Trading venues and systematic internalisers Sample Clauses

Trading venues and systematic internalisers. ‘Trading venue’ refers to a regulated market and two types of trading facilities: a multilateral trading facility (MTF) and an organised trading facility (OTF). In addition, a client can also engage in trading through an investment firm operating as a systematic internaliser (SI) or in some other manner when trading takes place on an investment firm’s own account or on behalf of some other client. Various types of financial instruments are traded on a regulated market. In relation to shares, only shares of publicly listed companies can be quoted and admitted to trading on a regulated market, and there are stringent requirements for such companies, inter alia, regarding the company’s size, business, ownership structure and public reporting of the company’s finances and operations. A multilateral trading facility (MTF) can be described as a trading facility that is operated and managed by a stock exchange or an investment firm. Typically, less stringent requirements, regarding i.e. communications and business, apply for financial instruments traded on a multilateral trading facility compared to financial instruments traded on a regulated market. An organised trading facility (OTF) is similar to a multilateral trading facility in many ways. On an organised trading facility, only such financial instruments can be traded that are not shares or securities comparable to shares, such as bonds and derivatives. In addition, looser rules can be applied to trading on an organised trading facility, including matching of orders, compared to trading on a regulated market or multilateral trading facility. SVHY053PL 11.20 Nordea Bank Abp, Satamaradankatu 5, FI-00020 NORDEA, Finland, domicile Helsinki, Business A systematic internaliser (SI) is an investment firm which, on an organised, frequent and systematic basis, deals on own account when executing client orders outside a regulated market or a trading facility. A systematic internaliser is obliged to publish buy and sell bids on prices that correspond to the market price for liquid financial instruments traded on a trading venue and in which the systematic internaliser performs systematic internal trading. A trade can also be executed through an investment firm without it being a systematic internaliser, by executing a client’s order on the firm’s own account or on behalf of the firm’s other client. There is currently one regulated market in Finland: Nasdaq Helsinki Oy (hereinafter referred to as the ‘Helsinki Stock Exc...
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