Systematic Internaliser Infrastructure

Continued regulatory pressure, specifically from MiFID II, has forced firms to determine their status as a Systematic Internalize (SI). Under MiFID II, if firms’ activity exceeds certain thresholds, including equity and non-equity asset classes, they face additional regulatory obligations – including pre-trade transparency, quote and trade matching, best execution reporting and reference data reporting.

Stricter oversight and new regulatory demands have placed significant pressure on these firms, all while they must continue to differentiate and retain a competitive edge. With margins continually squeezed, sell-side firms are now looking to enhance core competencies aimed at generating revenue rather than on upkeep of these operations.

To this end, the market technology division at Nasdaq, which has traditionally served the global market infrastructure operator community as a technology partner is now offering its robust Nasdaq Financial Framework technology into banks and brokers for complete outsourcing of trading infrastructure and operations, including regulatory reporting.


  • NFF Core
  • Matching Engine
  • Pre Trade Risk Checks
  • Data & Analytics (Regulatory Reporting)
  • Interfaces
    • Order Entry – FIX
    • Market Data – Fix or ITCH
  • Surveillance
  • Hosted or Private or Public Cloud
  • Technical & Business Operations Available
  • Rapid implementation
  • Performance, Stability and Robustness
  • Cost savings
  • Compliance with regulatory obligations
  • Upgrade path to Multilateral Facility
  • 20+ Years of Expertise in Market Infrastructure Technology



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