# Can an Investment Firm Voluntarily Opt-In to the Systematic Internaliser Regime? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

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![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

![A sophisticated, multi-component system propels a sleek, teal-colored digital asset derivative trade. The complex internal structure represents a proprietary RFQ protocol engine with liquidity aggregation and price discovery mechanisms](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Concept

An [investment firm](https://prime.greeks.live/area/investment-firm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) possesses the explicit authority to voluntarily elect for [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI) status under the MiFID II framework. This pathway exists in parallel to the mandatory classification, which is triggered when a firm’s over-the-counter (OTC) trading activity in a specific financial instrument class surpasses prescribed quantitative thresholds for frequency and substance. The opt-in mechanism is a deliberate structural component of the regulation, affording firms strategic agency in defining their market-facing identity. It allows an entity to proactively adopt the obligations and operational posture of an SI, even when its trading volumes do not compel it to do so.

This decision is not a blanket election; a firm can be granular, choosing to become an SI for specific instruments or asset classes. This level of precision enables a firm to calibrate its regulatory status with its commercial objectives and client service model with exacting detail.

The core function of the SI regime is to enhance pre-trade and post-trade transparency for OTC and bilateral trading activities, bringing them into a regulatory perimeter that parallels the transparency standards of organized trading venues. An SI is fundamentally an investment firm that deals on its own account by executing client orders outside of a regulated market, a multilateral trading facility (MTF), or an organized trading facility (OTF). By formalizing this activity, the regime imposes specific duties, most notably the obligation to provide [firm quotes](https://prime.greeks.live/area/firm-quotes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in response to client requests for instruments in which the firm is an SI.

This requirement ensures that liquidity is made visible and accessible under a defined set of rules, thereby contributing to a more legible and efficient price discovery process across the European market. The voluntary opt-in provision acknowledges that a firm’s strategic intent, client relationships, and desired market perception are as significant in shaping market structure as its quantitative trading output.

![The central teal core signifies a Principal's Prime RFQ, routing RFQ protocols across modular arms. Metallic levers denote precise control over multi-leg spread execution and block trades](https://options.greeks.live/wp-content/uploads/2025/07/principals-prime-os-rfq-system-institutional-digital-asset-derivatives.jpg)

![A light sphere, representing a Principal's digital asset, is integrated into an angular blue RFQ protocol framework. Sharp fins symbolize high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-core-asset-rfq-protocol-framework-for-digital-derivatives.jpg)

## Strategy

![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## The Calculus of Volition

The decision for an investment firm to voluntarily opt into the Systematic Internaliser regime is a function of strategic calculation, weighing the commercial advantages against the heightened regulatory and operational load. A primary driver for opting in is client-centric. Many buy-side firms prefer to transact with SIs to delegate their own [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations. Under MiFID II, the SI assumes the responsibility for making transaction details public through an [Approved Publication Arrangement](https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (APA).

This offloading of a complex and operationally intensive task is a significant value proposition, making an opt-in SI a more attractive counterparty. This creates a competitive dynamic where becoming an SI is a mechanism for client acquisition and retention.

> Voluntarily adopting SI status allows a firm to strategically position itself as a core liquidity provider, simplifying reporting for clients and solidifying key counterparty relationships.

Another strategic consideration is the control and formalization of a firm’s liquidity provision. By opting into the SI regime, a firm markets itself as a dedicated source of liquidity with firm, accessible quotes. This can enhance its reputation and attract order flow from clients seeking reliable execution.

The firm can select specific instruments or asset classes for this status, allowing it to concentrate its market-making activities and operational resources where they have the most commercial impact. For instance, a firm with particular expertise in a certain class of corporate bonds or derivatives can become the designated SI for those instruments, cementing its role as a go-to provider without being forced into the regime across all its activities.

