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Quantitative Finance · Glossaire

Qu'est-ce que « Systematic internaliser » ?

Definition 11.2 Markets I: The Ecosystem and Exchange-Traded Markets · Chapitre 11 — European Equity Market Structure

A systematic internaliser (SI) is an investment firm that, on an organised, frequent and substantial basis, deals on its own account when executing client orders outside a trading venue. It is a counterparty, not a venue: every trade is bilateral, against the firm’s own book, and the firm must publish firm quotes in liquid shares up to a standard size.

Where a European share may legally trade. A share trading obligation requires investment firms to execute shares on a regulated market, on an MTF or with a systematic internaliser, which confines true over-the-counter trading to exceptional cases.
Figure 11.1. Where a European share may legally trade. A share trading obligation requires investment firms to execute shares on a regulated market, on an MTF or with a systematic internaliser, which confines true over-the-counter trading to exceptional cases.
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