Systematic Internaliser

Regulatory requirements in EU and UK conduct legislation applicable to Systematic Internalisers (SI) have changed. These changes in regulation will have an impact on the wider financial services industry. ISDA and AFME have published guidance containing further details in this regard, which can be found here: Association for Financial Markets in Europe (afme) website, which addresses reporting considerations across asset classes.

With respect to Deutsche Bank AG’s SI obligations:

• For bonds, derivatives, and other MIFID non-equity instruments: Due to these changes, Deutsche Bank AG intends to deregister from its current status as a SI for bonds and derivatives, as well as other MIFID non-equity instruments, with applicable regulators in the EU and the UK in 2026. As a consequence of these regulatory changes, Deutsche Bank AG will no longer publish a commercial policy in respect of such instruments as the requirement to do so no longer applies to it.
• For MIFID II equity and equity like instruments: In addition, due to changes in its operating models, Deutsche Bank AG also intends to deregister its current status as a SI with respect to equity and equity like instruments with applicable regulators in the EU and the UK in 2026 in all MIFID II equity asset classes.

In each case, trade execution, market-making and liquidity provision will remain unaffected by Deutsche Bank AG’s SI de-registration.