Q&A · ESMA
Systematic internaliser
Answered
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Systematic internalisers in equity instruments may execute at better prices than their quotes under Article 15(2) MiFIR only where the improvement is meaningful and at least the minimum tick size for that instrument on a trading venue, though they may quote any price above standard market size.
Details
| Reference | ESMA_QA_1661 |
|---|---|
| Issuer | ESMA |
| Published | 3 Oct 2017 |
| Answered | 3 Oct 2017 |
| Submitted | 3 Oct 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.29 |
Provisions it relates to
- Article 15 MiFIR · Execution of client ordersExplicit reference · 90%
- MiFID II (whole act)Explicit reference