FPGAs, Established for Market Data, Now Being Leveraged for Transactions, Pre-Trade Risk

Field Programmable Gate Arrays (FPGAs) - providing hardware-based acceleration for processing typically performed in software - are being increasingly adopted for financial markets applications, with signs that their use is moving beyond boosting market data delivery, to address transactional performance as well. Fixnetix and Wall Street FPGA are providing two such examples, as hardware acceleration veterans like Activ Financial Systems roll out the latest versions of its ticker plant, doubling performance.

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07 Dec 2010
 
Stop Press: SEC Adopts New Rule Preventing Unfiltered Market Access

It’s been a long time coming, and A-Team readers have been expecting it: The SEC finally issued its new ruling on naked access, setting in place requirements for brokers to supply pre-trade risk controls, effectively prohibiting unfiltered non-member access to exchanges or ATSs using broker memberships or IDs.
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03 Nov 2010
 
AFME Cautions Against Additional Rules to Effect MiFID

Targeted1 The Association for Financial Markets in Europe (AFME) has warned the European Commission (EC) and Committee of European Securities Regulators (CESR) against further legislation to achieve the objectives of MiFID, suggesting instead a targeted approach to address specific issues and the use of available policy tools to resolve them.

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08 Apr 2010
 
CFA Institute Provides Research in Support of its Consolidated Tape Campaign

The post-MiFID market fragmentation has resulted in very little impact on the quality of the price formation process for equities traded in the European markets affected, however, attempting to obtain a complete and clear picture of market prices remains challenging. This is according to a recent piece of research carried out by the Chartered Financial Analyst (CFA) Institute Centre for Financial Market Integrity, which has taken up the mantle of champion for a consolidated tape for European equities.

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07 Dec 2009
 
CESR Provides Slew of Updates on MiFID Protocols and New Consultation Paper

The Committee of European Securities Regulators (CESR) has recently issued a series of updates to MiFID protocols and a new consultation paper on the subject of investment advice. The protocol updates concern recent amendments to MiFID including: rules surrounding the calculation and publication of MiFID market transparency calculations, the supervision of branches and MiFID passport notifications. All of these documents are aimed at providing member states with more guidance around increasing transparency in the fragmented European marketplace.

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19 Oct 2009
 
B-next Extends Data Reach with Interactive Data Agreement, Extends Ambitions to UK

Compliance and regulatory reporting platform vendor b-next has recently signed an agreement with Interactive Data under which the data vendor will provide global pricing and reference data to feed b-next’s MACOC software solutions. The deal is part of the German vendor’s ambitions to crack the UK market and should help it in the effort to streamline and simplify compliance processes via the provision of consolidated data, says Wolfgang Fabisch, founder and CEO of b-next Group.

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07 Oct 2009
 
Costs Have Come Down But Cross Border Activity in Europe Remains a Costly Business, According to Commission and Oxera Report

The costs of trading and clearing and settlement have fallen in general as a result of the introduction of MiFID and the Code of Conduct, but some problems remain to be tackled. There is significant cross border activity throughout Europe and, in general, the cost of this activity is higher than that for domestic transactions, according to a report commissioned by the European Commission and conducted by Oxera. However, this difference can largely be attributed to economies of scale, as investors investing in cross border markets will generally have lower levels of activity than domestic investors, says the report.

(more…)

21 Jul 2009
 

 
 

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