Systematic Internaliser

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Systematic Internaliser

A Systematic Internaliser (SI) is an investment firm which, on an organised, frequent systematic and substantial basis deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system.

HSBC has opted to become a Systematic Internaliser for a wide range of instruments.

Click on the name of the HSBC entities below to discover where HSBC is now a Systematic Internaliser.

HSBC Bank plc.


Legal Entity	Asset Class	Sub Asset Class	Bond Type	Issuer	Product
HSBC Bank PLC	Shares				SI for all
	Depositary receipts				SI for all
	ETFs (Exchange Traded Funds)				SI for all
	Certificates				SI for all
	Other Equity-like Instruments				SI for all
	Structure Finance Products			SI for all	SI for all
	Securitised Derivatives				SI for all
	Bonds (ex ETCs & ETNs)		Other Public Bond	SI for all	SI for all
			Other Bond	SI for all	SI for all
			Sovereign Bond	SI for all	SI for all
			Convertible Bond	SI for all	SI for all
			Covered Bond	SI for all	SI for all
			Corporate Bond	SI for all	SI for all
	Bonds (ETC and ETN bond types)	Exchange Traded Commodities			SI for all
	Bonds (ETC and ETN bond types)	Exchange Traded Notes			SI for all
	Commodity derivatives	Precious Metal commodity forwards			SI for all
		Precious Metal commodity Options			SI for all
		Precious Metal commodity Swaps			SI for all
		Base Metal commodity forwards			Not an SI
		Base Metal commodity Options			Not an SI
		Base Metal commodity Swaps			Not an SI
		Energy commodity forwards			Not an SI
		Energy commodity Options			Not an SI
		Energy commodity Swaps			Not an SI
	Credit Derivatives	CDS index options			SI for all
		Index credit default swap (CDS)			SI for all
		Other credit derivatives			SI for all
		Single name CDS options			SI for all
		Single name credit default swap (CDS)			SI for all
	Equity derivatives	Index Options			SI for all
		Index Forwards			SI for all
		Stock Options			SI for all
		Stock Forwards			SI for all
		Stock Dividend Options			SI for all
		Stock Dividend Forwards			SI for all
		Dividend Index Options			SI for all
		Dividend Index Forwards			SI for all
		Volatility Index Options			SI for all
		Volatility Index Forwards			SI for all
		ETF Options			SI for all
		ETF Forwards			SI for all
		Swaps			SI for all
		Portfolio Swaps			SI for all
		Other Equity Derivatives			SI for all
	Foreign exchange derivatives	Non Deliverable Forwards			SI for all
		Deliverable Forwards			SI for all
		Non Deliverable FX Options			SI for all
		Deliverable FX Options			SI for all
		Non Deliverable FX Swaps			SI for all
		Deliverable FX Swaps			SI for all
		Other Foreign Exchange Derivatives			SI for all
	Interest rate derivatives	IR FRAs			SI for all
		IR Options			SI for all
		Other Interest Rate Derivatives			SI for all
		Fixed-to-Fixed ‘multi currency swaps’ or ‘cross-currency swaps’			SI for all
		Float-to-Float multi-currency swaps or cross-currency swaps			SI for all
		Fixed-to-Float ‘multi currency swaps’ or ‘cross-currency swaps’			SI for all
		Fixed-to-Fixed 'single currency swaps'			SI for all
		Fixed-to-Float 'single currency swaps'			SI for all
		Float-to-Float 'single currency swaps'			SI for all
		Overnight Index Swap (OIS) 'single-currency swaps'			SI for all
		Overnight Index Swap (OIS) 'multi-currency swaps'			SI for all
		Inflation multi-currency swaps or cross-currency swaps			SI for all
		Inflation single-currency swaps			SI for all
Swaptions				SI for all
Bonds Forwards				SI for all
Bond Options				SI for all
Forwards on Fixed-to-Float multi-currency swaps or cross-currency swaps				SI for all
Forwards on Float-to-Float multi-currency swaps or cross-currency swaps				SI for all
Forwards on Fixed-to-Fixed multi-currency swaps or cross-currency swaps				SI for all
Forwards on Overnight Index (OIS) multi-currency swaps or cross-currency swaps				SI for all
Forwards on Inflation multi-currency swaps or cross-currency swaps				SI for all
Forwards on Fixed-to-Float single-currency swaps				SI for all
Forwards on Float-to-Float single-currency swaps				SI for all
Forwards on Fixed-to-Fixed single-currency swaps				SI for all
Forwards on Overnight Index (OIS) single-currency swaps				SI for all
Forwards on Inflation single-currency swaps				SI for all

HSBC Continental Europe S.A.


