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In this act Article 13 of 26
Text as of 2 Mar 2026 · Consolidated version of 23 August 2026 · Same wording as today’s text.Today’s text

Article 13 — Obligation for systematic internalisers to make quotes easily accessible (Article 15(1) of Regulation (EU) No 600/2014)

Financial servicesLevel 2Delegated RegulationMiFIRIn forceOfficial source

13(1)

1.Systematic internalisers shall specify and update on their website's homepage which of the publication arrangements set out in Article 17(3)(a) of Regulation (EU) No 600/2014 they use to make public their quotes.

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13(2)

2.Where systematic internalisers make their quotes public through the arrangements of a trading venue or an APA, the systematic internaliser shall disclose their identity in the quote.

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13(3)

3.Where systematic internalisers employ more than one arrangement to make public their quotes, publication of the quotes shall occur simultaneously.

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13(4)

4.Systematic internalisers shall make public their quotes in a machine-readable format. Quotes shall be considered to be published in a machine-readable format where the publication meets the criteria set out in Commission Delegated Regulation (EU) 2017/571.

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13(5)

5.Where systematic internalisers make public their quotes through proprietary arrangements only, the quotes shall also be made public in a human-readable format. Quotes shall be considered to be published in a human-readable format where:

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13(5)(a)
(a)the content of the quote is in a format which can be understood by the average reader;
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13(5)(b)
(b)the quote is published on the systematic internaliser's website and the website's homepage contains clear instructions for accessing the quote.
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13(6)

6.Quotes shall be published using the standards and specifications set out in Commission Delegated Regulation (EU) 2017/587.

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