ESMA_QA_1513

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1513

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Regulatory Context

Regulation : MIF2

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

Level 3 Regulation: No information available

Topic: Systematic internaliser regime

Subject Matter: Systematic internaliser regime - Transparency - Internaliser Thresholds

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Question

Submission Date: 08 July 2020

a) On which level is the systematic internaliser threshold to be calculated for derivatives? On a sub-class level or on a more granular level? b) On which level is the systematic internaliser threshold to be calculated for structured finance products (SFPs)? c) What constitutes a ‘class of bonds’ under Article 13 of Commission Delegated Regulation (EU) No 2017/565 ? Do senior, subordinated or convertible bonds from the same issuer constitute different classes? d) On which level is the systematic internaliser threshold to be calculated for emission allowances e) To which sub-class should the number of transactions and the nominal amount traded of a derivative be allocated when a derivative contract (ISIN) changes over the observation period from one sub-class to another?

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ESMA Answer

Answer Date: 08-07-2020

This question was deleted on 10 October 2025.

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This document was automatically extracted from the ESMA EMIR Q&A database.