<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-05-31","gaps":[],"covered":["ESMA Q&A 1580 — Q&A — Compliance with the quoting obligations [Published Answer Updated] 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":"/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non","title":"ESMA Q&A 1580 — Q&A — Compliance with the quoting obligations [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non","status":"published answer updated","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, 31 May 2017","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1580","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"4e751bc184108061","change_date":null,"nearest_versions":["2017-05-31"],"first_text_date":null,"correction_applies":false,"versions":["2017-05-31"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non/versions/2017-05-31","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non/versions/2017-05-31/rev/4e751bc184108061","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1580-compliance-with-the-quoting-obligations-for-sis-in-non/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · updated 16 Oct 2024 [Published Answer Updated]","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":{"last_updated":"2024-10-16","question_submitted_on":"2017-05-31","locators":{"last_updated":"ESMA Q&A Excel export ESMA_QA_1580, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1580, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1580 — Q&A — Compliance with the quoting obligations [Published Answer Updated]"
shortTitle: "ESMA Q&A 1580 — Q&A — Compliance with the quoting obligations [Published Answer Updated]"
answer_id: ESMA_QA_1580
topic: "Systematic internaliser regime"
status: "Published Answer Updated"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 31 May 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1580
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 31 May 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1580"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1580: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  last_updated: "2024-10-16"
  question_submitted_on: "2017-05-31"
  locators:
    last_updated: "ESMA Q&A Excel export ESMA_QA_1580, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1580, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · updated 16 Oct 2024 [Published Answer Updated]**

*Published Answer Updated · ESMA Q&A register, 31 May 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1580)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1580 — Q&A — Compliance with the quoting obligations \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1580 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Updated 16 October 2024; question submitted 31 May 2017 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Compliance with the quoting obligations for SIs in non-equity instruments**

### Question

a) Can systematic internalisers meet their quoting obligations under Article 18(1) of MiFIR for liquid instruments by providing executable quotes on a continuous basis?

b) Can client orders routed by an automated order router (AOR) system be considered as ‘prompting for a quote’ according to Article 18(1)(a) of MiFIR?

c) For how long should quotes provided by systematic internalisers be firm, or executable?

d) What are the obligations for systematic internalisers dealing in non-equity instruments for which there is no liquid market under Article 18(2) of MiFIR?

e) Which arrangements should systematic internalisers use when publishing firm quotes? Should these be the same arrangements as for equity instruments?

f) Should systematic internalisers disclose their identity when publishing firm quotes?

***

### Answer

This question was deleted on 16/10/2024.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1580)