Q&A · ESMA
Multilateral and bilateral systems - Systematic internalisers
Answered
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A firm acting as the single liquidity provider on a regulated market or MTF may also operate a systematic internaliser only if the two activities are fully separated (management, staff, premises, execution systems and information barriers), because of the conflict from its privileged order-book access.
Details
| Reference | ESMA_QA_1500 |
|---|---|
| Issuer | ESMA |
| Published | 16 Dec 2022 |
| Answered | 16 Dec 2022 |
| Submitted | 5 Dec 2022 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.33 |
Provisions it relates to
- Article 23 MiFID II · Conflicts of interestInferred · 80%
- MiFID II (whole act)Explicit reference