NORD/LB as systematic internaliser

From January 3rd on, current MiFID I rules will be complemented and enhanced. These extensions are included in the directive (MiFID I) and the regulation (MiFIR). Main focus is on strengthening investor protection, reduc-ing systemic risks in market structures and increasing transparency as well as efficiency of financial markets.

As of January 3rd 2018 NORD/LB has become voluntary systematic internaliser for MiFID II-relevant financial products that are traded or admitted to trading on trading venues (TOTV). This includes Bonds and OTC-FX-Derivatives. For OTC-EUR-Interest-Rate-Swaps, NORD/LB has been voluntary systematic internaliser from 03.01.2018 until 31.08.2018 and does now offer clients bilateral reporting agreements.

Because of its status NORD/LB will always have the obligation for real-time post-trading transparency reporting in transactions on above-mentioned bonds and OTC derivatives. An exception to this is the case when the client is also systematic internaliser as well as vendor.

This implies that there is no need for a contractual arrangement for post-trading transparency reporting between NORD/LB and its clients.
Hence, clients of NORD/LB do not have any reporting obligation in mentioned transactions.

NORD/LB will use following APAs for its transparency reporting:

  • Pre-trading transparency reporting: Bloomberg
  • Post-trading transparency reporting: Regulatory Reporting Hub (RRH) of Deutsche Börse

Under MiFID II the current reporting obligation as defined in §9 WpHG is replaced by transaction reporting as defined in §26 MiFIR. According to art. 2 MiFIR and art. 4 MiFIR, reporting obligations apply to investment firms (Wertpapierfirmen). Due to the great extent of the reporting as well as the sensitivity of the included information, NORD/LB will not implement §26 MIFIR transaction reports for clients.

In September 2018 a mandatory systematic internaliser determination based on previous business activities will occur for the first time.

At the moment, NORD/LB expects to continue acting as systematic internaliser in the future. In case of amendments NORD/LB will work closely with its client to assist them with reporting obligations.

Legal Name: Norddeutsche Landesbank -Girozentrale-

Market Sales
Institutional Customers : +49 (0) 511 9818-9440     
Savings Banks & Regional Banks: +49 (0) 511 9818-9400     
MM/FX: +49 (0) 511 361-9460       

Corporate Sales
Ships/Aircrafts: +49 (0) 511 9818-8150
Real Estate/Structured Finance: +49 (0) 511 9818-8150
Corporate Custumers: +49 (0) 511 9818-4003
FX/MM: +49 (0) 511 9818-4006

Financial Markets Trading
Frequent Issuers: +49 (0) 511 9818-9640   

Below you will find the above information as PDF for download::
>Factsheet "NORD/LB as systematic internaliser" (PDF, 160 KB)

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