Nasdaq Joins SmartStream's Systematic Internalizer Registry
- Deutsche Boerse and Bloomberg are already a part of the registry which was formed in the wake of MiFID II requirements
SmartStream, a financial software provider, announced today that Nasdaq will be joining its Systematic Internaliser Registry (SIR) as an approved publication authority (APA). The Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term operator will be joining a number of other big names in the industry, including Bloomberg and Deutsche Boerse, who are already a part of the SIR.
The SIR is a result of a section of the Markets in Financial Instruments Directive II (MiFID II). The systematic internalizer regime, which will go live in September of this year, mandates that industry participants identify whether trading counterparties are systematic internalizers (SIs) for the financial instrument they are trading so that they can determine which counterparty must report the trade.
This requirement is difficult to adhere to for all parties involved. This is because MiFID II Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term does not specify how data can be collected to determine which counterparty in a transaction should be doing the reporting.
Gathering data
SmartStream’s SIR aims to solve this problem by enabling firms to submit data, pertaining to the financial instruments they are trading, to a centralized database through their APA. Under MiFID II, investment firms, whether trading for their clients or on their own account, must publish the price, volume and time of the transactions they have made via an APA.
With over 60 SIs now providing their data to the SIR, SmartStream has a comprehensive set of data that will enable users to determine who the SI is in a given transaction. They will also be able to do this before a trade has been executed.
Commenting on his firm’s decision to join the SIR, Fredrik Ekstrom, Nasdaq’s Head of Nordic Fixed Income, said: "One of the key ambitions on MiFID II is to promote transparency and investor protection. The ability to provide markets with accurate and complete data, regardless of trading type, is an important component in this ambition, and one that Nasdaq is happy to support by joining the SI Registry."
SmartStream, a financial software provider, announced today that Nasdaq will be joining its Systematic Internaliser Registry (SIR) as an approved publication authority (APA). The Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term operator will be joining a number of other big names in the industry, including Bloomberg and Deutsche Boerse, who are already a part of the SIR.
The SIR is a result of a section of the Markets in Financial Instruments Directive II (MiFID II). The systematic internalizer regime, which will go live in September of this year, mandates that industry participants identify whether trading counterparties are systematic internalizers (SIs) for the financial instrument they are trading so that they can determine which counterparty must report the trade.
This requirement is difficult to adhere to for all parties involved. This is because MiFID II Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term does not specify how data can be collected to determine which counterparty in a transaction should be doing the reporting.
Gathering data
SmartStream’s SIR aims to solve this problem by enabling firms to submit data, pertaining to the financial instruments they are trading, to a centralized database through their APA. Under MiFID II, investment firms, whether trading for their clients or on their own account, must publish the price, volume and time of the transactions they have made via an APA.
With over 60 SIs now providing their data to the SIR, SmartStream has a comprehensive set of data that will enable users to determine who the SI is in a given transaction. They will also be able to do this before a trade has been executed.
Commenting on his firm’s decision to join the SIR, Fredrik Ekstrom, Nasdaq’s Head of Nordic Fixed Income, said: "One of the key ambitions on MiFID II is to promote transparency and investor protection. The ability to provide markets with accurate and complete data, regardless of trading type, is an important component in this ambition, and one that Nasdaq is happy to support by joining the SI Registry."