Dealers sour on Mifid’s systematic internaliser label

SI decisions will take account of tougher pre-trade rules, client demand and Brexit

Europe’s Mifid II trading rules have thoroughly shaken up the financial industry, but one of the biggest changes – an explosion in the number of so-called systematic internalisers (SIs) – may be about to go into reverse.

Dealers deciding whether to volunteer for the SI status or, instead, adjust their trading to avoid the label will have to consider pre-trade transparency requirements, clients’ appetite for off-venue trading and Brexit. Those keen but unable to escape the designation will look