Berenberg Systematic Internaliser for equity and equity-like instrument
- 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 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
*Trading phase name may vary slightly, dependent on primary exchange.