SYSTEMATIC INTERNALISER REGIME. 05/06/2019. On Monday ESMA updated its Q&A on Transparency issues. The updates sought to provide further clarification on the systematic Internaliser (SI) regime. Find out more. MiFID II - the Journey Continues... 20/03/2019. MiFID II has been implemented for over a year now - how has the market.

On 1 August 2018, the European Securities and Markets Authority (ESMA) published the equities and bonds thresholds for systematic internaliser (SI) determination. With a tight timeline from determination to best execution reporting the race is on to prepare and comply. With RTS 27 Now, we can show you the way. Under the new MiFID II regulations, investment firms are required to determine. FIRDS, FITRS, investment firms register, trading venues register, and systematic internalisers register . 3. ESMA currently publishes data of relevance t o the operation of the transparency regime on several public databases and registers. The most significant of these are as follows: • Financial Instruments Reference Database (FIRDS). This database has reference data on financial. a) Reporting of ISIN. Where an ISIN code for an instrument is available, it must be used to identify the instrument in a MiFID II/MiFIR transaction report. In this instance, a CFI is not required. Use of the ISIN is expanded to identify OTC Derivatives traded on venue or by a Systematic Internaliser (SI) in line with the requirement of. Systematic Internaliser Commercial Policy - Non-Equity Instruments Dated: 3 January 2018 _____ A. Purpose and Explanation of This Policy Where a Goldman Sachs (GS) legal entity is acting as a systematic internaliser (such entity, an SI GSLE) in accordance with MiFID II it is required, subject to certain conditions, to publish firm. BMO Systematic Internaliser Instrument List From 3 September 2018, Bank of Montreal, London Branch will act in the capacity of a Systematic Internaliser in the following instruments: Sovereign Bonds Bond Type Currency Liquid SSTI Pre-Trade Sovereign Bonds All Quarterly ESMA transparency list1 + new issues in past quarter above €1bn €700K Corporate Bonds All Quarterly ESMA transparency.

ESMA updates plan for systematic internaliser regime

BaFin - Fachartikel - Systematische Internalisierung

  1. instruments subject to the trading obligation each trading venue and systematic internaliser and for other financial instruments each execution venue makes available to the public, without any charges, data relating to the quality of execution of transactions on that venue on at least an annual basis. Periodic reports shall include details about price, costs, speed and likelihood of execution.
  2. systematic internaliser, regardless of any requirement of the systematic internaliser to provide reference data. ESMAs recently updated market transparency Q&A 11 seems to acknowledge that it might be challenging for investment firms to access reliable and comprehensive sources of EU wid
  3. Under ESMA's proposal, we understand that a firm could become a Systematic Internaliser on a package level even if it is not a Systematic Internaliser for all the individual components in the package. The ques-tion remains, which effects this will have on other parts of the MiFID II/MIFIR regulation
  4. ESMA's clarification arises as a result of debate around the reference in Article 3 (1)(16) BMR, which says that a financial instrument means any of the instruments listed in Section C of Annex 1 to the MiFID II Directive for which a request for admission to trading on a trading venue has been made or which is traded on a trading venue, or which is traded via a systematic internaliser (our.

ESMA report on systematic internalisers in non-equity the

ESMA clarifies which trades should be counted when assessing thresholds for systematic internaliser regime. By Hayley McDowell Off-order book trades reported to a regulated market should be exempt from the thresholds for determining whether a firm is a systematic internaliser, according to the European Securities and Market Authority's (ESMA) latest Q&A Systematic Internaliser . Over-the-Counter . Venue / Multilateral Trading Bilateral Trading • Order book: Make public firm bids, offers & depth on continuous, viewable basis • RFQs (incl voice): Responses public on viewable basis • Firm Quote Response (includes . voice) & according to commercial policy • Provide to . all. clients on . tradable. basis; & • Provide to . public. on. What is a Systematic Internaliser? As defined in Article 4 (1) (20) of Directive 2014/65/EU (MiFID II), a SI is an investment firm which executes client orders OTC (or off exchange) on its own account on a frequent, systematic and substantial basis In the in Questions and Answers on MiFID II and MiFIR market structures topics of 7 July 2017 (ESMA70-872942901-38) ESMA referred to a situation where APAs proposed setting up arrangements which, on top of their APA services, provide a suite of quote streaming and order execution services to systematic internalisers (SIs )and their clients (in this set-up clients could not interact with more. Systematic Internaliser (SI) published by the application of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR) pre-trade transparency requirements. It shall apply from January 3 rd, 2018. The Policy is made available to SG CIB clients through the following web.

