Nordea Makes Early Bid to Help Fund Managers Cope With MiFID
- First Nordic bank to announce systematic internalizer status
- Deutsche Bank, UBS among European lenders taking similar step
How MiFID II Is Going to Change Banking
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Nordea Bank AB will become a so-called systematic internalizer for foreign exchange, cash bonds and interest-rate derivatives in January in a bid to retain institutional clients.
The move, eight months before the deadline, will give the Nordic region’s only global systemically important bank “a competitive advantage as our institutional clients can trade with us without having to concern themselves with any post-trade reporting burden,” Kasper Folke, head of foreign exchange and algo quant at Nordea, said in an emailed response to questions. The bank is already a systematic internalizer in cash equities.