The European Securities and Markets Authority has published data for the systematic internaliser calculations for equity, equity-like instruments and bonds in accordance with the European Union's Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

ESMA has published the total number of trades and total volume over the period April-September 2018 for the purpose of the systematic internaliser (SI) calculations for 17,999 equity and equity-like instruments and for 387,212 bonds. It has published the results only for instruments for which trading venues submitted data for at least 95% of all trading days over the 6-month observation period. The data publications also incorporate OTC trading to the extent that it has been reported to ESMA. The publication includes data for instruments which are no longer available for trading on EU trading venues at the end of October.

The publication of the data for the SI calculations for derivatives and other instruments will start on 1 February, as promised by ESMA already.

According to Article 4(1)(20) of MiFID II, investment firms dealing on own account when executing client orders over-the-counter (OTC) on an organised, frequent systematic and substantial basis are subject to the mandatory SI regime.

Commission Delegated Regulation (EU) No 2017/565 specifies thresholds that set out the nature of frequent, systematic and substantial OTC trading. Each must decide whether it is a systematic internaliser in a specific instrument (for equity and equity-like instruments, bonds, ETCs and ETNs and SFPs) or for a (sub-) class of instruments (for derivatives, securitised derivatives and emission allowances) on a quarterly basis according to data from the previous six months. For each specific instrument/sub-class, it is required to compare the trading it undertakes on its own account with the total volume and number of transactions executed in the European Union. If it exceeds the thresholds it will be held to be a systematic internaliser and will have to fulfil the obligations of such a body. ESMA, by popular demand, decided some time ago to compute the total volume and number of transactions executed in the EU so as to help market participants cope.