Video: ESMA veröffentlicht erstmalig Werte für die Berechnung der

Systematic internaliser - Emissions-EUETS

  1. internaliser should be amended and ESMA's Q&A on transparency topics should be clarified accordingly to make it clear that only investment firms that have opted to follow the systematic internaliser regime for non-TOTV instruments will be required to supply reference data. These suggestions to amend the level 1 MiFIR laws could be adopted in connection with the MiFID refit, whereas the.
  2. ESMA publishes data for the Systematic Internaliser calculations for equity, equity-like instruments and bonds 02/08/2018 The European Securities and Markets Authority (ESMA) has published data for the systemic internaliser calculations for equity, equity-like instruments and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR)
  3. ESMA to enforce SI tick size regime and intends to address escalating market data costs imposed by exchanges highlighted by market participants. Sell-Side December 18, 2017 5:11 AM GMT Barclays the latest to opt into SI regime. Barclays opts into the systematic internaliser regime for all products including FX, rates, credit and equities. Previous. of 2. Next . TRENDING. MOST READ . MOST.
  4. Systematic Internaliser Registry Data Group (APA SI Registry). We will maintain a full list of our SI Instruments in the APA SI Registry on an ongoing basis. Alternatively, contact your NAB relationship manager for information on our SI Instruments. 3 Quotes Obligations Dependent on whether ESMA considers the relevant SI Instrument to have a liquid market, NAB London has an obligation to.

  1. According to MiFID II/MiFIR regulations, 'Systematic Internaliser means an investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system.'
  2. Consider REMIT carve-out: ESMA says it should be extinguished, it is bad, it flaws competition and a level-playing field between trading venues, etc. Regulated markets - according to the ESMA - are the main victims because the electricity and gas products have been redirected to OTFs. What's funny, the same regulated markets say what an idea, they are happy with the REMIT carve-out. Read.
  3. Once you have selected 'Systematic Internaliser Notification' you will arrive at the page overleaf which shows the sections you will need to complete. All sections must be completed before the application can be submitted. The first section is the 'Application Contact Details' (screenshot not provided). This section will auto populate with details from your profile on Connect. If these.
  4. Systematic internaliser regime Amendments have been also done on the systematic internaliser definition. ESMA still thinks that investment firms should assess their systematic internaliser activity on a quarterly basis. To make the calculation less sensitive to episodic internalisation, ESMA proposes to calculate the thresholds based on data from a longer rolling period, i.e. 6 months. The.
  5. For equity trading, MiFID investment firms must ensure the transactions take place on a regulated market, a multilateral trading facility (MTF), an organised trading facility (OTF), with a systematic internaliser (SI) or on an equivalent third-country trading venue. For non-equity trading, certain Interest Rate Swaps will also be required to be executed through trading venues by certain.

BaFin - Expert Articles - Systematic internalisers: Main

ESMA makes available a list of all systematic internalisers, in respect of shares admitted to trading on a regulated market. This list is based on the information communicated by the competent.. This policy is known as the Systematic Internaliser regime. Above the threshold, a market participant receives the denomination systematic internaliser from the ESMA. Other denominations are used and are being discussed in an effort to regulate Over-The-Counter (OTC) platforms. Col. C shows the ISIN number. Each financial product is registered by the ESMA under its own ISIN. ISIN's are. Intriguingly, ESMA suggests that the Commission should consider the potential link between the systematic internaliser definition and the carve-out from the concentration rule that applies where trading with eligible counterparties or professional clients is non-systematic, ad-hoc, irregular and infrequent. If this led to a binary position (either a firm was a systematic internaliser, or the. Data for systematic internaliser calculations . Themenfeld: Stand: 06.11.2020. Zurück Initiative Offizieller Name Data for the systematic internaliser calculations. Art. Sonstige Initiator. ESMA Vorgelegt. 01.08.2018. Dok. -Kürzel-Kurz­beschrei­bung. Status Stand. Erwerben Sie ein Abo, um Zugriff auf alle Inhalte zu erhalten. Aktuelle Fassung . Daten aus dem Zeitraum von April bis.

