Banks bemoan data gap in Mifid II systematic internaliser test

Required EU trading data non-existent, dealers complain

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Path unknown: some dealers say electing to become an SI is generally more hassle than it's worth

Dealers are complaining it is impossible to work out which products they trade bilaterally will be subject to controversial transparency requirements in 16 months' time. A lack of data is leaving them unable to prepare for the rule and calculate corresponding cost increases for end-users, they say.

If a bank reaches a certain market share threshold for a product as set out in the second Markets in Financial Instruments Directive (Mifid II), it becomes a so-called systematic internaliser (SI).

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