EU · MiFIR · TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
Article 15 MiFIRExecution of client orders
Systematic internalisers must publish their equity quotes regularly and continuously during trading hours, notify their authority (listed by ESMA), have transparent order execution rules and execute client orders at their quoted prices, with price improvement allowed in justified cases within a public range close to market conditions. Professional client orders in several securities or subject to other conditions may be executed at other prices, and rules cover orders above the quoted size.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text amended | 28 Mar 2024 |
Level 2: delegated and implementing acts
- Delegated actIn forceLegal basis
AI summaryMiFIR delegated regulation covering the criteria for a liquid market in shares, depositary receipts, ETFs and certificates, market data on a reasonable commercial basis, systematic internalisers' quoting and execution obligations, portfolio compression, and the conditions for ESMA, EBA and competent authorities' product intervention and position management powers. Amended by Delegated Regulation 2026/482 after the 2024 MiFIR review.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryA systematic internaliser's notification to its competent authority should list, at least by MiFIR identifier (RTS 1 and RTS 2), the instruments or classes in which it is an SI; the obligation lasts three months after the thresholds are crossed at each quarterly assessment, and the firm must notify a change of status but not an unchanged status.
- Q&AAnsweredESMA rulebook
AI summaryA systematic internaliser must follow the quoting rules for an instrument's current liquidity status and adapt when it changes, though it may always apply the stricter liquid-instrument rules; it may also reassess its SI status under the new thresholds and notify its authority if it no longer qualifies.
- Q&AAnsweredESMA rulebook
AI summaryThe quoting obligations in Articles 14 to 17a MiFIR apply only to instruments traded on a trading venue, so systematic internalisers in other instruments are not subject to them but must still notify their competent authority, and must monitor whether an instrument becomes traded on a venue.
- Q&AAnsweredExplicit reference · 90%
AI summarySystematic internalisers in equity instruments may execute at better prices than their quotes under Article 15(2) MiFIR only where the improvement is meaningful and at least the minimum tick size for that instrument on a trading venue, though they may quote any price above standard market size.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 15 UK MiFIR · Execution of client orders
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: S.I. 2025/1020 (from 23 Oct 2025). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- Explicit reference
The Handbook source note on this provision cites the article.
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Version history
- From 28 Mar 2024
- From 2 Jul 2014 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.