# How Has the Systematic Internaliser Regime Altered Liquidity Sourcing? ▴ Question

**Published:** 2025-07-30
**Categories:** Question

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## Concept

The introduction of the [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI) regime under MiFID II represents a fundamental architectural redesign of European market structure. It is a direct regulatory intervention engineered to formalize and bring transparency to a significant volume of over-the-counter (OTC) trading activity that previously occurred in less structured environments. From a systemic perspective, the SI regime alters [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) by creating a new, regulated category of liquidity venue, one that is distinct in its operational mechanics and its relationship with market participants.

An SI is an investment firm that executes client orders on its own account on an organized, frequent, systematic, and substantial basis. This creates a formal channel for accessing a dealer’s proprietary capital, transforming what was once purely bilateral dealing into a component of the recognized market landscape.

This development directly addresses the challenge of managing large order flows without causing adverse [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Before the regime’s expansion, sourcing liquidity for substantial trades often involved navigating a fragmented world of voice brokers and opaque dark pools, with varying levels of [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and counterparty risk. The SI framework provides an alternative pathway.

It establishes a regulated environment where [buy-side firms](https://prime.greeks.live/question/how-do-firms-evidence-best-execution-for-illiquid-instruments-traded-via-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can interact with major liquidity providers directly, benefiting from their balance sheets while operating under a clear set of rules regarding [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and trade reporting. This change compels institutional participants to re-evaluate their entire liquidity sourcing apparatus, viewing it as a network of interconnected systems ▴ lit exchanges, multilateral trading facilities (MTFs), and now, SIs ▴ each with unique properties and protocols.

> The Systematic Internaliser regime re-architects liquidity sourcing by establishing a regulated, bilateral execution venue that complements traditional exchanges and dark pools.

The core alteration to liquidity sourcing stems from this formalization. It compels a strategic shift from simply finding a counterparty to designing a process that optimally routes orders across a more diverse and complex venue landscape. The existence of SIs means that a significant source of liquidity ▴ the inventory of major dealers ▴ is now accessible through a standardized, albeit bilateral, mechanism. This requires investment firms to develop the intelligence and connectivity to identify which dealers are SIs for which instruments and to integrate these new liquidity streams into their execution strategies.

The regime’s design, particularly its requirements for pre-trade quote provision and [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), fundamentally changes the data landscape, providing new inputs for [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) and best execution models. The systemic impact, therefore, is a move towards a more explicit and data-driven approach to sourcing liquidity, where the choice of execution venue becomes a calculated decision based on a wider array of regulated options.

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## How Does the SI Model Diverge from Traditional Venues?

The SI model presents a hybrid structure that diverges from both [lit exchanges](https://prime.greeks.live/area/lit-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and dark pools. Lit exchanges, or Regulated Markets (RMs), operate on a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB) model, offering full pre-trade transparency and multilateral price formation. Dark pools, often operating as MTFs, suppress pre-trade transparency to minimize market impact for large orders, but still function on a multilateral basis, matching orders from various participants. The SI, in contrast, is an inherently bilateral venue.

An investment firm interacts with the SI’s own capital; the SI is the direct counterparty to the trade. This bilateral nature is a defining architectural feature, offering a degree of control and discretion unavailable in multilateral environments. The SI can, within certain non-discriminatory limits, decide to whom it provides quotes, making it a more controlled environment.

This structural difference has profound implications for liquidity sourcing. When a buy-side firm sends an order to a lit exchange, it is interacting with the entire market’s aggregated interest. When it sends an order to an SI, it is specifically accessing the liquidity profile and risk appetite of that single firm. This allows for a more targeted approach to liquidity.

A firm might choose an SI known for its deep liquidity in a specific asset class, creating a more tailored execution path. The regulatory framework around SIs ensures this bilateral interaction remains tethered to broader market fairness, primarily through [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations and transparency requirements that mandate quotes are fair, reasonable, and reflect prevailing market conditions.

