TY - JOUR T1 - Systematic Internalisers—The New Trading Animals in Europe JF - The Journal of Trading SP - 104 LP - 110 DO - 10.3905/jot.2006.654306 VL - 1 IS - 4 AU - Peter Gomber AU - Roland Wittner Y1 - 2006/09/30 UR - https://pm-research.com/content/1/4/104.abstract N2 - 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 ER -