Q&A · ESMA
Impact for SIs of an instrument changing liquidity status in between the SI determination dates
Answered
Read the official text on the ESMA website(opens in a new tab)AI-generated Summary
A systematic internaliser must follow the quoting rules for an instrument's current liquidity status and adapt when it changes, though it may always apply the stricter liquid-instrument rules; it may also reassess its SI status under the new thresholds and notify its authority if it no longer qualifies.
Details
| Reference | ESMA_QA_1590 |
|---|---|
| Issuer | ESMA |
| Published | 10 Oct 2025 |
| Answered | 10 Oct 2025 |
| Submitted | 2 Apr 2019 |
| ESMA topics | Systematic internaliser regime |
| Earlier Q&A document | ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 7.13 |
Provisions it relates to
- Article 14 MiFIR · Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsESMA rulebook
- Article 15 MiFIR · Execution of client ordersESMA rulebook
- Article 20 MiFIR · Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsESMA rulebook
- Article 21 MiFIR · Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivativesESMA rulebook
- MiFIR (whole act)Explicit reference