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## Regulatory Drivers behind the SI Architecture

The expansion of the SI regime under [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was a deliberate regulatory response to several market trends. A primary driver was the desire to increase transparency in OTC markets, which had grown substantially. Regulators sought to bring a larger portion of trading activity into a formal, regulated perimeter to improve market surveillance and ensure more robust price formation processes. The framework was engineered to capture significant bilateral trading flows that might otherwise avoid the transparency obligations of traditional venues.

A second critical driver was the implementation of caps on dark pool trading. MiFID II introduced the Double Volume Cap (DVC) mechanism, which limits the amount of trading in a particular stock that can occur in [dark pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) without pre-trade transparency. This rule was designed to push more order flow onto [lit markets](https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The SI regime emerged as a direct beneficiary and a structural alternative.

As dark pool capacity became constrained by the DVC, liquidity naturally migrated towards SIs, which offered a way to execute trades off-exchange without being subject to the same volume limitations. This interplay demonstrates the systemic thinking behind the regulation; by constraining one type of off-venue trading, regulators intentionally created an incentive to use another, more transparent form of off-venue execution. This architectural choice has cemented the SI’s role as a primary destination for liquidity that might previously have been directed to dark MTFs.

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![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## Strategy

The emergence of the [Systematic Internaliser regime](https://prime.greeks.live/question/what-are-the-primary-operational-burdens-the-si-regime-places-on-investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) necessitates a complete strategic recalibration of how institutional investors approach liquidity. The market is no longer a simple binary choice between lit exchanges and dark pools. Instead, it is a complex, multi-layered system where SIs represent a critical third pillar.

A successful strategy involves viewing these venues not as competitors, but as complementary components within a holistic execution architecture. The objective is to design a system that intelligently routes orders to the optimal venue ▴ or sequence of venues ▴ based on the specific characteristics of the order, the real-time state of the market, and the overarching strategic goals of the portfolio manager.

For the buy-side, the primary strategic shift is from passive acceptance of broker routing to active design of liquidity sourcing policies. This involves developing an internal framework to evaluate and connect to a curated set of SI counterparties. The best execution mandate under MiFID II extends to the buy-side, requiring them to demonstrate a rigorous process for selecting execution channels. This means asset managers must actively analyze the execution quality provided by different SIs, comparing metrics like [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), speed, and likelihood of execution against lit markets and MTFs.

The strategy becomes one of diversification and optimization, building a resilient sourcing network that is not overly reliant on any single type of venue. This requires investment in technology, data analysis, and a deeper understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

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## Buy-Side Strategic Adaptation

Institutional investors must adapt their strategies to leverage the unique properties of SIs. This adaptation unfolds across several dimensions, from counterparty management to the integration of new execution protocols.

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## Counterparty and Venue Analysis

A core strategic activity is the continuous evaluation of SI counterparties. This extends beyond traditional credit risk assessment to a quantitative analysis of execution performance. Sophisticated buy-side firms now maintain detailed performance scorecards for their SI partners, tracking key metrics for different asset classes and order types. This data-driven approach allows for dynamic routing decisions.

For example, a firm might find that one SI consistently offers superior price improvement for large-in-scale orders in a specific sector, while another provides the tightest quotes for more liquid, smaller-sized trades. This granular level of analysis is fundamental to fulfilling best execution obligations and achieving a competitive edge.

> A sophisticated buy-side strategy treats venue selection as an optimization problem, continuously analyzing SI performance data to inform intelligent order routing.

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## Integration with Smart Order Routers

The logic governing Smart Order Routers (SORs) must be re-architected. A legacy SOR might have a simple logic of checking the [lit market](https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and then spraying orders across available dark pools. A modern, SI-aware SOR operates with a more sophisticated decision tree. It must incorporate SI quote streams and be capable of executing RFQ protocols.

