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| (SI).
| | Too Big To Fail. |
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| The concept of Systematic internalisers was introduced by [[MiFID]] regulations in 2007.
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| SIs are institutions large enough to match client orders internally, or against their own books.
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| SIs differ from broker crossing networks, which may route client orders between a number of different institutions.
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| An SI is defined in MiFID as:
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| #An investment firm which
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| #On an organised, frequent and systematic basis,
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| #Deals on own account by executing client orders outside a [[regulated market]] (RM) or an MTF ([[Multilateral trading facility]]).
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| A firm does not need specific authorisation from its competent authority to carry out systematic internalisation.
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| However, similarly to MTFs and RMs, they are required to conform to some transparency requirements,
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| such as providing public price quotes.
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| Only a few (generally large) firms have set up SIs.
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| == See also == | | == See also == |
| *[[MiFID]] | | * [[Too Big To Fail]] |
| *[[Regulated market]]
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| *[[Multilateral trading facility]]
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| *[[Broker crossing network]]
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| [[Category:Equity]]
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| [[Category:Regulation_and_Law]]
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| [[Category:FX_Risk]]
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Revision as of 11:42, 30 May 2013
Too Big To Fail.
See also
