systematic internaliser

an investment firm which:180

1. (a) is dealing on own account227 when executing client orders outside a UK RIE227, UK MTF or UK OTF without operating a multilateral system; and180
2. (b) either:180:
   1. (i) does so on an organised, frequent, systematic and substantial basis227; or180
   2. (ii) has chosen to opt-in to the systemic internaliser regime.180

For these purposes:180

1. (A) dealing takes place on an ‘organised, frequent, systematic and substantial’ basis where it is:227180
   1. (i) carried on in accordance with rules and procedures in an automated technical system, such as an electronic execution system, which is assigned to that purpose;227
   2. (ii) available to counterparties on a continuous or regular basis; and227
   3. (iii) held out as being carried on by way of business, in a manner consistent with article 3(2)(a) of the Business Order in respect of the relevant financial instrument.227
2. (B) [deleted]180

[Note: article 2(1)(12) and (12A) of MiFIR]180