Not on the list: Mifid’s systematic internaliser mystery

Self-identification of systematic internalisers in derivatives could fuel buy-side confusion

With less than four months to go until the start of Europe’s key reform of market structure, the industry must still confront some fundamental questions, such as what kind of entity will they be trading with from January 2018, who will be responsible for reporting each trade, and even what is a derivative? Until they receive guidance from regulators, firms could essentially be answering these questions themselves for the first nine months of the new regime, and the chances of every firm reaching