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

SIs on the Rise Across Asset Classes

Subscribe to our newsletter

By: Christian Voigt, senior regulatory advisor, Fidessa

There’s been much speculation about the revival of the Systematic Internaliser (SI) as Markets in Financial Instruments Directive II (MiFID II) has sharpened its rules. So, now that we’re almost two months into the new regime, how is it looking?

Luckily the regulators (e.g. ESMA and FCA) publish registers of all their SIs, and the asset class they’re active in, telling us something about the evolving market structure. Even though ESMA’s list seems incomplete (where are the Swedish SIs, for example?), with the help of ISO 10383 you can reasonably close those gaps.

Currently, there are about 109 SIs in varying states of registration in Europe. Given that pre-MiFID II there were less than 20, that’s a considerable increase. In terms of distribution across countries, there are no real surprises with the usual suspects at the top. But, more interesting, is the distribution across asset classes. Designed with equities in mind, SIs appear to be conquering other asset classes too, with more of them active in bonds and derivatives. Who would have thought it?

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Cross-Regulation Data Consistency and Accuracy

Regulatory reporting obligations continue to expand, bringing with them more overlaps of data elements across reporting regimes. As many firms struggle with the accuracy and completeness of individual reporting obligations, regulators have increasingly begun to focus on cross-regulation data consistency in their data validations and examination processes. This webinar will identify cases of data overlap...

BLOG

Know Your Customer and HAWK AI Partner to Strengthen Defence Against Financial Crime

Know Your Customer, a provider of modular digital client onboarding solutions, and Hawk AI, a provider of anti-money laundering surveillance technology for financial institutions, payment firms and fintechs, have made a strategic partnership that will build a stronger defence against financial crime. The partnership combines Know Your Customer’s digital onboarding and business KYC solutions with...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...