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Itiviti Internaliser

Using internalization to provide business value beyond compliance.

A business case for internalization

Regulatory rules governing trading outside of regulated markets vary by region and type of activity, but compliance – and enforcement – typically relies on audit records. Auditing is a key function offered by the Itiviti Internaliser platform. This is built with flexibility, high performance and automation in mind to provide significant business benefits outside the regulatory scope.

The modular design of the matching engine allows for different matching models to address asset class specific needs, using orders, quotes and RFQs. The matching engine is part of the Tbricks by Itiviti ecosystem, enabling standard market making tools as well as order flows, algos and Smart Order Routing.

Integration with external systems is easily done for orders, RFQs and prices using the industry standard FIX protocol.

Internalization under MiFID II

Market Makers and principal trading desks can provide a valuable service to agency desks by facilitating trades against their own accounts. Firms using this option on a large scale will most likely register as Systematic Internalisers, but the Itiviti Internaliser platform provides business benefits even if high volumes are not a requirement. It can support any level of internalization to stay both MiFID II compliant and efficient.

Key features of Itiviti Internaliser

  • Liquidity provision, enabling correct pricing, offering versatile pricing models, taking MiFID II parameters into account.
  • Support for a flexible Request for Quote (RFQ) trading model, with either automated or manual responses, allowing both electronic sales-to-trader communication and responses directly from customers.
  • Automated record keeping of all relevant events, enabling
    • MiFIR Article 25 record keeping;
    • Collection of data for reports (RTS27, SI assessment);
    • Proof of Best Execution;
    • Business Intelligence.
  • Automated post-trade transparency reports to APAs.
  • Ability to upgrade to Systematic Internaliser status using existing platform, including pre-trade transparency.
  • Works out of the box with the regulatory solution Itiviti Analyst.

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