A systematic internaliser must have clear standards which set out and govern the basis on which it will decide which investors are given access to its quotes. The standards must operate:
on the basis of its commercial policy, including considerations such as:
investor credit status;
counterparty risk; and
final settlement of the transaction;
and a systematic internaliser may refuse to enter into or discontinue business relationships with investors on this policy basis.
[Note: Recital 50 and Article 27(5) of MiFID]