Knowledge Base

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Questions

Which regulatory obligation applies specifically to systematic internalisers?

Approve market rules by the AMF
Publish firm quotes for liquid instruments
Verify the qualification of market members
Manage a centralised order book

Which criterion is used to verify whether a firm qualifies as a systematic internaliser?

The number of employees in the company
The volume of orders executed on a multilateral system
The number of OTC transactions carried out on own account and their proportion relative to total activity
The company's market capitalisation

Which article of the Code monétaire et financier defines systematic internalisers in France?

Article L.533-30
Article L.533-31
Article L.533-32
Article L.533-33

What is the main characteristic distinguishing a market operator from a systematic internaliser?

The market operator always acts as counterparty to transactions
The market operator operates a multilateral system where it is never a counterparty
The systematic internaliser must publish firm quotes for all instruments
The systematic internaliser cannot refuse transactions

Categorize items by dragging them to the appropriate zones

Items to categorize:

Multilateral system
Acts as counterparty
Non-discretionary rules
Discretionary power over execution
Categories:

Market operator

Systematic internaliser

Market operator (MiFID II)

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A systematic internaliser may refuse a transaction if it does not comply with its objective commercial policy.

True
False

A market operator can reject a client order without justification.

True
False