{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2022-12-16","gaps":[],"covered":["ESMA Q&A 1500 — Q&A — Multilateral and bilateral systems - Systematic [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers","title":"ESMA Q&A 1500 — Q&A — Multilateral and bilateral systems - Systematic [Answer Published]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 5 December 2022","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1500","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"b7a8268a1c27286a","change_date":null,"nearest_versions":["2022-12-16"],"first_text_date":null,"correction_applies":false,"versions":["2022-12-16"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers/versions/2022-12-16","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers/versions/2022-12-16/rev/b7a8268a1c27286a","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2022 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2022-12-16","question_submitted_on":"2022-12-05","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1500, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1500, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1500","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1500-multilateral-and-bilateral-systems-systematic-internalisers.md","body_sha256":"ae3d9585f7b359956aed56bc3c1122addfdaf7531b8583960140e14900b626e8"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1500 — Q&A — Multilateral and bilateral systems - Systematic [Answer Published]\"\nshortTitle: \"ESMA Q&A 1500 — Q&A — Multilateral and bilateral systems - Systematic [Answer Published]\"\nanswer_id: ESMA_QA_1500\ntopic: \"Multilateral and bilateral systems\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 5 December 2022\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1500\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 5 December 2022\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1500\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1500: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2022-12-16\"\n  question_submitted_on: \"2022-12-05\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1500, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1500, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2022 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 5 December 2022 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1500)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1500 — Q&A — Multilateral and bilateral systems - Systematic \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1500 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 16 December 2022; question submitted 5 December 2022 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Multilateral and bilateral systems - Systematic internalisers**\n\n### Question\n\nCan an investment firm acting as single liquidity provider on an RM and/or an MTF, operate an SI?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.33\\]\n\nYes, but only if the two activities are fully separated. ESMA notes that instances where an investment firm acts as a single liquidity provider on an RM and/or MTF generate a conflict of interest, due to the investment firm having privileged access to order book information when acting in its liquidity provider capacity.\n\nTo better manage the possible conflict of interest the investment firm should take all the necessary steps to carry out the two activities in a separated manner (e.g. having distinct management and operational teams and physical separation of activities, ensuring segregation of execution systems and having safeguards in place to ensure that there is no information leakage across the two activities). The above is without prejudice to the MiFID II provisions on identification and management of conflicts of interest to be met by each of the two investment firms.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1500)\n"}