The Markets in Financial Instruments Directive

Key information about NatWest Markets Plc (NWM), concerning MiFID II is provided on this page. Further details can also be found in our Q&A paper in the useful links section below.

Investment Firm - NWM is authorised and regulated as a MiFID investment firm by the Financial Conduct Authority (FCA) and PRA.

Legal Entity Identifier - NatWest Markets Plc’s (formerly The Royal Bank of Scotland Plc) Legal Entity Identifier (LEI) is RR3QWICWWIPCS8A4S074. All counterparties trading in scope financial instruments are expected to also have an LEI to continue trading with NWM (see links to LEI and FX exclusions below).

Terms of Business - NWM has revised its Terms of Business (for Retail and Professional clients) and Contractual Terms (for ECPs) to bring them in line with MiFID II requirements. See the latest terms and disclosures here.

Trading Venue - NWM is not a UK trading venue under MiFID II (i.e. not a Regulated Market (RM), Organised Trading Facility (OTF) or Multilateral Trading Facility (MTF)).

Systematic Internaliser - NatWest Markets Plc (formerly The Royal Bank of Scotland Plc) has operated as a Systematic Internaliser (SI) under MiFID II for all bonds and currency / rates derivatives defined as Traded on a Trading Venue (TOTV) since 3 January 2018.  Our Market Identifier Code (MIC) is NWMS

UK Designated Reporter Regime – Effective from 29th April, 2024, the FCA is introducing a Designated Reporter regime to replace the designation of a firm as a Systematic Internaliser (SI) for the purposes of determining responsibility for post trade transparency reporting.  NatWest Markets Plc has been registered as a Designated Reporter which applies at entity level and is applicable to post trade transparency reporting obligations for all bonds and currency / rates / credit derivatives defined as Traded on a Trading Venue.  There is no change to the NatWest Markets Plc Market Identifier Code (MIC).

Assisted Reporting - given our position on being a Designated Reporter, NWM does not need to offer an Assisted Reporting service, as we are responsible for post trade transparency obligations for bilateral trades facing us.

Written Research - NWM makes desk analysis and written research material public free of charge to UK and EU Investment Firms so that it can be deemed a minor non-monetary benefit (see here to register on our portal).

Inducements Regime - NWM charges EU Investment Firms a standard annual fee for anything that is defined as a non-minor benefit, such as access to desk strategy analysts.  Please see here for the fee level and terms & conditions for this service.