Regulatory Alerts2025-07-02
Added · Updated
PS25/17: The SI regime for bonds and derivatives including Discussion Paper on equity markets
The FCA removes the Systematic Internaliser regime for bonds, derivatives, structured finance products, and emission allowances, replacing the general SI definition with an equity-specific one in the Handbook. The regulator also deletes prohibitions preventing an SI from operating an Organised Trading Facility and an MTF operator from engaging in matched principal trading within the same legal entity. Additionally, the FCA reforms the reference price waiver to allow trading venues to source prices from a broader set of venues, while deferring a second proposal regarding mid-price dark orders pending further consultation. These final rules come into force on 1 December 2025.
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