Xtrakter, a provide of trade matching and regulatory reporting services, has compiled leagues table based on data passing through its systems showing the top execution venues for the equities and fixed income markets in Europe. While OTC leads as an execution method in both lists, NYSE Euronext scooped top honours in equities with a combined share of about 25% for its three companies. Meanwhile, the fixed income market is dominated by OTC executions, with individual venue shares only in the single digits.

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MiFID implementation in November 2007 had the desired effect of opening up the market into a more competitive field, according to a new whitepaper from industry think tank JWG-IT and technology vendor Cisco. Moreover, a key objective of the European Union’s Financial Services Action Plans (FSAP), to foster competition by removing barriers, has also been achieved, the paper states.

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While MiFID brings into view the development of a pan-European market at the trading level, the clearing and settlement structure in Europe remains organised largely on national lines with deep-seated regulatory, legal, fiscal and market-practice barriers, points out Tabb Group in a new report, European Clearing and Settlement: Breaking Barriers – Building Alliances. The point has been made before, but Tabb’s report is timely nonetheless.

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Preliminary results of a survey by industry think-tank JWG-IT show the industry still does not have a central view of its customer and little has been done to mitigate what it calls KYF (Know Your Firm) risks. Also, the ability to pick the right execution venue will be a key differentiator for the customer, it reports.

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European equities traders named MiFID, and its best execution rules, as a factor driving electronic trading growth, according to the results of the first annual equities e-trading survey from the Securities Industry and Financial Markets Associations (SIFMA).

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Equity trading volumes will increase dramatically across Europe post-MiFID, forcing firms to adopt smart order routing technology if they want to thrive, says Atos Consulting, part of Atos Origin, in its recent white paper entitled Surviving or Thriving after MiFID. However, the consulting firm has found a risky “wait and see” attitude when it comes to technology spending by some firms.

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In a recent European-wide industry survey, about three-quarters of respondents said they were now MiFID compliant. Yet the majority said they still had money left in their MiFID budgets, with almost half having no plans as to when they would spend that remaining budget.

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BearingPoint last month released one of the more thoughtful and pragmatic white papers yet on the impact of MiFID, this time with a focus on its impact on sell-side institutions. The paper focuses on those measures that are expected to be the most burdensome and costly for sell-side firms, and then offers a change framework for technology that institutions can use to deal with MiFID’s effects.

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A new report from IBM is bucking the trend when it comes to how consultants are approaching MiFID.

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Capturing value from MiFID, a recent report released jointly by consultants KPMG and the Economist Intelligence Unit (EIU), has good and bad news about MiFID progress.

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