The [routing logic](https://prime.greeks.live/question/how-do-smart-order-routers-adapt-their-logic-to-comply-with-regulations-like-the-double-volume-cap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) might prioritize SIs for certain orders, particularly those that are sensitive to market impact or fall just below the large-in-scale (LIS) threshold, where SIs can offer significant price improvement without information leakage. The strategy involves configuring the SOR to understand the specific strengths of each connected SI and to use them tactically.

The following table outlines the strategic evolution in liquidity sourcing for buy-side firms, contrasting the pre- and post-SI regime environments.

### Table 1 ▴ Evolution of Buy-Side Liquidity Sourcing Strategy

| Strategic Dimension | Pre-SI Regime Approach | Post-SI Regime Approach |
| --- | --- | --- |
| Venue Landscape | Primarily a binary choice between lit exchanges and a fragmented collection of dark pools and broker-crossing networks (BCNs). | A tripartite landscape of lit exchanges, dark MTFs (constrained by DVCs), and a network of regulated SIs. |
| Liquidity Access | Access to dealer capital was primarily through informal voice negotiation or opaque BCNs. | Formalized access to dealer capital via regulated SI venues with specific quoting and reporting obligations. |
| Execution Strategy | Often reliant on broker algorithms and their pre-defined routing tables. Less direct control over venue selection. | Increased emphasis on proprietary smart order routing logic, active venue analysis, and direct management of counterparty relationships. |
| Best Execution | Primarily a sell-side responsibility. Buy-side reliance on broker reports for evidence. | A shared responsibility, with MiFID II explicitly requiring buy-side firms to have their own best execution policies and prove diligent venue selection. |
| Data & Analytics | Limited public data on off-exchange execution quality. TCA was often based on incomplete datasets. | Richer data environment due to SI post-trade reporting (e.g. ‘SINT’ flag). TCA can now directly compare execution quality across all venue types. |

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## Sell-Side Strategic Positioning

For sell-side firms, the SI regime presents a fundamental strategic choice ▴ whether to register as an SI or not. This decision is not trivial, as it comes with both significant opportunities and substantial operational and regulatory burdens. The firms most likely to become SIs are large dealers with substantial [order flow](https://prime.greeks.live/area/order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the balance sheet to internalize risk.

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## The Calculus of Becoming an SI

A firm considering SI status must weigh the benefits of capturing and internalizing client order flow against the costs of compliance. The primary strategic advantages include:

- **Capturing Order Flow** ▴ SIs can attract order flow from clients seeking to avoid market impact on lit exchanges or facing constraints in dark pools.

- **Revenue Generation** ▴ Internalizing trades allows the firm to capture the bid-ask spread and manage its own inventory more effectively.

- **Client Relationships** ▴ Offering SI services can strengthen client relationships by providing a valuable liquidity solution and assisting clients with their best execution requirements.

Conversely, the operational challenges are considerable. A firm must build and maintain the necessary infrastructure for pre-trade quoting, post-trade reporting, and continuous monitoring of its trading thresholds to ensure it remains compliant. The pre-trade transparency rules, which require SIs to provide firm quotes on request for liquid instruments, represent a significant commitment and potential risk.

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## What Are the Strategic Alternatives to Full SI Registration?

Firms that choose not to become full-scale SIs across all asset classes may adopt more targeted strategies. Some may opt-in to the SI regime for only a specific niche of instruments where they have a clear competitive advantage in liquidity provision. This allows them to capitalize on their strengths without taking on the regulatory burden of being an SI for a wider range of products.

Other firms may choose to focus their efforts on providing sophisticated agency execution services, developing advanced algorithms and SORs that help clients navigate the new landscape and access the full spectrum of liquidity, including third-party SIs. This strategy positions them as expert navigators of the complex market structure, rather than as principal liquidity providers themselves.