ESMA Register

Systematic Internaliser: What Does This Really Mean Under

  1. On 12 July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA's action plan focuses on equity, equity-like instruments and bonds while postponing the publication of derivatives and other instruments to 1 February 2019
  2. MiFID II: ESMA issues data for systematic internaliser calculations for equity, equity-like instruments and bonds. 2 August 2018. Share by email Share on; Twitter LinkedIn Get link Get QR Code Download Print; ESMA has published the total number of trades and total volume between January and June 2018 for the purpose of the SI calculations for 9,173 equity and equity-like instruments and for.
  3. When ESMA announced in late 2016 that the quantitative threshold assessment under the MIFID II Systematic Internaliser (SI) regime would commence from 1st September 2018, rather than 3rd January.
  4. ESMA updates the Questions and Answers on MiFID II and MiFIR market structures topics, ESMA70-872942901-38 - matched principal trading transactions are incompatible with the operation of a systematic internaliser, unless these transactions are 3 February 2021. It has an increased scope in MiFID II: an investment firm which, on an organised, frequent and systematic, and substantial basis.
  5. imum price levels applicable to on-venue orders and quotes
  6. The role of automated testing in MiFID II compliance. ESMA. MiFID II. SI. Systematic Internaliser. The EU's Markets in Financial Instruments Directive II (MiFID II) is characterized by a stress on transparency designed to realise the investor protections the regulation aims to enforce so as to avoid a repetition of the credit crisis of 2007/2008
  7. ESMA publishes data for the systematic internaliser calculations. The European Securities and Markets Authority (ESMA) has published an updated questions and answers (Q&A) document on the application of MiFID II/ MiFIR which clarifies when ESMA will publish the first set of data needed to implement the Systematic Internaliser (SI) regime and the date by when firms must comply with the SI.

On July 31, the European Securities and Markets Authority (ESMA) published data for the systematic internaliser (SI) quarterly calculations for equity, equity-like instruments, bonds and, for the first time, other non-equity instruments under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation systematic internaliser or organised trading platform outside of the Union,. Use SINT for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser. RM, MTF APA CTP trading venues: {MIC} Systematic internalisers: 'SINT' Publication date and time Date and time when the transaction was. ESMA is also postponing the publication date for the quarterly systematic internaliser data for non-equity instruments other than bonds from May 1, 2020 to August 1, 2020. The mandatory systematic internaliser regime for derivatives, emission allowances and structured finance products will apply from September 15, 2020 Systematic Internaliser Statement Effective 15 February 2021 . 2 Statement Effective 15 FebruarySystematic Internaliser 2021 As outlined in the ESMA Public statement with Reference ESMA70-155-10958 that was published on 10 November 2020 in relation to Brexit (the Statement), following the end of the transition period, ESMA will not perform the publication of the Systematic Internaliser.

ESMA updates plan for systematic internaliser regimeMifid ii systematic internaliser regime - Reductively

JP Morgan joins ESMA's systematic internaliser database

Berenberg, Gossler & Co. KG Head office Federal Financial Supervisory Authority (BaFin) GERMANY Neuer Jungfernstieg 20, 20354 Hamburg Active 2018-01-03T00:00:00Z 03/01/2018 ae parent Systematic internaliser ae27782 27782 1702281140431224832 2021-06-11T14:30:02.928Z ae27832 MIS 2020-09-28T00:00:00Z 28/09/2020 SBSI GP5DT10VX1QRQUKVBK64 Sydbank A/S Sydbank A/S Head office Finanstilsynet DENMARK. ESMA is expected to provide advice on the delegated acts to the Commission by the end of 2014 and drafts of the technical standards by the middle of 2015. Organised trading facilities. Definition . MiFID II and MiFIR introduce a new category of trading venue, the organised trading facility (OTF). Alongside regulated markets (RMs) and multilateral trading facilities (MTFs), this will be a third. ESMA、Systematic Internaliserの計算のための取引数・量を公開するも・・・. 来ましたね。. 公開されました。. 公開されたリストは2つ。. 株式(系)と債券です。. このうち、株式を見てみます。. JPのISINで絞り込みをかけると、銘柄は61。. 少ないです。. トヨタ株. The European Securities and Markets Authority (ESMA) has published details of its action plan (within its updated Q&As on MiFID II and MiFIR transparency topics) for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018.ESMA's action plan focuses on equity, equity-like instruments and bonds while postponing the publication for derivatives and other.

