SIs on the rise across asset classes

There’s been much speculation about the revival of the Systematic Internaliser as MiFID II has sharpened its rules. So now that we’re almost two months into the new regime, how is it looking? Luckily the regulators (e.g. ESMA and FCA) publish registers of all their SIs, and the asset class they’re active in, telling us something about the evolving market structure. Even though ESMA’s list seems incomplete (where are the Swedish SIs, for example?), with the help of ISO 10383 you can reasonably close those gaps.

Currently there are about 109 SIs in varying states of registration in Europe. Given that pre-MiFID II there were less than 20, that’s a considerable increase. In terms of distribution across countries there are no real surprises with the usual suspects at the top. But, more interesting, is the distribution across asset classes. Designed with equities in mind, SIs appear to be conquering other asset classes too with more of them active in bonds and derivatives. Who would have thought it?

Leave A Comment

Copyright © 2018 Fidessa group plc. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.