August 01, 2018

ESMA published data for the systematic internalizer calculations for equity, equity-like instruments, and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). ESMA published the total number of trades and total volume during January-June 2018 for the purpose of the systematic internalizer calculations for 9,173 equity and equity-like instruments and for 73,828 bonds.

The results have been published only for instruments for which trading venues submitted data for at least 95% of all trading days over the six-month observation period. The data also incorporate over-the-counter (OTC) trading to the extent that it has been reported to ESMA. The publication of the data for the systematic internalizer calculations for derivatives and other instruments will start on February 01, 2019, as set out in the plan announced by ESMA on July 12, 2018.

According to Article 4(1)(20) of MiFID II, investment firms dealing on own account when executing client orders OTC on an organized, frequent, systematic, and substantial basis are subject to the mandatory systematic internalizer regime. ESMA, on request of market participants, decided to compute, on a voluntary and best effort basis, the total volume and number of transactions executed in the EU; this was intended to help market participants in the performance of the systematic internalizer test, since that data is essential for the operation of the systematic internalizer regime and is not otherwise easily available.

 

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Keywords: Europe, EU, Securities, MiFID II, MiFIR, Systematic Internalizers, Data, ESMA

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