ESMA considers that “traded via a systematic internaliser” as referred to in Article 3(1)(16) BMR should be read to cover:

a) all instruments described in reference data provided by a systematic internaliser in compliance with Article 27 of Regulation (EU) No 600/2014 (MiFIR) (even if traded outside that systematic internaliser); and

b) all other instruments that are actually traded on a systematic internaliser, regardless of any requirement of the systematic internaliser to provide reference data.