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.

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21 Jul 2009
 
Bats Europe Plans Launch of Dark Pool for August FREE - A-Team Wire

16 Jul 2009
 
Neonet Adds Access to SmartPool to Buy Side Offering FREE - A-Team Wire

13 Jul 2009
 
 
 
NYSE Euronext’s Callahan Calls for SEC to Revisit Regulation of Dark Pools

NYSE Euronext’s executive vice president Thomas Callahan has called for the US government to put pressure on the Securities and Exchange Commission (SEC) to tighten the regulation of dark pools. Callahan made the plea to the US House Financial Services Capital Markets Subcommittee earlier this week with a view to in order to putting dark pools on a level legislative playing field with exchanges.

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09 Jun 2009
 
Sequel to MiFID May be on the Cards in the Near Future…

Given the turmoil that the market has been faced with over the past 12 months and the ongoing regulatory overhaul, it was only a matter of time before a follow-up to MiFID was mooted by the regulatory community. Over recent months, the European Commission has been busy assessing whether the directive’s principle of levelling the competitive playing field should be extended to the fixed income and derivatives markets.

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09 Jun 2009
 
Lafferty Goes Live with SunGard for OMS, Compliance FREE - A-Team Wire

05 May 2009
 
Chi-X Europe Adds Dark Liquidity Facility with Planned Chi-Delta Platform

Chi-X Europe plans to launch its Chi-Delta (Dark Electronic Liquidity Trading Application) dark liquidity book this quarter, subject to regulatory approval. The move brings the pan-European trading platform into the dark liquidity space, allowing it to offer both lit and unlit liquidity.

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22 Apr 2009
 
Interactive Data Launches PlusBook Consolidated Order Book for Europe

Interactive Data Corporation has launched PlusBook, a consolidated order book service for the European financial industry. Designed to help address the best execution mandates embodied in the Markets in Financial Instruments Directive (MiFID) provides sub-millisecond performance and enables the user to track liquidity in real-time across multiple venues.

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15 Apr 2009
 
Oddo & Cie Selects Chi-X Global Technology’s MarketPrizm Platform

Independent agency brokerage Oddo & Cie has selected Chi-X Global Technology’s MarketPrizm trading infrastructure platform to meet its market data requirements. The vendor, which is the technology services unit of Chi-X Global, will be working in concert with Quod Financial to provide the firm with direct market access (DMA) and smart order routing (SOR) functionality.

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09 Apr 2009
 
MarkitBoat Talks up Major Pricing Revamp and Increase in Data Quality

In an exclusive interview, Will Meldrum, managing director, and Sophia Kandylaki, director of MarkitBoat talk with Risk & Regulation IT about the data vendor’s plans for this year.

(more…)

24 Mar 2009
 
MiFID: The What, When, Where, How – and Why (should I care)?

The Markets in Financial Information Directive (MiFID), which came into effect 1 November 2007, replaced the 1993 Investment Services Directive (ISD). It is a key component of the European Commissioner’s Financial Services Action Plan (FSAP), which comprises 42 measures in all.

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27 Feb 2009
 
Instinet’s Balarkas Calls for Marketplace to Step Up Best Execution Efforts

Instinet Europe CEO Richard Balarkas says the quest for best execution under MiFID still has a long way to go, as his firm reports an average client savings of 5.08 basis points through the use of its SmartRouter order routing platform. The savings were announced as part of Instinet Europe’s Best Execution Policy Review for 2008, published this month.

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25 Feb 2009
 
Smart Trade Embeds EsperTech’s CEP for Best-X

Smart Trade Technologies will embed EsperTech’s complex event processing platform in its smartTrade liquidity management system (LMS) as part of an OEM agreement. The deal offers Smart Trade customers help in supporting their best execution strategies under Reg NMS and MiFID.

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10 Feb 2009
 
MiFID Has Lowered Trading and Data Costs and Fragmentation Issues are Being Tackled, Says MarkitBoat

Contrary to some viewpoints in the industry (see yesterday’s story on the responses to CESR’s Call for Evidence), data vendor MarkitBoat believes MiFID has provided a significant reduction in the cost of both trading and trade reporting. The directive has also increased transparency in OTC trading and “de-fragmented the European landscape”, according to the vendor.

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04 Feb 2009
 
Industry Concerns About Fragmentation and Quality May Mean Big Changes to MiFID

Buy side firms and issuers are asking for significant revisions to MiFID including calls for a US style consolidated tape for trade data and trade through rules, according to the recent responses to the Committee of European Securities Regulators’ (CESR) recent call for evidence. Exchanges want tougher regulations on over the counter (OTC) execution venues and vendors and larger sell side players are urging restraint.

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03 Feb 2009
 
Bloomberg Tradebook Unveils Soar Routing Algorithm

Bloomberg Tradebook’s release of its Smart Order Algorithmic Routing (Soar) for the European marketplace is evidence of the degree of liquidity fragmentation in the post-MiFID environment. The facility, originally developed some years ago for markets globally but now deployed in earnest in Europe, offers access to the four new execution venues that are offering meaningful market share.

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03 Feb 2009
 
Turquoise to Launch Dark Pool Aggregation Service in First Quarter

Originally appeared in MiFID Monitor

Turquoise has outlined plans to launch a pan-European dark pool aggregation service in the first quarter, offering a facility for routing and distributing orders to dark pools as a step toward best execution under MiFID. The move appears aimed at leveraging Turquoise’s backing by nine major investment banks, many of which operate their own dark pools.

(more…)

28 Jan 2009
 
Turquoise to Launch Dark Pool Aggregation Service in First Quarter

Originally appeared in MiFID Monitor

Turquoise has outlined plans to launch a pan-European dark pool aggregation service in the first quarter, offering a facility for routing and distributing orders to dark pools as a step toward best execution under MiFID. The move appears aimed at leveraging Turquoise’s backing by nine major investment banks, many of which operate their own dark pools.

(more…)

22 Dec 2008
 

 

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