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

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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

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