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## Execution

Executing a liquidity sourcing strategy in the era of Systematic Internalisers is a discipline rooted in process, technology, and data. It moves beyond high-level strategy to the granular mechanics of how orders are handled, routed, and analyzed. The operational framework must be re-engineered to accommodate the protocols and characteristics of SIs, ensuring that they are not just connected, but intelligently integrated into the daily workflow of the trading desk. This requires a deep understanding of the specific obligations imposed on SIs and the tools available to interact with them, primarily the [Request for Quote protocol](https://prime.greeks.live/area/request-for-quote-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The core of modern execution is the ability to segment order flow and direct it to the most suitable venue. An execution management system (EMS) or order management system (OMS) becomes the central nervous system for this process. It must be capable of processing quote streams from SIs alongside data from lit markets and MTFs. The execution protocol for interacting with an SI is fundamentally different from posting a passive order on a CLOB.

It is an active, bilateral negotiation, even when automated. This requires robust, low-latency messaging capabilities and a logic engine that can parse SI responses and make immediate decisions based on pre-defined parameters.

> Effective execution in the SI environment is achieved by architecting a trading workflow that seamlessly integrates bilateral RFQ protocols with multilateral order book trading.

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## The Operational Workflow for Sourcing SI Liquidity

The integration of SIs transforms the trader’s step-by-step execution process. The following list outlines a typical modern workflow for a buy-side desk executing a large or sensitive order:

- **Pre-Trade Analysis and Counterparty Selection** ▴ The process begins with the trader and their pre-trade analytics tools assessing the characteristics of the order (size, liquidity profile of the instrument, urgency). Based on historical performance data (TCA), the system identifies a shortlist of preferred execution venues, which now includes specific SIs known for their strength in that instrument.

- **Staged and Conditional Routing** ▴ The trader, via their EMS, initiates an execution strategy. This may involve first “pinging” dark pools for available liquidity below a certain size threshold to minimize footprint. The SOR is configured to work a small portion of the order on the lit market to gauge depth and market feel.

- **Initiating the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) Protocol** ▴ For the bulk of the order, the system initiates a bilateral or multilateral RFQ. It sends a secure message to the selected SIs requesting a firm, two-way quote for a specific size. This is a discrete inquiry, shielding the order’s full intent from the public market. The RFQ may be sent to multiple SIs simultaneously to create competitive tension.

- **Quote Evaluation and Execution** ▴ The EMS receives the quotes from the SIs. The system’s logic instantly compares these quotes against each other and against the prevailing price on the lit market (e.g. the midpoint of the best bid and offer). The trader or an automated execution algorithm makes the final decision, executing against the SI that provides the best price. This execution is a direct, off-book trade with the SI acting as principal.

- **Post-Trade Reporting and Analysis** ▴ The SI has the responsibility for making the trade 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), using a specific ‘SINT’ flag to identify the trade as an SI transaction. This flag is crucial for the buy-side firm’s own post-trade analysis. The execution details are fed back into the TCA system to update the performance scorecards for each SI, refining the process for future trades.

This workflow highlights a shift towards a more dynamic and interactive style of trading, blending passive, anonymous execution in dark pools with active, disclosed-counterparty execution via SIs and lit markets.

The following table provides a detailed comparison of the primary execution venues available to institutional traders. Understanding these distinctions is critical for designing effective routing logic.

### Table 2 ▴ Comparative Analysis of Execution Venue Architectures

| Parameter | Lit Markets (e.g. Exchanges) | Dark Pools (e.g. Dark MTFs) | Systematic Internalisers (SIs) |
| --- | --- | --- | --- |
| Execution Model | Multilateral – Central Limit Order Book (CLOB) | Multilateral – Order matching, often at midpoint | Bilateral – Principal trading against the SI’s own book |
| Pre-Trade Transparency | Full transparency of bids, offers, and depth. | No pre-trade transparency. Orders are hidden. | Quotes must be provided on request for liquid instruments. No public order book. |
| Price Formation | Continuous price discovery through order interaction. | Price is derived from a reference price, typically from a lit market. | Price is set by the SI in its quote, which must be compliant with best execution standards. |
| Primary Use Case | Standard execution for liquid instruments; official price discovery. | Minimizing market impact for block trades, constrained by Double Volume Caps (DVCs). | Accessing dealer liquidity, price improvement, executing trades without market impact, bypassing DVCs. |
| Counterparty | Anonymous members of the exchange. | Anonymous members of the MTF. | The investment firm operating the SI is the direct, known counterparty. |
| Regulatory Identifier | MIC (Market Identifier Code) | MIC (Market Identifier Code) | Post-trade ‘SINT’ flag. Firm is identified by its LEI (Legal Entity Identifier). |

