%0 Journal Article %A Peter Gomber %A Roland Wittner %T Systematic Internalisers—The New Trading Animals in Europe %D 2006 %R 10.3905/jot.2006.654306 %J The Journal of Trading %P 104-110 %V 1 %N 4 %X In 1999 the European Commission set up the “Financial Service Action Plan” (FSAP). The centrepiece of the FSAP is the “Markets in Financial Instruments Directive” (MiFID; see European Union 2004). MiFID abolishes prevailing concentration rules in the Member States in favour of competition between trading venues. It distinguishes regulated markets, “Multilateral Trading Facilities” (MTFs) and bilateral trading venues, i.e. “Systematic Internalisers” (SIs). the goal of this article is to highlight the MiFID requirements regarding SIs, to present the respective results of an empirical study among German investment firms, and to discuss prospects of this business model in the European trading landscape.TOPICS: Exchanges/markets/clearinghouses, developed markets, exchanges/markets/clearinghouses %U https://jot.pm-research.com/content/iijtrade/1/4/104.full.pdf