EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/3.III.2:3.III.2 ATSs and order internalising systems

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/3.III.2

3.III.2 ATSs and order internalising systems

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Developments in trading took place under the ISD. Advances in technology and the advent of electronic trading resulted in new trading systems organized and ran by investment firms.1 These new trading systems blurred the dividing line between RMs and investment firms.2 The new trading systems brought together investors, whereas the operating investment firm could execute their order either through an order book or through a so-called crossing system that matched buy and sell orders at a price imported (referenced) from an RM.3 In the EEA these new trading systems were referred to as Alternative Trading Systems (ATSs).4 A second evolution was the rise of so-called ‘order internalising systems’, where an investment firm executed client orders against its own account (internalization).5

3.III.2.1 FESCO standards for ATSs and order internalising systems3.III.2.2 CESR standards for ATSs

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