The Trade | March 08, 2018
The European Securities and Markets Authority (ESMA) has published data on the MiFID II dark pool double volume caps (DVCs) following a delay earlier this year, with hundreds of stocks affected by the restrictions.
ESMA has released data on equity and equity-like instruments that hit the trading threshold, meaning they cannot be traded in dark pool venues.Read more >
Institutional Investor | February 21, 2018
Transaction cost analysis continued spreading beyond stocks to other assets last year as asset managers and broker-dealers sought to comply with stricter transparency standards in Europe.
“2017 was the year for multi-asset TCA, driven by regulatory requirements,” said Kevin O’Connor, global head of analytics products at ITG, a global TCA provider. “Great strides were made for fixed income, foreign exchange, and derivatives.”Read more >
Risk.net | February 16, 2018
New European market rules have triggered a surge in trading volumes of exchange-traded funds on platforms, but ETF market-makers believe this sudden dominance will be short-lived.
Two dealers who spoke to Risk.net say venues allowing firms to request quotes from multiple dealers, known as request-for-quote platforms, have all witnessed a “dramatic” increase in volumes.Read more >
Bloomberg Markets | February 13, 2018
Here’s another quirk from the early days of MiFID II: algorithmic traders like Virtu Financial Inc. are deliberately opting not to use a pricing advantage.
Systematic internalizers, the new breed of lightly regulated trading venue ushered in by this year’s European regulatory overhaul, aren’t subject to MiFID’s “tick-size” regime governing the minimum increment for stock pricing. Traditional stock markets have feared this would give the venues run by Virtu and more than a dozen other companies an unfair leg up.Read more >
Markets Media | February 01, 2018
Euronext, the pan-European exchange operator, is extending large-in-scale trading to commodity futures as new regulations have boosted block trading volumes.
MiFID II, the regulation which came into force in the European Union last month, places volume caps on trading of 4% of daily volume in an individual stock on any single dark venue as well as 8% of total average daily volume across all European dark pools. There are waivers for large-in-scale (LIS) orders and trading in auctions which has boosted volumes in block trades and periodic auctions.Read more >