ESMA_QA_1579
31/01/2017
Subject Matter
Transactions that should be exempted from, and included in, the calculation
Original question
a) Should investment firms, when determining if they are a systematic internaliser, include (i) transactions that are not contributing to the price formation process and/or are not reportable and (ii) primary market transactions?
b) Should investment firms, when determining if they are a systematic internaliser, include trades executed on own account on a trading venue but following an order from the client?
c) Are off order book trades that are reported to a regulated market, MTF or OTF under its rules excluded from the quantitative thresholds for determining when an investment firm is a systematic internaliser?
b) Should investment firms, when determining if they are a systematic internaliser, include trades executed on own account on a trading venue but following an order from the client?
c) Are off order book trades that are reported to a regulated market, MTF or OTF under its rules excluded from the quantitative thresholds for determining when an investment firm is a systematic internaliser?
ESMA Answer
31-01-2017
Original language
This question was deleted on 10 October 2025.
Status: Published Answer Updated
Additional Information
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Level 2 Regulation
Regulation 2017/565 - MiFID II Delegated Regulation
Topic
Systematic internaliser regime