Intesa Sanpaolo Systematic Internaliser - IMMH

Pursuant to Article 4(1)(20) of Directive 2014/65/EU (MiFID), a Systematic Internaliser is defined as an investment firm which, on an organised, frequent, systematic and substantial basis, executes clients orders on its own behalf outside a Regulated Market (RM), Multilateral Trading Facility (MTF) or Organised Trading Facilities (OTF).

The Intesa Sanpaolo IMI Corporate & Investment Banking Division voluntarily chose to become a Systematic Internaliser on all bond financial instruments (excluding ETCs and ETNs) as from 3 September 2018.

The MIC (Market Identifier Code) through which the activity carried out as Systematic Internaliser is identified is IMMH.

The LEI (Legal Entity Identifier) code of Intesa Sanpaolo is 2W8N8UU78PMDQKZENC08. 

Intesa Sanpaolo acting as Systematic Internaliser, complies with the pre-trade transparency obligations set out in Article 18 of Regulation 600/2014 (MiFIR) whenever it agrees to respond to a quotation request received from a client.

Pre-trade quotations published by Intesa Sanpaolo acting as Systematic Internaliser for OTC requests received electronically (i.e. via Tradeweb and Bloomberg) can be consulted at the following link.

Pre-trade quotations published by Intesa Sanpaolo acting as Systematic Internaliser in compliance with the pre-trade transparency obligations for OTC requests received via voice or chat can be currently consulted partly via Bloomberg APA and partly on the institutional website at the following link

This approach, to be considered temporary, is necessary in order to allow a review of the technological system used for the negotiation by Intesa Sanpaolo acting as Systematic Internaliser and the related pre-trade transparency requirements.

Once this review is complete, the quotations subject to the pre-trade transparency requirements will be visible exclusively on the institutional website.

Intesa Sanpaolo acting as Systematic Internaliser, in accordance with the provisions of Article 18 of Regulation 600/2014 (MiFIR), has established a Commercial Policy that identifies non-discriminatory and objective rules on the basis of which access to published quotations may be restricted to its clients.

The text of the Commercial Policy can be consulted at link.