About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

A Dive into the Detail of the Systematic Internaliser Regime Under MiFID II

Subscribe to our newsletter

The requirements of the systematic internaliser (SI) regime under Markets in Financial Instruments Directive II (MiFID II) became mandatory on September 1, 2018, meaning firms within the scope of the regulation must become SIs when they trade certain volumes in particular instruments, as set out by the European Securities and Markets Authority (ESMA). A month or so later, how is it all going, why do firms decide to become SIs, and what are their obligations and regulatory reporting challenges?

A keynote presentation by Peter Moss, CEO of the SmartStream Reference Data Utility (RDU), at A-Team Group’s recent RegTech Summit in London, answered these questions and more. Moss started by describing MiFID II as a ‘massive undertaking’ for all firms within its scope and noted its goal of market transparency and requirements to achieve that goal.

Focussing on the SI regime, Moss addressed the questions above and provided detail on how he expects the regime to develop, and numbers of SIs to grow, into next year; the data management issues presented by additional data generated by SIs and brought to market through Approved Publication Arrangements (APAs); and the opportunity for regtech providers to support compliance.

Listen to the podcast of Moss’s keynote presentation to find out more about the MiFID II SI regime and what SIs must do to comply.

AUDIO

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: End-to-End Lineage for Financial Services: The Missing Link for Both Compliance and AI Readiness

8 October 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes The importance of complete robust end-to-end data lineage in financial services and capital markets cannot be overstated. Without the ability to trace and verify data across its lifecycle, many critical workflows – from trade reconciliation to risk management – cannot be...

BLOG

Data Concern Over EU’s Streamlining of Green Regulations

Financial institutions may have to rely more heavily on their data teams and vendors to surface sustainability risks in their portfolios after the European Union watered down some of its key corporate ESG reporting regulations. The EU’s Omnibus package announced earlier this year is intended to streamline the compliance processes for regulations including the Corporate...

EVENT

AI in Capital Markets Summit New York

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...