MiFID II Systematic Internaliser

SI determination

The extension of the SI regime to non-equities markets, and the introduction of quantitative thresholds, have put this MiFID II trade reporting obligation at the heart of many sell-side compliance programmes.

What are the Systematic Internaliser challenges?

On 1 August 2018, the European Securities and Markets Authority (ESMA) published the equities and bonds thresholds for systematic internaliser (SI) determination. With a tight timeline from determination to best execution reporting the race is on to prepare and comply.

With RTS 27 Now, we can show you the way.

Under the new MiFID II regulations, investment firms are required to determine whether they trade on a frequent, systematic and substantial basis  in order to identify whether they are a Systematic Internaliser (SI) or not. These firms will make this decision based on whether their activity exceeds certain thresholds.

We provide solutions to enable organizations to determine if they have breached MiFID II Systematic Internaliser (SI) thresholds. By leveraging the Refinitiv market data network, investment firms can be confident on whether they exceed these thresholds (and become an SI).

Useful links

New report – the MiFID II trading transformation

How we help

How can Refinitiv help?

Aggregated market data

Through our aggregated market data, investment firms can estimate the total market size in near real time for both equity and non-equity markets.

We are able to collect the total number and volume of trades  in the EU from trading venues and approved publication arrangements (APAs), and instrument definitions are aligned with the SI threshold criteria.

Regulators’ official total market size information

We carry official total market size information published by regulators.

We distribute this data through our existing channels, such as DataScope Select, Eikon, and Thomson ONE desktops and feeds.

Systematic Internaliser Determination Platform dashboards

These dashboards have been designed to offer investment advice and help investment firms determine whether they meet regulatory requirements for trading as an SI.

The display takes trading data from that investment firm, cross-asset, and compares this to total market size data to conduct the frequent and systematic as well as substantial tests.

The SI Determination Platform dashboard provides traders and compliance offers with insight into their current market participation in line with MiFID II regulations.