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systematic internaliser

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systematic internaliser

(has the meaning in article 4(1)(20) of MiFID) (in summary) an161 49 investment firm which, on an organised, frequent, systematic and substantial161 basis, deals on own account by executing client161 orders outside a regulated market,161 an MTF or an OTF without operating a multilateral system 161.[Note: article 4(1)(20)161 of MiFID]

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