Systematic Internalizers
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Buy side hopes for best execution reporting carve-out
By Ben St. Clair
August 4, 2020, Risk
The European Commission’s proposed rollback of best execution reporting has left some wondering why the carve-out stopped short of the buy side’s …
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Mifid’s pre-trade transparency is ‘a failed experiment’
By Samuel Wilkes
July 14, 2020, Risk
Market participants fear Europe’s rules on how large dealers and venues disclose pre-trade quotes might not be worth salvaging as part of an …
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‘Improving’ Mifid post-trade transparency splits markets
By Samuel Wilkes
July 9, 2020, Risk
It’s uncontroversial to say that financial markets transparency in Europe has so far failed. Launched in 2018, the current transparency regime has created …
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Mifid II could fragment market after Brexit – ISDA
By Wendy Lisney
July 3, 2020, Global Investor Group
The Mifid II regulatory framework’s lack of equivalence decisions for non-EU trading venues could lead to market fragmentation after Brexit, the …
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Mifid II divergence will come from EU, not UK
By Hugo Bromley
June 30, 2020, Practice Insight from IFLR
Regulatory divergence on Mifid II will occur – but will be driven by the European Commission, according to several sources …
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Mifid II: systematic internalisers defend themselves
June 25, 2020, Practice Insight from IFLR
Systematic internalisers’ (SI) contribution to the market is not being considered in the debate over their future, according to several sources speaking to …
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Analysis of AMF data reveals largest ELP SI market shares in France
By Hayley McDowell
June 17, 2020, The Trade
XTX Markets grew its market share as an electronic liquidity provider systematic internaliser (ELP SI) in French equities from around 8% to …
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MiFID II and lit exchanges: LIS waivers only?
By Hugo Bromley
May 26, 2020, Practice Insight from IFLR
MiFID II’s drive to push trading onto lit exchanges is harming the market and it may be end investors who …
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French regulator says SIs contribution to transparency is very limited
By Hayley McDowell
May 26, 2020, The Trade
Systematic internalizers (SIs) have limited impact on transparency in European markets as the bulk of transactions are not subject to pre-trade transparency …
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Buy-side rejects changes to dark trading and SIs under MiFID II review
By Hayley McDowell
April 24, 2020, The Trade
Asset managers have largely rejected huge changes to dark trading and systematic internalizers (SIs) under the MiFID II review, instead urging the …
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