Berenberg Systematic Internaliser for fixed income instruments

  • A list of instruments that Berenberg is a Systematic Internaliser in can be found here
  • Berenberg will also provide its SI status to SmartStream Reference Data Utility. For further information, please visit http://smartstreamrdu.com
  • Berenberg fixed income SI MIC code: BGFI
  • General trading hours (time zone dependent):
    GMT: 08:00am - 05:00pm
    CET:  09:00am - 05:00pm
  • Berenberg will make public its pre-trade transparency reports via the approved publication arrangement (APA) Bloomberg.
    For further information, please visit https://www.bloomberg.com/professional/product/apa/
  • Berenberg will make use of pre-trade transparency waivers such as where a client request for quote exceeds the size specific to the instrument (SSTI).
  • Berenberg will make public firm quotes when required to do so. 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 situations, disruption of the market and/or technical issues to limit its exposure to undue risk.
  • In certain circumstances, Berenberg may execute orders at a better price than the published quote in accordance with Article 18 (9) MiFIR.
  • BGFI published quotes will be executable by contacting BGFI trading desks via voice, Bloomberg IB chat or trading venues.
     

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

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.