![A precision optical system with a teal-hued lens and integrated control module symbolizes institutional-grade digital asset derivatives infrastructure. It facilitates RFQ protocols for high-fidelity execution, price discovery within market microstructure, algorithmic liquidity provision, and portfolio margin optimization via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/principal-grade-digital-asset-derivatives-rfq-optics-for-high-fidelity-execution-and-optimized-liquidity.jpg)

## A Comparative Analysis of Strategic Postures

The choice to become an SI, remain a non-SI, or operate as a mandatory SI involves distinct trade-offs. The table below outlines the core strategic differences from the perspective of an investment firm evaluating the voluntary opt-in.

| Strategic Factor | Voluntary Opt-In SI | Mandatory SI | Non-SI (Standard Firm) |
| --- | --- | --- | --- |
| Market Positioning | Proactive; designated liquidity provider in chosen instruments. A deliberate marketing and service choice. | Reactive; a consequence of high trading volumes. Status is determined by market activity. | Flexible; operates without specific quoting obligations. Competes on price/relationship without the SI designation. |
| Client Value Proposition | Offers delegated post-trade reporting, simplifying client operations. Provides firm quotes on request. | Offers delegated post-trade reporting and provides firm quotes as an obligation of its scale. | Client retains post-trade reporting duties. Quote provision is discretionary. |
| Operational Overhead | High. Requires investment in systems for quoting, monitoring, and APA reporting. | High. Same requirements as a voluntary SI, but non-discretionary. | Lower. Standard post-trade reporting obligations apply but no firm quoting infrastructure is required. |
| Regulatory Burden | Significant. Subject to all SI rules, including pre-trade transparency and quote firmness. | Significant. Identical to the voluntary SI. | Lower. Subject to general MiFID II conduct and transparency rules. |

![An abstract system depicts an institutional-grade digital asset derivatives platform. Interwoven metallic conduits symbolize low-latency RFQ execution pathways, facilitating efficient block trade routing](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-engine.jpg)

![A dark blue sphere, representing a deep institutional liquidity pool, integrates a central RFQ engine. This system processes aggregated inquiries for Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-liquidity-aggregation.jpg)

## Execution

![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## The Procedural Path to SI Status

Electing to become a Systematic Internaliser is a formal process that involves direct engagement with regulatory bodies and a substantial internal build-out of systems and controls. The execution is not merely a declaration of intent but a commitment to a higher standard of operational conduct and transparency. A firm must be prepared for the technical and procedural requirements that underpin the SI designation.

> The transition to a voluntary SI is a formal process requiring regulatory notification and the implementation of robust quoting and reporting systems.

The operational journey begins with a formal notification to the relevant [National Competent Authority](https://prime.greeks.live/area/national-competent-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (NCA), the domestic regulator in the firm’s jurisdiction. This notification specifies the financial instruments for which the firm is opting into the SI regime. The NCA then transmits this information to the European Securities and Markets Authority ([ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), which maintains a public register of all SIs in the Union, detailing the asset classes for which each firm holds the designation. This public listing is a critical component of the market’s transparency infrastructure, allowing all participants to identify SIs for specific instruments.

![A sleek, futuristic institutional grade platform with a translucent teal dome signifies a secure environment for private quotation and high-fidelity execution. A dark, reflective sphere represents an intelligence layer for algorithmic trading and price discovery within market microstructure, ensuring capital efficiency for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

## Core Execution Obligations

Once a firm has opted in, it must adhere to a strict set of ongoing obligations. These are not passive duties but require active, technology-driven systems to ensure continuous compliance. The primary obligations are centered around transparency and fair dealing.

- 
**Pre-Trade Quote Transparency** ▴ For equity and equity-like instruments, the SI must publish firm quotes for liquid instruments up to a standard market size. For non-equity instruments, the SI must provide firm quotes to clients upon request if it agrees to provide a quote. This necessitates systems capable of generating, managing, and disseminating these quotes in a machine-readable format, often via the firm’s website or a dedicated data feed. 

