RE: GS20 Exchange BTC Volume up 15%16 Nov 2023 10:22
What is a Systematic Internaliser?
A Systematic Internaliser (SI) is an original MiFID term, used in equities in MiFID I (2007). It has an
increased scope in MiFID II: an investment firm which, on an organised, frequent and systematic, and substantial basis, deals on its own account (principal trading) by executing client orders outside trading venues: Regulated Market (RM), Multilateral Trading Facility (MTF), or Organized Trading Facility (OTF). MiFID II will set out clearly defined thresholds for becoming an SI, based on trading volumes in respect of “frequent and systematic” and “substantial”. Large global or regional banks are the most likely candidates to take part in the SI regime