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← Identify the roles and functions of market operators and systematic internalizers in financial markets
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What is the main characteristic distinguishing a market operator from a systematic internaliser?

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