FIN.

Commission clarifies Systematic Internaliser rules

The Commission is urgently making an amendment to clarify the scope of the MiFID 2 systematic internaliser category.  It has noted certain technological developments which risk undermining what should be a clear separation between bilateral own account trading when executing client orders and multilateral trading. The Commission stresses that a systematic internaliser is not allowed to engage, on a regular basis, in the internal or external matching of trades via matched principal trading or other types of de facto riskless back-to-back transactions in a given financial instrument outside a trading venue.  As a result it has amended Delegated Regulation 2017/565.

 

Emma Radmore