ESMA · ESMA_QA_1586 Published Answer Updated

Mandatory SI regime

Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Article
Markets in Financial Directorate II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Systematic internaliser regime
Submitted
2019-06-03
Answered
2019-06-03

Question

Is it possible for investment firms to qualify as a systematic internaliser under the mandatory regime in instruments that are not traded on a trading venue (non-TOTV instruments)?

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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