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a systematic internaliser (si) may execute client transactions against his own proprietary capital.
internalizzatur sistematiku (si – “systematic internaliser”) jista’ jwettaq tranżazzjonijiet tal-klijenti bil-kapital proprjetarju tiegħu stess.
while an otf is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
filwaqt li otf hija kwalunkwe sistema jew faċilità li fiha interessi ta’ partijiet terzi multipli għal xiri u bejgħ jinteraġixxu fis-sistema, l-internalizzatur sistematiku ma għandux jitħalla jiġbor flimkien interessi ta’ partijiet terzi għal xiri u bejgħ.
(15) in order to ensure that trading carried out otc does not jeopardise efficient price discovery or a transparent level-playing field between means of trading, appropriate pre-trade transparency requirements should apply to investment firms dealing on own account in financial instruments otc insofar as it is carried out in their capacity as systematic internalisers in relation to shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments, and bonds, structured finance products, and clearing-eligible derivatives.
(15) sabiex jiġi żgurat li n-negozjar li jitwettaq otc ma jheddidx l-iskoperta effiċjenti tal-prezzijiet jew kundizzjonijiet ekwi u trasparenti għal kulħadd bejn il-mezzi ta’ negozjar, ir-rekwiżiti ta’ trasparenza xierqa ta’ qabel in-negozjar għandhom japplikaw għad-ditti tal-investiment li jinnegozjaw f’isimhom stess fl-istrumenti finanzjarji otc sakemm jitwettaq fil-kapaċità tagħhom bħala internalizzaturi sistematiċi relatati mal-ishma, l-irċevuti tad-depożiti, il-fondi nnegozjati fil-boroż, iċ-ċertifikati jew strumenti finanzjarji simili oħra, u bonds, prodotti strutturati ta’ ffinanzjar, u derivattivi eliġibbli għall-ikklerjar.
