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ARTICLE · 09 DECEMBER 2025

FCA Publishes Final Rules On Systematic Internaliser Regime For Bonds And Derivatives And Matched Principal Trading By MTF Operators

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On 28 November 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/17) finalising rules proposed in its July 2025 consultation paper (CP25/20).

United StatesFinance and Banking
Christopher Collins
Christopher Collins
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Carolyn Jackson
Nathaniel Lalone
Nathaniel Lalone
Neil Robson
Neil Robson
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Ciara McBrien
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James Wells
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On 28 November 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/17) finalising rules proposed in its July 2025 consultation paper (CP25/20). The reforms remove the Systematic Internaliser (SI) regime for bonds and derivatives, lift restrictions on matched principal trading by multilateral trading facility (MTF) operators, and reform the reference price waiver (RPW) for equity instruments.

An SI is a UK or EU regulated investment firm that, when executing client orders outside a trading venue, trades on its own account on an organised, frequent, systematic and substantial basis. It is a regulatory classification under MiFID II and UK MiFIR, carrying specific transparency and reporting obligations, including publishing pre-trade quotes and reporting post-trade information.

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