In this act Article 15 of 92
Article 15 — Systematic internalisers for derivatives (Article 4(1)(20) of Directive 2014/65/EU)
Financial servicesLevel 2Delegated RegulationMiFID IIIn forceOfficial source
An investment firm shall be considered to be a systematic internaliser in accordance with Article 4(1)(20) of Directive 2014/65/EU in respect of all derivatives belonging to a class of derivatives where, in relation to any such derivative, it internalises according to the following criteria:
15(a)
(a)on a frequent and systematic basis in a derivative for which there is a liquid market as defined in Article 2(1)(17)(a) of Regulation (EU) No 600/2014 where during the past 6 months:
Copy link15(a)(i)
(i)the number of OTC transactions carried out by it on own account when executing client orders is equal to or larger than 2,5 % of the total number of transactions in the relevant class of derivatives executed in the Union on any trading venue or OTC during the same period;
Copy link15(a)(ii)
(ii)the OTC transactions carried out by it on own account when executing client orders in this class of derivatives take place on average once a week;
Copy link15(b)
(b)on a frequent and systematic basis in a derivative for which there is not a liquid market as defined in Article 2(1)(17)(a) of Regulation (EU) No 600/2014 where during the past 6 months the OTC transactions carried out by it on own account in the relevant class of derivative when executing client orders takes place on average once a week;
Copy link15(c)
(c)on a substantial basis in a derivative where the size of OTC trading carried out by it on own account when executing client orders is, during the past 6 months, equal to or larger than any of the following:
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