- 
**Execution Quality** ▴ Transactions must be executed at prices that are at or better than the quoted price. The firm must have policies and systems in place to monitor and demonstrate execution quality, which aligns with the broader best execution principles of [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- 
**Post-Trade Reporting** ▴ The SI is responsible for the public reporting of transaction details through an Approved Publication Arrangement (APA). This must be done as close to real-time as is technically possible. This requires robust connectivity and data formatting capabilities to meet the APA’s specifications. 

![A polished metallic disc represents an institutional liquidity pool for digital asset derivatives. A central spike enables high-fidelity execution via algorithmic trading of multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity-system.jpg)

## Systemic and Control Framework

The operational backbone of an SI is its technology and control infrastructure. A firm cannot realistically fulfill its duties without significant investment in its systems. The table below outlines the key system requirements.

| System Component | Function | Key Considerations |
| --- | --- | --- |
| Quotation Engine | Generates and disseminates firm quotes for relevant instruments. | Must be low-latency, resilient, and capable of handling requests for quotes (RFQs). Needs to integrate with internal pricing models and risk management systems. |
| Trade Reporting Gateway | Connects to one or more APAs for real-time post-trade reporting. | Requires reliable, high-throughput messaging capabilities (e.g. FIX protocol). Must handle data validation and error correction. |
| Monitoring & Surveillance | Tracks trading activity against SI thresholds and monitors for compliance with quoting obligations. | Must perform calculations as defined by regulation and generate alerts for potential breaches. Needs to archive data for regulatory audit. |
| Client Management System | Identifies which clients are eligible for quotes and manages client-specific arrangements. | Must integrate with the quotation engine to ensure quotes are provided according to regulatory requirements and client agreements. |

Furthermore, even a firm that voluntarily opts in is still expected to perform the quarterly quantitative assessment for the instruments in which it is an SI. If its trading activity crosses the mandatory thresholds, its status as an SI for those instruments becomes obligatory rather than voluntary, although the practical duties remain the same. This underscores that the opt-in path leads to the same destination as the mandatory one; the difference lies in the timing and the strategic impetus for the journey.

![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## References

- BaFin. (2017). Systematic internalisers ▴ Main points of the new supervisory regime under MiFID II. Federal Financial Supervisory Authority.

- European Securities and Markets Authority. (2022). Q&As on MiFID II and MiFIR transparency topics (ESMA70-872942901-35).

- Financial Conduct Authority. (2019). Questions and Answers on MiFID II and MiFIR transparency topics.

- European Securities and Markets Authority. (2020). MiFIR report on systematic internalisers in non-equity instruments (ESMA70-156-2756).

- The International Capital Market Association. (2017). MiFID II SI Regime Workshops ▴ A summary report.

- Lehalle, C. A. & Laruelle, S. (Eds.). (2013). Market Microstructure in Practice. World Scientific Publishing.

- Harris, L. (2003). Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press.

- O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishing.

![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

## Reflection

![A segmented circular structure depicts an institutional digital asset derivatives platform. Distinct dark and light quadrants illustrate liquidity segmentation and dark pool integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-liquidity-aggregation-protocols.jpg)

## An Instrument of Identity

The decision to adopt the Systematic Internaliser designation is ultimately an act of defining a firm’s identity within the market ecosystem. It moves a firm from a passive participant subject to the currents of its own trading flow to an active architect of its market presence. The regulatory text provides the blueprints for what an SI must do, but the strategic decision to build that capacity voluntarily speaks to a deeper operational philosophy. It is a choice to embrace transparency as a commercial tool and to embed the firm more deeply into the fabric of the market’s infrastructure.

The question for a firm is not simply whether it can opt-in, but what it intends to become by doing so. The process reveals a firm’s ambition, its commitment to its clients, and its vision for its role in a more transparent financial landscape.

