The European Union Emissions Trading Scheme describes systematic internalisers as investment firms which, on an organised, frequent, systematic and substantial basis, "deal on own account" by executing clients' orders outside a regulated market, MTF (multilateral trading facility) or OTF (organised trading facility) without operating a multilateral system. According to article 4(19) of MiFID II, as the directive is called, a "multilateral system" is any system or facility operated and/or managed by an investment firm or a market operator in which multiple third-party buying and selling trading interests in financial instruments are able to interact in the system.
The outstanding feature of MiFID II is its insistence on all multilateral systems (a term not used in MiFID I) for the trading of financial instruments being regulated markets, MTFs or OTFs operated authorised firms or regulated markets. One of the means by which it seeks to do this is to improve trade and "transaction transparency" by extending the scope of systematic internalisers, which few people wanted to set up under MiFID I, much to the EU's disappointment. Another aim of the directive is to require systematic internalisers to give investors more information about the bonds and derivatives they are trading on their behalf.
The list below consists of several data entries for each systematic internaliser, separated by em dashes. These are: country, name of institution, town, website, status date, status, creation date, and comments.
- Austria – Erste Group Bank AG – Vienna – www.erstegroup.com – January 2017 – Active – January 2017 – Systematic Internaliser.
- Denmark – Danske Bank A/S - Systematic Internaliser – Copenhagen – www.danskebank.dk – March 2017 – Active – March 2017 – Systematic Internaliser.
- Denmark – Spar Nord Bank - Systematic Internaliser – Aalborg – www.sparnord.dk – May 2017 – Active – May 2017 – Systematic Internaliser.
- France – Exane BNP Paribas - Systematic Internaliser – Paris – www.exane.com – August 2017 – Active – August 2017
- France – Natixis - Systematic Internaliser – Paris – www.natixis.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- Germany – HSBC Trinkhaus and Burkhardt AG - Systematic Internaliser – Dusseldorf – www.hsbc.de – August 2017 – Active – August 2017 – Systematic Internaliser.
- Ireland – Virtu Financial Ireland Ltd - Systematic Internaliser – Dublin – www.virtu.com – July 2017 – Active – July 2017 – Virtu Financial Ireland Ltd Systematic Internaliser.
- Ireland – Virtu Financial Ireland Ltd – OTC – Dublin – www.virtu.com – July 2017 – Active – July 2017 – Virtu Financial Ireland Ltd Systematic OTC Platform.
- Italy – Fineco Bank - Systematic Internaliser – Milan – www.finecobank.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- Liechtenstein – LGT Bank AG - Systematic Internaliser – Vaduz – www.lgt.com – February 2017 – Active – February 2017 – Systematic Internaliser
- Luxembourg – Mitsubishi UFJ Investor Services and Banking - Systematic Internaliser – Luxembourg – www.lu.tr.mufg.jp – July 2017 – Active – July 2017 – Systematic Internaliser.
- Luxembourg – RBC Investor Services Bank SA - Systematic Internaliser – Esch-sur-Alzette – www.rbcits.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- Sweden – SEB - Systematic Internaliser – Stockholm – www.seb.se – June 2017 – Active – June 2017 – SEB Systematic Internaliser
- United Kingdom – Australia and New Zealand Banking Group Ltd Systematic Internaliser – London – www.anz.com.au – August 2017 – Active – August 2017 – Systematic Internaliser.
- United Kingdom – Credit Suisse Securities (Europe) Ltd - Systematic Internaliser – London – www.credit-suisse.com – August 2017 – Active – August 2017 Systematic Internaliser.
- United Kingdom – Credit Suisse International - Systematic Internaliser – London – www.credit-suisse.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- United Kingdom – Deutsche Bank AG Operating Market Code for EU Systematic Internaliser – London – https://autobahn.db.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- United Kingdom – Exane BNP Paribas - Systematic Internaliser – London – www.exane.com – July 2015 – Active – July 2015 – EXSI is the identifier to be used for client executions executed under the Systematic Internaliser regime by Exane BNP Paribas.
- United Kingdom – Goldman Sachs International Bank - Systematic Internaliser – London – www.goldmansachs.com – July 2017 – Active – July 2017 – Systematic Internaliser
- United Kingdom – Goldman Sachs International - Systematic Internaliser – London – www.goldmansachs.com/gset – October 2016 – Active – October 2016 – Systematic Internaliser
- United Kingdom – HSBC - Systematic Internaliser – London – www.hsbcnet.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- United Kingdom – JP Morgan Securities PLC – London – www.jpmorgan.com – January 2017 – Active – January 2017 – Systematic Internaliser.
- United Kingdom – Jane Street Financial Ltd - Systematic Internaliser – London – www.janestreet.com – August 2017 – Active – August 2017 – Systematic Internaliser. Not Live Yet.
- United Kingdom – Mizuho International - Systematic Internaliser – London – www.onemizuho.eu – July 2017 – Active – July 2017 – Anticipated Systematic Internaliser For Bonds.
- United Kingdom – Morgan Stanley and Co International plc - Systematic Internaliser – London – www.morganstanley.com – May 2017 – Active – May 2017
- United Kingdom Mitsubishi UFJ Trust International Ltd - Systematic Internaliser – London – www.tr.mufg.jp/english/ourservices/administration/muti.html – June 2017 – Active – June 2017 – Systematic Internaliser.
- United Kingdom – Nomura Systematic Internaliser – London – www.nomura.com – April 2017 – Active – April 2017
- United Kingdom – RBC Investor Services Trust - Systematic Internaliser – London – www.rbcits.com – August 2017 – Active – August 2017 – Systematic Internaliser.
- United Kingdom – Standard Chartered - Systematic Internaliser – London – www.sc.com – August 2017 – Active – August 2017 – Systematic Internaliser
- United Kingdom – Sun Trading International - Systematic Internaliser – London – www.suntradinginternational.co.uk – July 2017 – Active – July 2017 – Systematic Internaliser
- United Kingdom – UBS AG London Branch - Systematic Internaliser – London – www.ubs.com – July 2017 – Active – July 2017 – UBS AG London Branch Trading Platform Systematic Internaliser.
- United Kingdom – UBS Ltd EMEA Trading - Systematic Internaliser – London – www.ubs.com – July 2017 – Active – July 2017 – UBS Ltd Systematic Internaliser.
Old entries
Only one entry on the list is old, dating from 2009. It is Knight Link Europe – London – www.knight.com – April 2009 – Active – April 2009 – Systematic Internaliser.