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## What Does the RFQ Protocol Entail in Practice?

The Request for Quote protocol is the primary mechanism for interacting with SIs in non-equity instruments and for larger equity trades. While the concept is simple ▴ asking for a price ▴ the execution requires specific technological and procedural arrangements. The communication typically occurs over the FIX (Financial Information eXchange) protocol, the standard messaging language of financial markets.

A FIX message containing an RFQ will specify the instrument (e.g. using its ISIN), the desired quantity, and the side (buy or sell). The receiving SI’s system will process this request, check its internal inventory and risk limits, consult its own pricing models, and then respond with a firm quote, also via a FIX message. This quote will have a short lifespan, typically a few seconds, during which the buy-side firm can choose to execute.

The execution itself is another message confirming the intent to trade at the quoted price. This high-speed, machine-to-machine dialogue is what enables efficient access to SI liquidity at scale.

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## References

- 
O’Hara, Maureen. _Market Microstructure Theory_. Blackwell Publishers, 1995.

- 
Harris, Larry. _Trading and Exchanges ▴ Market Microstructure for Practitioners_. Oxford University Press, 2003.

- 
European Securities and Markets Authority. “MiFID II and MiFIR.” ESMA, 2017.

- 
Lehalle, Charles-Albert, and Sophie Laruelle, editors. _Market Microstructure in Practice_. World Scientific Publishing, 2018.

- 
Madhavan, Ananth. “Market Microstructure ▴ A Survey.” _Journal of Financial Markets_, vol. 3, no.
3, 2000, pp. 205-258.

- 
Parlour, Christine A. and Duane J. Seppi. “Liquidity-Based Competition for Order Flow.” _The Review of Financial Studies_, vol. 21, no.
1, 2008, pp. 301-343.

- 
Foucault, Thierry, et al. “Market Liquidity ▴ Theory, Evidence, and Policy.” _Journal of Finance_, vol. 68, no.
4, 2013, pp. 1337-1382.

- 
Comerton-Forde, Carole, et al. “Dark Trading and Price Discovery.” _The Journal of Finance_, vol. 73, no.
6, 2018, pp. 2737-2785.

- 
Gomber, Peter, et al. “High-Frequency Trading.” _Journal of Financial Markets_, vol. 2, no. 1, 2011.

- 
Fleming, Michael J. and Asani Sarkar. “The Termination of Cincom’s Government Bond Primary Dealership.” _FRB of New York Staff Report_, no. 88, 1999.

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## Reflection

The integration of the Systematic Internaliser into the market’s architecture is a permanent evolution. It compels every institutional participant to move beyond legacy frameworks and adopt a more dynamic, systems-oriented view of liquidity. The knowledge of how this regime operates is a foundational component, yet its true value is unlocked when it is applied as a lens to scrutinize one’s own operational framework. The critical introspection for a portfolio manager or head of trading is not simply “Are we connected to SIs?” but “Is our entire execution process architected to leverage this new systemic reality?”

Consider your firm’s internal systems. How is performance data from SI, lit, and dark venues being captured, normalized, and used to refine your routing logic? Is your TCA model capable of isolating the alpha generated through superior venue selection, or does it still rely on broad, market-wide benchmarks?

The answers to these questions reveal the true sophistication of an execution strategy. The SI regime provides a new set of tools; achieving a decisive operational edge depends entirely on the skill and rigor with which they are integrated into a superior and coherent system of intelligence and execution.

