Dealers sour on Mifid’s systematic internaliser label
SI decisions will take account of tougher pre-trade rules, client demand and Brexit
Europe’s second Markets in Financial Instruments Directive (Mifid II) has thoroughly shaken up the financial industry, but one of the biggest changes – an explosion in the number of so-called systematic internalisers (SIs) – may be about to go into reverse.
Dealers deciding whether to volunteer for the SI status or, instead, adjust their trading to avoid the label will have to consider pre-trade transparency requirements, clients’ appetite for off-venue trading and Brexit. Those keen but unable
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