ESMA_QA_1580

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1580

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Regulatory Context

Regulation : MIFIR

Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Systematic internaliser regime

Subject Matter: Compliance with the quoting obligations for SIs in non-equity instruments

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Question

Submission Date: 31 May 2017

a) Can systematic internalisers meet their quoting obligations under Article 18(1) of MiFIR for liquid instruments by providing executable quotes on a continuous basis? b) Can client orders routed by an automated order router (AOR) system be considered as ‘prompting for a quote’ according to Article 18(1)(a) of MiFIR? c) For how long should quotes provided by systematic internalisers be firm, or executable? d) What are the obligations for systematic internalisers dealing in non-equity instruments for which there is no liquid market under Article 18(2) of MiFIR? e) Which arrangements should systematic internalisers use when publishing firm quotes? Should these be the same arrangements as for equity instruments? f) Should systematic internalisers disclose their identity when publishing firm quotes?

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ESMA Answer

Answer Date: 16-10-2024

This question was deleted on 16/10/2024.

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