Dealers leave buy side guessing on Mifid trade reporting

Clients face tougher reporting rules if dealers don’t become systematic internalisers

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Buy-side firms face prolonged uncertainty about their trade-reporting obligations under the Markets in Financial Instruments Directive (Mifid II) as dealers are becoming increasingly evasive about their potential status as systematic internalisers (SIs).

"What banks were saying six months ago was that we want to be SI and we will be SI for all instruments. I think banks now are going to volunteer for SI, but for a subset of instruments that is their core competency," says a global markets head

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