Q&A · ESMA
Systematic internaliser
Answered
Read the official text on the ESMA website(opens in a new tab)AI-generated Summary
Systematic internalisers must take real risk: beyond the ban on matched principal internal matching, they may not run any arrangement that brings together third-party interests like a trading venue so that they avoid risk-facing trades; ESMA lists criteria for when such arrangements require authorisation as a venue.
Details
| Reference | ESMA_QA_1658 |
|---|---|
| Issuer | ESMA |
| Published | 28 Mar 2018 |
| Answered | 28 Mar 2018 |
| Submitted | 28 Mar 2018 |
| ESMA topics | Systematic internaliser regime |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.26 |
Provisions it relates to
- Article 4 MiFID II · DefinitionsInferred · 85%
- MiFID II (whole act)Explicit reference