Q&A · ESMA

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

Answered

Read the official text on the ESMA website(opens in a new tab)

AI-generated Summary

Asked which transactions (non-price-forming, primary market, on-venue on behalf of clients, off-book trades reported to venues) count towards the systematic internaliser thresholds. ESMA deleted the question on 10 October 2025.

Details

Reference	ESMA_QA_1579
Issuer	ESMA
Published	31 Jan 2017
Answered	31 Jan 2017
Submitted	31 Jan 2017
ESMA topics	Systematic internaliser regime

Provisions it relates to

Article 4 MiFID II · Definitions
MiFID II
Inferred · 70%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.