No MiFID II concept causes more nose-wrinkling and brow-furrowing than the horribly named systematic internaliser: ‘SI’ to save time and seven syllables. Under MiFID, the SI concept wasn’t well understood but there were only around a dozen SIs in the whole of the EU (most in the UK). Under MiFID II, however, SIs have been given a starring role and over 150 are listed by ESMA. So if you're wondering what the heck an SI is, here’s the low down.
In line with the UK Government's earlier statement that "as we get nearer to March 2019, preparations for a ‘no deal’ scenario would have to be accelerated" (although, it stresses, "such an acceleration does not reflect an increased likelihood of a ‘no deal’ outcome"), October saw the publication of a number of important documents providing more detail on what the rules look like for a no deal scenario. We now have a draft UK law for MiFIR, proposal for a temporary transitional power to be exercised by UK regulators, and two hefty FCA consultation papers. This article covers recent developments and provides useful links.
Using the underground in these three cities is pretty straightforward, with the main question being which ticket to get and how much does it cost? If you and your colleagues occasionally visit one or more of these cities, it might be worth getting a couple of communal cards and extra tickets for the office.
Never miss an article. Sign up for the Moxie Rules email newsletter here.
Financial services regulatory consultancy, specialising in MiFID II: resources, training & tips