Jurisdiction(s):
European Union

EU systematic internalisers: MiFID II/MiFIR regime, qualitative definition, transparency and firm quote duties, share trading obligation, and 2024–2026 reforms

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note examines the rules governing systematic internalisers (SIs) within the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), as updated by Directive (EU) 2024/790 (the MiFID II Review), and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as revised by Regulation (EU) 2024/791 (the MiFIR Review), collectively referred to as the MiFID II framework. For further detail on trading venues under the MiFID II framework—regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs)—see Practice Note: MiFID II: EU trading venues.

What are systematic internalisers and why are they regulated?

Funds, insurers and other major investors typically choose between two routes when trading securities. They may transact on a trading venue where many participants interact, or deal directly with an investment firm that settles by dealing on its own account. In the latter scenario, the securities traded are drawn from, or placed into, the firm’s proprietary holdings; put differently, the firm executes the trade ‘internally’...

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Web page updated on 21/05/2026

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