Systematic Internalizer definition
Systematic Internalizer means an investment firm which, on an organized, frequent, systematic and substantial basis, deals on own account when executing Orders outside a Regulated Market, an MTF or an OTF without operating a multilateral system.
Systematic Internalizer means an investment firm which, on an organized, frequent systematic and substantial basis, deals on own account when executing client orders outside a Regulated Market, an MTF or an OTF without operating a multilateral system. The frequent and systematic basis shall be measured by the number of OTC trades in the financial instrument carried out by the investment firm on own account when executing client orders. The sub- stantial basis shall be measured either by the size of the OTC trading carried out by the investment firm in relation to the total trading of the investment firm in a specific financial instrument or by the size of the OTC trading carried out by the investment firm in relation to the total trading in the Union in a specific financial instrument. The definition of a systematic internaliser shall apply only where the pre-set limits for a frequent and systematic basis and for a substan- tial basis are both crossed or where an investment firm chooses to opt-in under the systematic internaliser regime.
Systematic Internalizer means a securities dealer which, on an organized, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or a multilateral trading facility. Provision of a separate legal provision58hf) shall be used to determine whether the securities dealer is a systematic internaliser.
More Definitions of Systematic Internalizer
Systematic Internalizer means an investment firm which, on an organized, frequent and systematic basis, deals on own account to provide for the possibility for transactions on each trading day by executing client orders outside a regulated market or a multilateral trading facilities;
Systematic Internalizer means an investment firm which, on an organized, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF. The EAC Act should treat systematic internalizers as mini-exchanges, hence, they will be subject to pre-trade and post-trade transparency requirements.
Systematic Internalizer means an investment firm which, on an organized, frequent and systematic basis, deals on own account to provide for the possibility for transactions on each
Systematic Internalizer means an investment firm which, on an organized, frequent and systematic basis, deals on own account to provide for the possibility for transactions by executing client orders outside a regulated market, a multilateral trading facility and organized trading facility without operating a multilateral system;