Date: 26 September 2017
Time: 10:00 am ET / 3:00 pm London / 4:00 pm CET
MiFID II expands the instruments that systematic internalisers (SIs) may handle and changes the pre-trade transparency requirements for trading bonds and derivatives through SIs. While SIs are technically counterparties, not trading venues, they will be allowed to process depositary receipts, certificates and exchange-traded funds, as well as bonds, derivatives, emissions allowances and structured finance products. Yet, under MiFID II’s related MiFIR provisions, SIs must make firm public quotes and disclose identification thresholds. The public quote provision, however, only applies to instruments that meet a liquidity threshold set by national authorities.
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