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: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Redefining Digital Regulatory Reporting with CDM & DRR

Regulatory reporting is evolving from static data submissions to dynamic, process-driven compliance. At the core of this shift are the Common Domain Model (CDM) and Digital Regulatory Reporting (DRR), which together define a shared, machine-executable framework for how financial transactions are represented and reported. By standardising both data and process, they enable a consistent interpretation...

EVENT

TEST Event page 2

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The Data Management Implications of Solvency II

Bombarded by a barrage of incoming regulations, data managers in Europe are looking for the ‘golden copy’ of regulatory requirements: the compliance solution that will give them most bang for the buck in meeting the demands of the rest of the regulations they are faced with. Solvency II may come close as this ‘golden regulation’:...