systematic internaliser
as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April…, 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;
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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 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments… 32014L0065, Article 4(1), point (20)
an investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system; The frequent and systematic basis shall be measured by the number of OTC… - 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.