Analysis by the AMF found just 22% of the amounts traded by SIs in the continuous trading phase are subject to pre-trade transparency.
European regulators have been told not to prioritise supervision of the changes to systematic internalisers amid the coronavirus pandemic.
An analysis from TABB Group has found dark trading volumes are the highest since MiFID II was introduced, despite summer slowdown.
Vela’s data feed handling service aims to consolidate fragmented liquidity in Europe.
Market participants at TradeTech have agreed that trading volumes have failed to shift to lit venues under MiFID II, but the regulation has led to unintended positive developments in the form of periodic auctions.
Market maker-operated systematic internalisers are winning market share now more than a year into the MiFID II regime.
EU policymakers are looking to extend the tick size regime to SIs, periodic auctions and block trading venues, but the buy-side is concerned about the potential impact this could have on trading at the midpoint.
As the industry continues to adapt following the implementation of MiFID II, Hayley McDowell sits down with Ben Springett from Jefferies, Matthew McLoughlin of Liontrust & Jonathan Finney from Citadel Securities, to discuss how the buy-side and brokers are interacting with market maker systematic internalisers.
XTX Markets will operate its European equities systematic internaliser out of the new Paris office.
Itiviti’s clients will gain access to Hudson River’s liquidity through its systematic internaliser.