Berenberg Systematic Internaliser for equity and equity-like instruments

  • A list of instruments that Berenberg is a Systematic Internaliser in can be found here
  • Berenberg SI MIC code: BGSI
  • Berenberg will on a regular and continuous basis publish quotes for equity and equity-like instruments during normal trading hours via BXTR (CBOE Europe Trade Reporting) and/or TRADEcho
  • General trading hours: 08:00 GMT/09:00 CET – 4:30 pm GMT/5:30 pm CET. Please note, trading hours are aligned with the continuous trading/main trading sessions* of the respective primary Exchange of the individual cash equity instrument.
  • Berenberg reserves the right to limit execution to one client against each quote (will only execute once against the same quote.)  Berenberg may decline to execute later requests of different clients to deal against the same quote if execution would contravene our internal risk management procedures
  • Berenberg may update its quotes at any time and withdraw its quotes under exceptional market conditions (incl. but not limited to trade suspensions) and/or technical issues 
  • Where Berenberg deals in sizes above standard market size for equities and equity-like instruments Berenberg will not be subject to pre-trade transparency requirements
  • Berenberg may execute transactions above standard market size or that are subject to conditions other than the current market price at prices different from its published quotes
  • BGSI published quotes will be executable by contacting BGSI trading desks via voice

*Trading phase name may vary slightly, dependent on primary exchange.

SI Strategy

MIFID II Reports

Art. 27 (3) & (6) of Directive 2014/65/EU on markets in financial instruments (MiFID II) requires Berenberg to provide certain information and disclosures to its clients. In particular, the top five venue report and the Execution Quality report, these disclosures are set out below. Please note that this information may be updated from time-to-time.

Top 5 Venue Summary
Top 5 Venues
Execution Quality Report Q1 2018
Execution Quality Report Q2 2018

Disclaimer
Joh. Berenberg, Gossler & Co. KG ('Berenberg') has prepared and published these reports in order to meet Berenberg regulatory obligations under Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions ('RTS 27 Reports').

Berenberg reserves the right to update and republish the RTS 27 Reports at any time following internal reviews of the accuracy of the information published. Berenberg will be publishing additional RTS 27 Reports for other asset classes if RTS 27 Reports are applicable and the relevant data is available and verified.

The assumptions and methodologies used to produce the RTS 27 Reports may not be used for the preparation of future reports. Berenberg does not guarantee the correctness or completeness of the information in the RTS 27 Reports and shall not be responsible for or have any liability for any loss or damage caused by errors, inaccuracies or omissions in connection with the use of or reliance on this information.