Systematic Internalizer Ranks Swell Ahead of Mifid II

While buy- and sell-side firms grapple with the reporting obligations imposed on so-called systematic internalizers under Mifid II, the number of registered SIs continues to grow. Jamie Hyman investigates why more firms are opting in to the designation ahead of the regulation’s January 3 deadline.

According to public records maintained by the International Organization for Standardization, which issues Swift market identifier codes for trading venues, October saw 20 banks and investment firms register as SIs. 

In contrast, before Mifid II was finalized, there were less than a dozen SIs registered. In August alone, 11 firms registered more than a dozen new SIs. Registry cooled a little in September with just five new SIs registered, before ramping up again in October. Publication dates

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