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October 31, 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 over the period April-September 2018 for the purpose of the systematic internalizer calculations for 17,999 equity and equity-like instruments and for 387,212 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 it has been reported to ESMA. The publication includes data for instruments that are no longer available for trading on EU trading venues at the end of October. The publication of data for the systematic internalizer calculations for derivatives and other instruments will start from 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 and on a voluntary basis, decided to compute the total volume and number of transactions executed in EU to help market participants in the performance of the 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/MiFIR, Systematic Internalizers, Data, Transparency, ESMA

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