Schedule 2, Part 1, paragraph 8(12)

“systematic internaliser” means an investment firm which deals on own account when executing client orders outside a UK regulated market, UK MTF or UK OTF without operating a multilateral system and which— does so on an organised, frequent, systematic and substantial basis, or has chosen to opt in to the systematic internaliser regime;

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Source: legislation.gov.uk · retrieved 2026-09-04