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Home International European Union ESMA Publishes First Systematic Internalizer Calculations Data for Investment Firms Under MiFID...

ESMA Publishes First Systematic Internalizer Calculations Data for Investment Firms Under MiFID II

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John Ahern, Carolyn H. Jackson, Nathaniel Lalone and Neil Robson

On August 1, the European Securities and Markets Authority (ESMA) published the first tranche of data for market participants to determine whether they are systematic internalizers (SIs) in equities, equity-like instruments and bonds under the revised Markets in Financial Instruments Directive (MiFID II).

An SI is an investment firm that, on an organized, frequent, systematic and substantial basis, deals on its own account when executing client orders outside a regulated market, a multilateral trading facility or an organized trading facility without operating a multilateral system.

The data is based on the total number of trades and overall volume in 9,173 equity and equity-like instruments and 73,828 bonds from January through June 2018. The first tranche of data for market participants to determine whether they are SIs in derivatives and other instruments will likely be published on February 1, 2019.

The publication of the first set of data for SI calculations follows ESMA’s release of the template for the calculations on July 20 (for more information, see the Corporate & Financial Weekly Digest edition of July 27, 2018).

ESMA’s data for SI calculations is available here.

ESMA’s accompanying press release is available here.