Itiviti Systematic Internaliser

Enables internalization in a MiFID II landscape. Built on best practice market making and vast experience.

What makes up a Systematic Internaliser?

The fundamentals of the Itiviti Systematic Internaliser is liquidity provision, transparency and the matching engine, all part of the Tbricks by Itiviti ecosystem. When in control over the entire chain, from Smart Order Router(SOR) to matching engine and quoting, you can minimize your risk and be more creative.  A Systematic Internaliser has to disclose data related to executions quality quarterly under RTS 27, easily managed through Itiviti Analyst, the pioneering regulatory solution from Itiviti.

Liquidity provision

Market making is in our DNA, at the core of what we do.  Market making ensures efficient pricing, keeping instruments in line with their actual value. It facilitates liquidity and makes sure the prices are thorough.

Proving liquidity for Itiviti Systematic Internaliser based on existing logic gives you control of your quoting activity and risk exposure, allowing you to develop a trading strategy including, but not limited to, the following:

  • Liquidity provision, enabling correct pricing, offering versatile pricing models, taking into account MiFID II parameters such as capped and liquid.
  •  Automated hedging, using order tactics, algorithms or SOR strategy, depending on urgency.
  •  Position management, manage positions using the dynamic framework available.
  •  Risk management, manage the risks associated with providing liquidity.
  •  Circuit breakers, providing comprehensive protection against trading conditions.
  •  Support for a flexible Request for Quote model with automated responses based on instrument classification and exposure.


Ensure compliance with MiFID II transparency rules.

  • Pricing distribution protocol for integration and distribution to external systems.
  • Pre-trade transparency, offering funtionality for standardized integration.
  • Publication of trade reports to approved APAs.

Matching Engine

The matching engine is where it all comes together. Keep it simple, keep it fast.

  • Provides flexibilty and speed.
  • Supports different client groups such as retail and institutions.
  • Supports hidden quote volumes.

MiFID II integration

Itiviti Systematic Internaliser is integrated with the MiFID II database, to keep track of the MiFID II parameters, such as LIS-thresholds, SMS, Liquidity Classification and capped/non-capped instruments.

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