Mifid Gears Grind into Motion as Systematic Internalizers Emerge

Market codes release shows over a dozen new entities registered in activity ramp-up

The SI regime will radically transform off-exchange trading in European equities come January 3, 2018.

According to public records maintained by the ISO 10383 organization, which issues Swift market identifier codes for trading venues, 11 firms registered over a dozen new systematic internalizers (SIs) in August. These include investment banks such as Credit Suisse, Deutsche Bank, HSBC, ANZ, RBC, Standard Chartered, Exane BNP, Natixis and Fineco through to buy-side firms including Jane Street and Tower Research Capital Europe.

Under the revised Markets in Financial Instruments Directive (Mifid

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