ESMA_QA_1579

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1579

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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: Transactions that should be exempted from, and included in, the calculation

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Question

Submission Date: 31 January 2017

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?

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ESMA Answer

Answer Date: 31-01-2017

This question was deleted on 10 October 2025.

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