A systematic internaliser can report trades on behalf of clients.

How has trading small caps not listed on big exchanges changed in 20 years?

Certain derivatives need to traded on a venue under new regulations.

Early observations include 'teething problems' with data.

Authorities want to be able to identify individual OTC derivatives from aggregated trade reports.

From The Markets

Tradeweb Authorised As OTF

Organised Trading Facilities are new MiFID II venues.

Efficiencies from clearing are being extended to non-cleared derivatives.

Continuity of £26 trillion of outstanding derivatives contracts is in doubt after Brexit.

The new policies and standards are designed to promote transparency.

MiFID II has stricter rules on data collection and proof of best execution.