![The image features layered structural elements, representing diverse liquidity pools and market segments within a Principal's operational framework. A sharp, reflective plane intersects, symbolizing high-fidelity execution and price discovery via private quotation protocols for institutional digital asset derivatives, emphasizing atomic settlement nodes](https://options.greeks.live/wp-content/uploads/2025/07/systemic-interplay-for-institutional-digital-asset-derivatives-execution-via-advanced-rfq-protocols.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">
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-block-trade-execution.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/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms representing a Principal-to-Principal negotiation within an RFQ protocol. The precision of high-fidelity execution is evident in the seamless interaction of components, symbolizing liquidity aggregation and market microstructure optimization for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity Sourcing refers to the systematic process of identifying, accessing, and aggregating available trading interest across diverse market venues to facilitate optimal execution of financial transactions. </a><a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glossy, segmented sphere with a luminous blue 'X' core represents a Principal's Prime RFQ. It highlights multi-dealer RFQ protocols, high-fidelity execution, and atomic settlement for institutional digital asset derivatives, signifying unified liquidity pools, market microstructure, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-for-best-rfq-digital-asset-derivatives-institutional-trade-flow.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract metallic components, resembling an advanced Prime RFQ mechanism, precisely frame a teal sphere, symbolizing a liquidity pool. This depicts the market microstructure supporting RFQ protocols for high-fidelity execution of digital asset derivatives, ensuring capital efficiency in algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-prime-os-architecture-driving-rfq-protocol-execution-and-capital-efficiency-optimization.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/question/how-do-firms-evidence-best-execution-for-illiquid-instruments-traded-via-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A high-fidelity institutional Prime RFQ engine, with a robust central mechanism and two transparent, sharp blades, embodies precise RFQ protocol execution for digital asset derivatives. It symbolizes optimal price discovery, managing latent liquidity and minimizing slippage for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution-1.jpg)

## Buy-Side Firms

Firms evidence best execution for illiquid RFQs by creating a defensible audit trail of a competitive, multi-quote process. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </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 sleek blue surface with droplets represents a high-fidelity Execution Management System for digital asset derivatives, processing market data. A lighter surface denotes the Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-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/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, reflective bi-component structure, embodying an RFQ protocol for multi-leg spread strategies, rests on a Prime RFQ base. Surrounding nodes signify price discovery points, enabling high-fidelity execution of digital asset derivatives with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-orchestration-of-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-market-microstructure.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </a><a href="https://prime.greeks.live/area/lit-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic rods, spherical joints, and reflective blue components within beige casings, depict a Crypto Derivatives OS. This engine drives institutional digital asset derivatives, optimizing RFQ protocols for high-fidelity execution, robust price discovery, and capital efficiency within complex market microstructure via algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-engine-driving-institutional-digital-asset-derivatives-market-microstructure-execution.jpg)

## Lit Exchanges

Meaning ▴ Lit Exchanges refer to regulated trading venues where bid and offer prices, along with their associated quantities, are publicly displayed in a central limit order book, providing transparent pre-trade information. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </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">
![Luminous central hub intersecting two sleek, symmetrical pathways, symbolizing a Principal's operational framework for institutional digital asset derivatives. Represents a liquidity pool facilitating atomic settlement via RFQ protocol streams for multi-leg spread execution, ensuring high-fidelity execution within a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathways-optimized.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><a href="https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Lit Markets

Meaning ▴ Lit Markets are centralized exchanges or trading venues characterized by pre-trade transparency, where bids and offers are publicly displayed in an order book prior to execution. </a><a href="https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

## Dark Pools

Meaning ▴ Dark Pools are alternative trading systems (ATS) that facilitate institutional order execution away from public exchanges, characterized by pre-trade anonymity and non-display of liquidity. </a><a href="https://prime.greeks.live/question/what-are-the-primary-operational-burdens-the-si-regime-places-on-investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

