The FCA has published its policy statement and final rules on the Systematic Internaliser regime for bonds and derivatives, effective from 1 December. The regime for bonds and derivatives, structured finance products and emission allowances is removed with immediate effect, with other changes taking effect from 30 March 2026. These later changes will have the effect of allowing investment firms to carry out matched principal trading on MTFs they operate and operate an OTF within the same legal entity for which they are an SI. The later changes will also amend the reference price waiver conditions to give greater flexibility to trading venues.
