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The UK systematic internaliser regime: recent changes
Definition of systematic internaliser
In the Wholesale Markets Review (WMR) consultation 1 HM Treasury (HMT) proposed to amend the definition of systematic internaliser (SI). Under the then current definition an investment firm was an SI if it dealt on own account when executing client orders outside a UK regulated trading venue without operating a multilateral system and either did so on an organised frequent systematic and substantial basis or opted into the SI regime. Quantatitive thresholds were used to determine whether firms’ dealings fell within this definition and firms were required to carry out complex and costly calculations on a regular basis. The thresholds were applied to trading in specific instruments. HMT proposed moving from a quantative to a qualitative definition.
Schedule 2 para 8 of the Financial Services and Markets Act 2023 (FSMA 2023) amended Arts...
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