ESMA · ESMA_QA_1579 Published Answer Updated

Transactions that should be exempted from, and included in, the calculation

Name: Transactions that should be exempted from, and included in, the calculation: ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic: Systematic internaliser regime
Submitted: 2017-01-31
Answered: 2017-01-31

Browse MiFID Register → More Q&As on this regulation →

Question

a) Should investment firms, when determining if they are a systematic internaliser, include (i) transactions that are not contributing to the price formation process and/or are not reportable and (ii) primary market transactions? b) Should investment firms, when determining if they are a systematic internaliser, include trades executed on own account on a trading venue but following an order from the client? c) Are off order book trades that are reported to a regulated market, MTF or OTF under its rules excluded from the quantitative thresholds for determining when an investment firm is a systematic internaliser?

Answer

This question was deleted on 10 October 2025.

View original on European Securities and Markets Authority ↗

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.

Similar Q&As

Systematic internaliser regime - Transparency - Internaliser Thresholds

Answered 2020-07-08

Compliance with the quoting obligations for SIs in non-equity instruments

Answered 2024-10-16

Mandatory SI regime

Answered 2019-06-03

Access to quotes

Answered 2024-10-16

Schedule for the initial implementation of the systematic internaliser regime

Answered 2019-01-30

More Q&As on this topic

Transactions that should be included in the calculations

Answered 2025-10-10

Systematic internaliser regime - Transparency - Internaliser Thresholds

Answered 2020-07-08

Voluntary SI regime

Answered 2019-06-03

Schedule for the initial implementation of the systematic internaliser regime

Answered 2019-01-30

Systematic internaliser

Answered 2018-03-28

📋 Track EU financial regulation continuously

Forseti monitors EU financial regulation and delivers personalised alerts anchored to verified official sources.

Start free trial → Learn more

14-day free trial. No credit card required.