Q&A · ESMA
Systematic internaliser
Answered
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A system offering quote streaming and order execution with multiple systematic internalisers, letting clients request execution against several of them, is a multilateral system and must be authorised as a trading venue, even without aggregating quotes.
Details
| Reference | ESMA_QA_1660 |
|---|---|
| Issuer | ESMA |
| Published | 7 Jul 2017 |
| Answered | 7 Jul 2017 |
| Submitted | 7 Jul 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.28 |
Provisions it relates to
- Article 1 MiFID II · ScopeInferred · 80%
- Article 4 MiFID II · DefinitionsInferred · 70%
- MiFID II (whole act)Explicit reference