ESMA Looks to Shut Down Systematic Internalizer Loophole
By Hayley McDowell
February 14, 2017, The Trade
The European Securities and Market Authority (ESMA) has urged the European Commission to adopt delegated acts to close a loophole in the systematic internalizer (SI) regime under MiFID II.
Chair at ESMA, Steven Maijoor, explained in a letter to the Commission it is concerned market participants could use the SI regime to ‘circumvent’ MiFID II obligations.