Q&A · ESMA

Systematic internaliser regime - Transparency - Internaliser Thresholds

Answered

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AI-generated Summary

Asked at what level the systematic internaliser thresholds are calculated for derivatives, structured finance products, bonds and emission allowances. ESMA deleted the question on 10 October 2025.

Details

Reference	ESMA_QA_1513
Issuer	ESMA
Published	8 Jul 2020
Answered	8 Jul 2020
Submitted	8 Jul 2020
ESMA topics	Systematic internaliser regime

Provisions it relates to

Article 4 MiFID II · Definitions
MiFID II
Inferred · 75%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.