Legal Entity	Asset Class	Sub Asset Class	Bond Type	Issuer	Product
HSBC Continental Europe S.A.	Shares				SI for all
	Depositary receipts				SI for all
	ETFs (Exchange Traded Funds)				SI for all
	Certificates				SI for all
	Other Equity-like Instruments				SI for all
	Structured Finance Products			SI for all	SI for all
	Securitised Derivatives				SI for all
	Bonds (ex ETCs & ETNs)		Other Public Bond	SI for all	SI for all
			Other Bond	SI for all	SI for all
			Sovereign Bond	SI for all	SI for all
			Convertible Bond	SI for all	SI for all
			Covered Bond	SI for all	SI for all
			Corporate Bond	SI for all	SI for all
	Bonds (ETC and ETN bond types)	Exchange Traded Notes			SI for all
	Credit Derivatives	Index credit default swap (CDS)			SI for all
	Credit Derivatives	Single name credit default swap (CDS)			SI for all
	Equity derivatives	Index Options			SI for all
		Index Forwards			SI for all
		Stock Options			SI for all
		Stock Forwards			SI for all
		Stock Dividend Options			SI for all
		Stock Dividend Forwards			SI for all
		Dividend Index Options			SI for all
		Dividend Index Forwards			SI for all
		Volatility Index Options			SI for all
		Volatility Index Forwards			SI for all
		Swaps			SI for all
		Other Equity Derivatives			SI for all
	Foreign exchange derivatives	Non Deliverable Forwards			SI for all
		Deliverable Forwards			SI for all
		Non Deliverable FX Options			SI for all
		Deliverable FX Options			SI for all
		Non Deliverable FX Swaps			SI for all
		Deliverable FX Swaps			SI for all
		Other Foreign Exchange Derivatives			SI for all
	Interest rate derivatives	IR FRAs			SI for all
		IR Options			SI for all
		Other Interest Rate Derivatives			SI for all
		Fixed-to-Fixed ‘multi currency swaps’ or ‘cross-currency swaps’			SI for all
		Float-to-Float multi-currency swaps or cross-currency swaps			SI for all
		Fixed-to-Float ‘multi currency swaps’ or ‘cross-currency swaps’			SI for all
		Fixed-to-Fixed 'single currency swaps'			SI for all
		Fixed-to-Float 'single currency swaps'			SI for all
		Float-to-Float 'single currency swaps'			SI for all
		Overnight Index Swap (OIS) 'single-currency swaps'			SI for all
		Overnight Index Swap (OIS) 'multi-currency swaps'			SI for all
		Inflation multi-currency swaps or cross-currency swaps			SI for all
		Inflation single-currency swaps			SI for all
		Swaptions			SI for all
		Bonds Forwards			SI for all
		Bond Options			SI for all
		Forwards on Fixed-to-Float multi-currency swaps or cross-currency swaps			SI for all
		Forwards on Float-to-Float multi-currency swaps or cross-currency swaps			SI for all
		Forwards on Fixed-to-Fixed multi-currency swaps or cross-currency swaps			SI for all
		Forwards on Overnight Index (OIS) multi-currency swaps or cross-currency swaps			SI for all
		Forwards on Inflation multi-currency swaps or cross-currency swaps			SI for all
		Forwards on Fixed-to-Float single-currency swaps			SI for all
		Forwards on Float-to-Float single-currency swaps			SI for all
		Forwards on Fixed-to-Fixed single-currency swaps			SI for all
		Forwards on Overnight Index (OIS) single-currency swaps			SI for all
		Forwards on Inflation single-currency swaps			SI for all

Please see our SI Commercial Policies below:

Find out more about MiFID

The MiFID Framework

MiFID II & MiFIR: FAQs

External Policies and Disclosures

Third Party Security Interests

MiFID

MiFID Best Execution

Last updated: 18 March 2020

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