Systematic internaliser (SI) - Financial definition
Concise definition of the term systematic internaliser
A systematic internaliser is defined as an «investment firm which, on an organized, frequent, systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF».
Comprehensive definition of the term systematic internaliser
The term has been introduced by MiFID in 2007, then re-scoped in MiFID II.