ESMA · ESMA_QA_1513 Published Answer Updated

Systematic internaliser regime - Transparency - Internaliser Thresholds

Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Systematic internaliser regime
Submitted
2020-07-08
Answered
2020-07-08

Question

a) On which level is the systematic internaliser threshold to be calculated for derivatives? On a sub-class level or on a more granular level? b) On which level is the systematic internaliser threshold to be calculated for structured finance products (SFPs)? c) What constitutes a 'class of bonds’ under Article 13 of Commission Delegated Regulation (EU) No 2017/565 ? Do senior, subordinated or convertible bonds from the same issuer constitute different classes? d) On which level is the systematic internaliser threshold to be calculated for emission allowances e) To which sub-class should the number of transactions and the nominal amount traded of a derivative be allocated when a derivative contract (ISIN) changes over the observation period from one sub-class to another?

Answer

This question was deleted on 10 October 2025.

This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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