A Systematic Internaliser (SI) is an investment firm which, on an organised, frequent and systematic basis, deals on its own account by executing customer order flow in liquid shares outside a regulated market or a multi-lateral trading facility.

MiFID requires an SI to publish firm buy and sell prices up to standard market size. SI’s will have to honour their prices and will not be able to improve their price when dealing in retail size or with retail clients. All the Systematic Internalisers below have adopted the following Price Improvement Policy:

An investment firm who is a Systematic Internaliser (SI), may improve the price of orders that are bigger than the size customarily undertaken by a retail investor (in accordance with Article 27 (3) MiFID Level 2) within the spread of published SI price quote.

In order to comply with MiFID transparency obligations, Markit BOAT provides on a quarterly basis an aggregated report identifying all trades in instruments executed by reporting firms in their capacity as Systematic Internalisers. This report is made available within one month of the end of each calendar quarter and contains the information below in Euros: