from 03 February 2020 to 15 April 2020


Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  1. respond to the question stated;
  2. indicate the specific question to which the comment relates;
  3. contain a clear rationale; and
  4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 15 April 2020.

All contributions should be submitted online at under the heading ‘Your input – Open Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading ‘Data protection’.

Who should read this paper?

This paper is of interest mainly to systematic internalisers active in non-equity instruments as well as clients of such systematic internalisers, and any associations representing their interest.

Documents available for this Consultation
03/02/2020ESMA70-156-1757Consultation Paper - MiFIR report on SI
03/02/2020ESMA70-156-2347Response form - CP on MiFIR report on SI


Activity Institution Download
Asset Management The Investment Association
Asset Management European Fund and Asset Management Association
Banking German Banking Industry Committee
Banking European Association of Public Banks
Banking Austrian Federal Economic Chamber, Division Bank and Insurance
Banking Fédération bancaire française (FBF)
Banking Czech Banking Association
Banking DDV, German Derivatives Association
Banking Spanish Banking Asociation
Banking European Banking Federation
Banking ING Group N.V.
Banking German Banking Industry Committee
Investment Services Finance Denmark
Investment Services Finance Denmark
Investment Services Managed Funds Association
Investment Services Nordic Securities Association
Investment Services Nordic Securities Association
Investment Services Nordic Securities Association
Investment Services SSDA
Investment Services SSDA
Investment Services Bundesverband der Wertpapierfirmen (bwf)
200317_bwf_com.pdf (90.76 KB)
Investment Services Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA)
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
Regulated markets Börse München
Regulated markets Börse Stuttgart
Exchanges and Trading Systems Deutsche Börse Group
Others Emely Robert Banda
Others International Capital Market Association (ICMA)
Others ISDA
Others Electronic Markets Consulting and Capital Ltd
Others ESMA Securities and Markets Stakeholder Group
Others CNMV Advisory Committee
Others AFME
Others AFME
Others FIA EPTA (European Principal Traders Association)
Others ISDA
Regulated markets, exchanges & trading systems Federation of European Securities Exchanges (FESE)