Mifid Gears Grind into Motion as Systematic Internalizers Emerge
Market codes release shows over a dozen new entities registered in activity ramp-up

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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