SmartStream Hopes Collaborative SI Utility Can Solve MiFID II Dilemma
Reference data and post-trade automation technology provider is meeting with banks in an effort to solve systematic internalizer conundrum.
In 2007, the Markets in Financial Instruments Directive (MiFID) opened the door for banks to act as systematic internalizers (SIs), allowing them to carry out client orders internally against their own capital. MiFID II, which comes into force on Jan. 3, 2018, broadens the definition of an SI so that any investment firm that deals on its own account by executing client orders outside a regulated market or multilateral trading facility in an organized, regular and material basis is considered to
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