Systematic internalisers are lacking the necessary data sources. To carry out thresholds' calculations under the new MiFID II business' formula information about the total volume of trading or total number of transactions in the same financial instrument in the European Union will be needed.

 

This data is currently not available. The European financial regulator - ESMA - did also not receive any empowerment to publish the relevant trading figures (see Final Report ESMA's Technical Advice to the Commission on MiFID II and MiFIR of 19 December 2014 (ESMA /2014/1569) p. 223).

 

Hence, such services will need to be developed within the MiFID II implementation phase (i.e. till 2017) - maybe a business opportunity worth considering?

 

Read more on the systematic internalisers' legal framework under MiFID II Directive...

 

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