## Systematic Internaliser Regime

The SI regime imposes significant operational burdens on investment firms, requiring substantial investment in technology, data management, and compliance. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Circular forms symbolize digital asset liquidity pools, precisely intersected by an RFQ execution conduit. Angular planes define algorithmic trading parameters for block trade segmentation, facilitating price discovery](https://options.greeks.live/wp-content/uploads/2025/07/optimized-digital-asset-rfq-execution-latent-liquidity-capture-protocol.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, reflective surface displays a luminous green line, symbolizing a high-fidelity RFQ protocol channel within a Crypto Derivatives OS. This signifies precise price discovery for digital asset derivatives, ensuring atomic settlement and optimizing portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathway-optimizing-principal-liquidity-and-capital-efficiency.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

## Lit Market

Meaning ▴ A lit market is a trading venue providing mandatory pre-trade transparency. </a><a href="https://prime.greeks.live/question/how-do-smart-order-routers-adapt-their-logic-to-comply-with-regulations-like-the-double-volume-cap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Routing Logic

A Smart Order Router adapts to the Double Volume Cap by ingesting regulatory data to dynamically reroute orders from capped dark pools. </a><a href="https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

## Venue Selection

Meaning ▴ Venue Selection refers to the algorithmic process of dynamically determining the optimal trading venue for an order based on a comprehensive set of predefined criteria. </a><a href="https://prime.greeks.live/area/order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A modular, dark-toned system with light structural components and a bright turquoise indicator, representing a sophisticated Crypto Derivatives OS for institutional-grade RFQ protocols. It signifies private quotation channels for block trades, enabling high-fidelity execution and price discovery through aggregated inquiry, minimizing slippage and information leakage within dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution-1.jpg)

## Order Flow

Meaning ▴ Order Flow represents the real-time sequence of executable buy and sell instructions transmitted to a trading venue, encapsulating the continuous interaction of market participants' supply and demand. </a><a href="https://prime.greeks.live/area/request-for-quote-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres and linear conduits depict an institutional digital asset derivatives platform. The central glowing network symbolizes RFQ protocol orchestration, price discovery, and high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-4.jpg)

## Request for Quote Protocol

Meaning ▴ The Request for Quote Protocol defines a structured electronic communication method for soliciting executable price quotes for a specific financial instrument from a pre-selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-segmented sphere symbolizes institutional digital asset derivatives. One quadrant shows a dynamic implied volatility surface](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-management.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </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 vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.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/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, multifaceted RFQ engine processes aggregated inquiries via precise execution pathways and robust capital conduits. This institutional-grade system optimizes liquidity aggregation, enabling high-fidelity execution and atomic settlement for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-high-fidelity-digital-asset-execution.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/double-volume-caps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Double Volume Caps

Meaning ▴ Double Volume Caps refer to a regulatory mechanism under MiFID II designed to limit the amount of equity trading that can occur under specific pre-trade transparency waivers. </a>

**Tags:** [Price Improvement](https://options.greeks.live/area/price-improvement/), [RFQ Protocol](https://options.greeks.live/area/rfq-protocol/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Dark Pools](https://options.greeks.live/area/dark-pools/)	

## Discover More

- 
### [How Does Regulatory Policy Influence the Choice between CLOB and RFQ?](https://options.greeks.live/question/how-does-regulatory-policy-influence-the-choice-between-clob-and-rfq/)
![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

Regulatory policy architects the market, making the CLOB/RFQ choice a calculated engineering decision on execution certainty versus price discovery.

- 
### [How Has the Rise of Systematic Internalisers Altered the Competitive Landscape for European Equities?](https://options.greeks.live/question/how-has-the-rise-of-systematic-internalisers-altered-the-competitive-landscape-for-european-equities/)
![A sleek, light-colored, egg-shaped component precisely connects to a darker, ergonomic base, signifying high-fidelity integration. This modular design embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for atomic settlement and best execution within a robust Principal's operational framework, enhancing market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-principal-system.jpg)

Systematic Internalisers have re-architected European equities by shifting volume to a bilateral, principal-based model, intensifying competition.

