Performance & Stability
        
        How Do Regulators Define the Threshold for Dealer Activity on Electronic Trading Platforms?
        
         
        
        
          
        
        
      
        
     
        
        Regulators define dealer thresholds by assessing if a firm's electronic trading provides liquidity in a manner functionally equivalent to a traditional dealer.
        
        What Are the Operational Burdens of MiFID II’s Instrument Liquidity Classification System?
        
         
        
        
          
        
        
      
        
     
        
        MiFID II's liquidity classification imposes data-intensive operational burdens, mandating a systematic architecture for compliance and execution.
        
        How Does MiFID II Define a Systematic Internaliser in Practice?
        
         
        
        
          
        
        
      
        
     
        
        A Systematic Internaliser is an investment firm using its own capital to execute client orders in a highly regulated, transparent manner.
        
        How Does MiFID II Define a Systematic Internaliser’s Obligations?
        
         
        
        
          
        
        
      
        
     
        
        MiFID II defines a Systematic Internaliser's obligations as the mandated pre- and post-trade transparency for high-volume principal trading.
        
        What Are the Primary Compliance Obligations for a Firm Operating as a Systematic Internaliser?
        
         
        
        
          
        
        
      
        
     
        
        A Systematic Internaliser's core duties are to provide pre-trade quote transparency and execute post-trade reporting with precision.
        
        What Are the Specific Quantitative Thresholds for Becoming a Systematic Internaliser in Non-Equity Instruments?
        
         
        
        
          
        
        
      
        
     
        
        The quantitative thresholds for non-equity SIs are now strategic benchmarks for firms to assess if they should opt-in to the regime.
        
        How Does MiFID II Differentiate between an Si and an Mtf?
        
         
        
        
          
        
        
      
        
     
        
        An SI is a bilateral principal counterparty, while an MTF is a multilateral venue for third-party interaction.

 
  
  
  
  
 