ESMA prepares for no-deal Brexit with plans to delay MiFIDSystematic internaliser - Emissions-EUETS

Technical issue sees ESMA delay crucial MiFID II

Systematic Internalisers. ESMA clarifies various aspects of MiFID II questions. Leave a Comment / Uncategorised / By Planet Compliance. venue or systematic internaliser, and the compliance of that data with the standards and for mats specified in Table 3 of the Annex. 31.3 ESMA shall monitor and assess the completeness of reference data it receives from competent author ities, and compliance of the data with the standards and for mats specified in Table 3 of the Annex. 4. Following receipt of reference data from competent. ESMA has also maintained the definition of execution venues that was contained in its consultation paper. Some respondents had issues with the inclusion of market makers and systematic internalisers among the top 5 venues. However, ESMA was of the view that the inclusion of execution venues in article 27(6) of MiFID II requires information on order flow beyond trading venues Authority (ESMA) to perform a significant number of calculations in order to calibrate the applicability of the pre-trade and post- trade transparency regime and the trading obligation for derivatives as well as to determine whether an investment firm is a systematic internaliser. In this context, the Commission is empowered to adopt, following submission of a draft regulatory technical. Systematic Internaliser. Coöperatieve Rabobank U.A. acts in the capacity of a Systematic Internaliser for all bonds and Stuctured Finance Products financial instruments traded per January 3rd, 2018. From February 19th, Rabobank will also act as SI for all Foreign Exchange Derivatives and Interest Rate Derivatives (please also see the added.

MIFID II and Transparency for Swaps: What You Need to Know

BaFin - Systematic Internalisatio

ESMA har i deres specifikationer angivet, at hvis feedback filer har både accepterede handler (ACPT) og received handler (RCVD), så gives der ikke informationer til at kunne skelne mellem, hvilke handler der er accepteret, og hvilke der er received. Det samme gælder, hvis man sender samme transaktion både som new og cancel i samme fil, så kan man i feltet OrgnlRcrdId i feedbackfilen ikke. ESMA UPDATES ITS Q&AS ON TRANSPARENCY AND IN PARTICULAR THE SYSTEMATIC INTERNALISER REGIME. On Monday ESMA updated its Q&A on Transparency issues. The updates sought to provide further clarification on the systematic Internaliser (SI) regime. In particular: 1. Firms can be an SI in non-TOTV instruments via the mandatory calculation method or via opting in to SI status. 2. When opting in a firm. The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today data for the systematic internaliser quarterly calculations for equity, equity-like instruments, bonds and for other non-equity instruments under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) An OTF is neither allowed to be a Systematic Internaliser (SI), nor to connect with one which could otherwise result in OTF orders and SI quotes or orders to interact. Also, it is not allowed for an OTF to connect with another OTF. Systematic Internalisers (SIs) Although not a venue in the classic sense of the term, the role of a Systematic Internaliser (SI) and the changes to the regime. ESMA publishes its first Review Reports on the MiFIR transparency regime. 16 July 2020. The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today two final Reports reviewing key provisions of the MiFID II/MiFIR transparency regime. The first Report reviews the MiFIR transparency regime.

ESMA publishes data for the systematic internaliser

Where the systematic internaliser is quoting in different sizes and receives an order between those sizes, which it chooses to execute, Asks for ESMA to conduct an investigation into the functioning and purpose of the Systematic Internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated in order to ensure that this regime is used for. Die Financial Instruments Reference Database System (FIRDS) ist eine Datenbank mit Finanzinstrumenten, die von der Europäischen Wertpapier- und Marktaufsichtsbehörde (ESMA) publiziert wird. Sie liefert Zusatzinformationen zu allen Instrumenten, die nach der Richtlinie 2014/65/EU über Märkte für Finanzinstrumente (Finanzmarktrichtlinie, MiFID II) berichtet werden müssen The transformation of Europe's financial markets under the new MiFID II rules that take effect Jan. 3 will be accompanied by swathes of new jargon. Two words will be more important than most.

Liquidity Matters: Pre and Post trade transparency under

Where a systematic internaliser who quotes only one quote or whose highest quote is lower than the standard market size receives an order from a client of a size bigger than its quotation size, but lower than the standard market size, it may decide to execute that part of the order which exceeds its quotation size, provided that it is executed at the quoted price, except where otherwise. FinRiskalert.it è un progetto editoriale - sito internet e newsletter - curato dal Laboratorio di Finanza Quantitativa Nicola Bruti Liberati del Dipartimento di Matematica del Politecnico di Milano con la collaborazione di Deloitte Consultin The start of the rules around Systematic Internalisers for non-equities under MiFID II has been delayed, following the release of this press release and this updated questions and answers document from ESMA. A systematic internaliser is defined under MiFID II as: an investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client.

Hayley McDowell (@hayley_mcdowell) | Twitter
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