systematic internaliser
as defined in Directive 2014/65/EU of the European Parliament and of the Council of 15 May…, Article 4(1), point (20) (Definitions)
an investment firm which, on an organised, frequent and systematic basis, deals on own account in equity instruments by executing client orders outside a regulated market, an MTF or an OTF, without operating a multilateral system, or which opts in to the status of systematic internaliser;
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Also defined in
- Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial… 32014R0600, Article 2(1), point (12)
a systematic internaliser as defined in Article 4(1)(20) of Directive 2014/65/EU - Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments… 32004L0039, Article 4(1), point (7)
an investment firm which, on an organised, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF; - Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market… 02014R0596-20260605, Article 3(1), point (36)
(36) ‘systematic internaliser’ means a systematic internaliser as defined in Article 4(1), point (20), of Directive 2014/65/EU.