![A multi-layered, circular device with a central concentric lens. It symbolizes an RFQ engine for precision price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-precision-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic instrument, a precision gauge, indicates a calibrated reading, essential for RFQ protocol execution. Its intricate scales symbolize price discovery and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a><a href="https://prime.greeks.live/area/investment-firm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A layered, spherical structure reveals an inner metallic ring with intricate patterns, symbolizing market microstructure and RFQ protocol logic. A central teal dome represents a deep liquidity pool and precise price discovery, encased within robust institutional-grade infrastructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-orchestrating-rfq-protocols-for-high-fidelity-execution-and-multi-asset-liquidity.jpg)

## Investment Firm

Meaning ▴ An Investment Firm constitutes a regulated financial entity primarily engaged in the management, trading, and intermediation of financial instruments on behalf of institutional clients or for its own proprietary account. </a><a href="https://prime.greeks.live/area/firm-quotes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A balanced blue semi-sphere rests on a horizontal bar, poised above diagonal rails, reflecting its form below. This symbolizes the precise atomic settlement of a block trade within an RFQ protocol, showcasing high-fidelity execution and capital efficiency in institutional digital asset derivatives markets, managed by a Prime RFQ with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-6.jpg)

## Firm Quotes

Meaning ▴ A Firm Quote represents a committed, executable price and size at which a market participant is obligated to trade for a specified duration. </a><a href="https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

## Approved Publication Arrangement

Meaning ▴ An Approved Publication Arrangement (APA) is a regulated entity authorized to publicly disseminate post-trade transparency data for financial instruments, as mandated by regulations such as MiFID II and MiFIR. </a><a href="https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered component, like an RFQ protocol engine, displays a reflective blade and numerical data. It symbolizes high-fidelity execution within market microstructure, driving price discovery, capital efficiency, and algorithmic trading for institutional Digital Asset Derivatives on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-engine-core-for-institutional-digital-asset-derivatives-rfq-protocol-price-discovery.jpg)

## Post-Trade Reporting

Meaning ▴ Post-Trade Reporting refers to the mandatory disclosure of executed trade details to designated regulatory bodies or public dissemination venues, ensuring transparency and market surveillance. </a><a href="https://prime.greeks.live/area/national-competent-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central institutional Prime RFQ, showcasing intricate market microstructure, interacts with a translucent digital asset derivatives liquidity pool. An algorithmic trading engine, embodying a high-fidelity RFQ protocol, navigates this for precise multi-leg spread execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-navigating-digital-asset-derivative-liquidity.jpg)

## National Competent Authority

Meaning ▴ A National Competent Authority, or NCA, designates a public entity vested with statutory powers to regulate and supervise specific financial sectors or activities within its national jurisdiction. </a><a href="https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Esma

Meaning ▴ ESMA, the European Securities and Markets Authority, functions as an independent European Union agency responsible for safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency, and orderly functioning of securities markets, alongside enhancing investor protection. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a>

**Tags:** [OTC Trading](https://options.greeks.live/area/otc-trading/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [National Competent Authority](https://options.greeks.live/area/national-competent-authority/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Quote Obligation](https://options.greeks.live/area/quote-obligation/), [Client Reporting Delegation](https://options.greeks.live/area/client-reporting-delegation/)	

## Discover More

- 
### [How Have Recent Regulatory Changes in the UK and EU Altered the SI Quoting Obligations for Derivatives?](https://options.greeks.live/question/how-have-recent-regulatory-changes-in-the-uk-and-eu-altered-the-si-quoting-obligations-for-derivatives/)
![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

UK/EU regulatory divergence reshapes SI quoting from a compliance mandate to a strategic, system-dependent execution choice.

- 
### [How Do Systematic Internalisers Leverage Lis Thresholds to Offer Price Improvement to Institutional Clients?](https://options.greeks.live/question/how-do-systematic-internalisers-leverage-lis-thresholds-to-offer-price-improvement-to-institutional-clients/)
![A sleek, metallic platform features a sharp blade resting across its central dome. This visually represents the precision of institutional-grade digital asset derivatives RFQ execution. It symbolizes high-fidelity execution and atomic settlement within market microstructure, ensuring capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-1.jpg)

Systematic Internalisers use LIS waivers to execute large client orders privately, minimizing market impact and sharing internalized cost savings via price improvement.

