Dealers sour on Mifid’s systematic internaliser label

SI decisions will take account of tougher pre-trade rules, client demand and Brexit

Mifid systematic internalisers
Banks are starting to question the costs and benefits of the SI designation

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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