- 
### [What Are the Key Differences in RFQ Implementation between Equity and Fixed Income Markets?](https://options.greeks.live/question/what-are-the-key-differences-in-rfq-implementation-between-equity-and-fixed-income-markets/)
![A sophisticated RFQ engine module, its spherical lens observing market microstructure and reflecting implied volatility. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, enabling private quotation for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-best-execution-protocol.jpg)

The core difference in RFQ implementation is its purpose: in fixed income, it creates price discovery; in equities, it mitigates market impact.

- 
### [How Should a Best Execution Committee’s Procedures Differ for Dark Pools versus Lit Exchanges?](https://options.greeks.live/question/how-should-a-best-execution-committees-procedures-differ-for-dark-pools-versus-lit-exchanges/)
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

A Best Execution Committee's procedures shift from quantitative price verification in lit markets to qualitative risk profiling in dark pools.

- 
### [How Has the Rise of Systematic Internalisers Affected the Business Models of Traditional Stock Exchanges?](https://options.greeks.live/question/how-has-the-rise-of-systematic-internalisers-affected-the-business-models-of-traditional-stock-exchanges/)
![A complex, layered mechanical system featuring interconnected discs and a central glowing core. This visualizes an institutional Digital Asset Derivatives Prime RFQ, facilitating RFQ protocols for price discovery. It ensures high-fidelity execution within market microstructure for algorithmic trading across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-prime-os-market-microstructure.jpg)

Systematic Internalisers force exchanges to evolve from transaction venues into diversified financial technology and data providers.

- 
### [Could the Rise of Systematic Internalisers Lead to a Permanent Two-Tiered European Equity Market?](https://options.greeks.live/question/could-the-rise-of-systematic-internalisers-lead-to-a-permanent-two-tiered-european-equity-market/)
![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation. This imagery underscores capital efficiency and atomic settlement within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

The rise of Systematic Internalisers has cemented a permanent, two-tiered European equity market by design.

- 
### [How Does Execution on a Systematic Internaliser Affect a Buy-Side Firm’s Best Execution Analysis?](https://options.greeks.live/question/how-does-execution-on-a-systematic-internaliser-affect-a-buy-side-firms-best-execution-analysis/)
![A complex, multi-faceted crystalline object rests on a dark, reflective base against a black background. This abstract visual represents the intricate market microstructure of institutional digital asset derivatives. It symbolizes multi-leg spreads, implied volatility surfaces, and the precise price discovery within RFQ protocols for high-fidelity execution on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-execution-architecture.jpg)

Execution on a Systematic Internaliser reframes best execution as an analysis of bilateral counterparty performance within the broader market structure.

- 
### [How Do Systematic Internalisers Affect Price Discovery on Primary Lit Exchanges?](https://options.greeks.live/question/how-do-systematic-internalisers-affect-price-discovery-on-primary-lit-exchanges/)
![A sleek, institutional-grade system processes a dynamic stream of market microstructure data, projecting a high-fidelity execution pathway for digital asset derivatives. This represents a private quotation RFQ protocol, optimizing price discovery and capital efficiency through an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-asset-derivatives-execution-microstructure-prime-os.jpg)

SIs impact price discovery by internalizing order flow, reducing the volume that informs public quotes on lit exchanges.

- 
### [How Do Systematic Internalisers Impact Price Discovery in the Broader Market?](https://options.greeks.live/question/how-do-systematic-internalisers-impact-price-discovery-in-the-broader-market/)
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives. Elements represent volatility surface data and algorithmic trading probes ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

Systematic Internalisers impact price discovery by privatizing order flow, creating a trade-off between client price improvement and public market information quality.

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---

**Original URL:** https://options.greeks.live/question/how-has-the-systematic-internaliser-regime-altered-liquidity-sourcing/
