ESMA concerned about trader cross networks

Computer trading fotolia
By GlobalCapital
14 Feb 2017

The European Securities and Markets Authority (ESMA) has written to the European Commission warning that some dealers may try and circumvent MIFID II obligations by creating networks of systemic internalisers.

ESMA has become aware that several investment companies that operate broker-crossing networks are now also setting up networks of interconnected systemic internalisers and other liquidity providers. These new arrangements allow the systemic internalisers to cross third party buying and selling orders via matched principal trading, or other types ...

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