- 
### [How Does the Use of a Systematic Internaliser Affect a Firm’s Best Execution and Reporting Duties?](https://options.greeks.live/question/how-does-the-use-of-a-systematic-internaliser-affect-a-firms-best-execution-and-reporting-duties/)
![A disaggregated institutional-grade digital asset derivatives module, off-white and grey, features a precise brass-ringed aperture. It visualizes an RFQ protocol interface, enabling high-fidelity execution, managing counterparty risk, and optimizing price discovery within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-modular-execution-intelligence-system.jpg)

A Systematic Internaliser reframes a firm's duties by shifting focus to quantitative validation of execution quality and precise, automated allocation of reporting obligations.

- 
### [What Are the Key Regulatory Differences between Quoting for Lis and Ssti Trades?](https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-quoting-for-lis-and-ssti-trades/)
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives. Internal mechanisms underscore algorithmic trading and pre-trade analytics for capital efficiency and best execution.](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

LIS and SSTI are MiFID II thresholds that calibrate trade transparency, enabling discreet execution of large orders by granting waivers and deferrals.

- 
### [How Has MiFID II Influenced the Market Share of Systematic Internalisers?](https://options.greeks.live/question/how-has-mifid-ii-influenced-the-market-share-of-systematic-internalisers/)
![A central Prime RFQ core powers institutional digital asset derivatives. Translucent conduits signify high-fidelity execution and smart order routing for RFQ block trades. Peripheral modules symbolize aggregated liquidity pools, enabling precise price discovery, mitigating counterparty risk, and optimizing portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-liquidity-aggregation-engine.jpg)

MiFID II re-architected European markets, making Systematic Internalisers the primary venue for discreet, principal-based liquidity.

- 
### [How Have Regulations like MiFID II Specifically Addressed the Issue of Quote Durability?](https://options.greeks.live/question/how-have-regulations-like-mifid-ii-specifically-addressed-the-issue-of-quote-durability/)
![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

MiFID II addressed quote durability by mandating Systematic Internalisers to provide firm, executable quotes, enhancing pre-trade transparency.

- 
### [How Does the Systematic Internaliser Regime Interact with Mifid Ii Liquidity Definitions?](https://options.greeks.live/question/how-does-the-systematic-internaliser-regime-interact-with-mifid-ii-liquidity-definitions/)
![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

The Systematic Internaliser regime uses MiFID II's liquidity definitions to calibrate transparency obligations, enabling efficient large-scale execution.

- 
### [How Does the Liquidity of a Bond Affect the Quoting Obligations for a Systematic Internaliser?](https://options.greeks.live/question/how-does-the-liquidity-of-a-bond-affect-the-quoting-obligations-for-a-systematic-internaliser/)
![A central teal sphere, representing the Principal's Prime RFQ, anchors radiating grey and teal blades, signifying diverse liquidity pools and high-fidelity execution paths for digital asset derivatives. Transparent overlays suggest pre-trade analytics and volatility surface dynamics. Pinned elements indicate precise RFQ protocol engagement and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-and-market-microstructure.jpg)

A bond's regulatory liquidity status directly dictates an SI's quoting obligation, bifurcating its operational risk and client engagement model.

- 
### [How Does MiFID II Define a Systematic Internaliser for RFQ Trading?](https://options.greeks.live/question/how-does-mifid-ii-define-a-systematic-internaliser-for-rfq-trading/)
![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

A Systematic Internaliser is a firm whose principal trading volume requires it to follow venue-like transparency rules for client orders.

---

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---

**Original URL:** https://options.greeks.live/question/can-an-investment-firm-voluntarily-opt-in-to-the-systematic-internaliser-regime/
