5.III.1.4.4 Possibility to opt-in

Another change under MiFID II is the possibility for investment firms to opt-in as an SI. Under MiFID I this possibility was not available. In drafting MiFID II, the Council introduced the possibility to opt-in.1 The position of the Council reflected the broader MiFID II aim to ensure that more trading would move to regulated venues, being RMs, MTFs, and SIs (and equivalent third country venues).2 By permitting investment firms to choose whether to be an SI (i.e. opt-in), more investment firms would fall within the scope of the MiFID II pre-trade transparency regime. Along similar lines, the purpose of opt-in is to ensure that a sufficient number of SIs are available in the context of the MiFID II share trading-obligation.3