ESMA · ESMA_QA_734 Answer Published

Financial instruments and systematic internalisers (ESMA70-145-114_Q&A 5.8)

Name: Financial instruments and systematic internalisers (ESMA70-145-114_Q&A 5.8): ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Benchmarks Regulation (BMR) - Regulation 2016/1011
Topic: Benchmarks Regulation
Submitted: 2023-03-29
Answered: 2018-09-26

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Question

When are financial instruments traded on a systematic internaliser in scope of the BMR?

Answer

ESMA considers that “ traded via a systematic internaliser ” as referred to in Article 3(1)(16) BMR should be read to cover: a) all instruments described in reference data provided by a systematic internaliser in compliance with Article 27 of Regulation (EU) No 600/2014 (MiFIR) (even if traded outside that systematic internaliser); and b) all other instruments that are actually traded on a systematic internaliser, regardless of any requirement of the systematic internaliser to provide reference data.

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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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