Systematic Internalizers: An Ambitious Regulation Caught in the Crossfire

The SI regime has proven to be the most fragile piece of regulation, as its legal loopholes have triggered a series of political events and has been established as the market’s most notorious law.


There have been dark clouds gathering over the European Parliament lately and some members fear that the systematic internalizers (SI) regime might end up being Mifid II’s Achilles’ heel. The SI regime is suffering increased notoriety due to its unique complexity and a series of events that triggered public disputes between regulators, politicians and market participants. 

The Delay

It all started with a delay. The SI regime is the only piece of Mifid II to receive an extension and is schedule

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