TheTradeNews.com

Dark trading ‘cap’ will fragment European market – TABB

Fri, 24 May 2013 15:22:40 GMT

A volume cap on dark trading put forward in the latest proposals for MiFID II and its attendant regulation from the Irish Presidency will reduce dark activity in European equity markets and result in greater fragmentation, according to market structure consultant.

Irish bid to break MiFID II interoperability stalemate

Fri, 24 May 2013 13:22:24 GMT

The Irish Presidency of the Council of the European Union has put forward new compromises for MiFID II and its attendant regulation to resolve differences between member states on permitting interoperability between derivatives trading venues and clearing venues.

Interoperable Traiana OTC initiative boost for banks and brokers

Wed, 22 May 2013 13:23:56 GMT

An extension of post-trade matching service Traiana that sends OTC equity trades through central counterparties will cut bilateral equity trade settlement fees for brokers and banks, and will have a muted impact on greater interoperability for cash equities in Europe.

FPL updates post-trade guidelines

Mon, 20 May 2013 15:51:07 GMT

Reducing settlement times and streamlining post-trade processes were key issues in new FIX Protocol Limited global post-trade processing guidelines released today, according to a senior member of FPL's post-trade team.

EMIR extraterritoriality deadline ‘unrealistic’

Fri, 17 May 2013 15:18:10 GMT

Experts have warned a September deadline the European Commission has set for the European Securities and Markets Authority to draft technical standards covering the extraterritorial aspects of new clearing regulation will not be met.

No second chance for MiFID II – FCA

Wed, 15 May 2013 15:14:14 GMT

UK markets watchdog the Financial Conduct Authority has called on the industry to help regulators get MiFID II's technical standards "right first time" once the directive's text is finalised.

Spanish regulator outlines market reforms

Tue, 14 May 2013 16:43:18 GMT

Spanish regulator CNMV has taken steps to reform the registration, clearing and settlement system in the country's financial markets, with the publication of a set of key changes.

Liquidnet appointments suggest further Continental push

Tue, 14 May 2013 12:36:44 GMT

Institutional block trading network Liquidnet has appointed two senior members to its EMEA team to build on positive early-year results as it grow its Continental Europe client base.

Investit buy-side commission initiative draws closer

Fri, 10 May 2013 17:13:18 GMT

An initiative bringing together UK buy-side firms to exchange perspectives on broker services, such as payments for research, led by consultancy Investit, will take place in coming weeks as key firms have signed on.

BATS Chi-X Europe becomes registered exchange

Thu, 09 May 2013 16:07:07 GMT

Pan-European multilateral trading facility BATS Chi-X Europe has received its Recognised Investment Exchange licence from UK regulator the Financial Conduct Authority, giving it greater power to challenge Europe's primary markets and potentially drive down listing costs.

HFT helps stabilise the market during shocks - Eurex

Thu, 09 May 2013 10:52:12 GMT

High-frequency trading provides stability to the market during crashes, according to Eurex data aimed at disproving buy-side "misconceptions".

FCA seeks consistent ‘proactive’ oversight by UK venues

Wed, 08 May 2013 14:53:24 GMT

The UK's financial markets regulator, the Financial Conduct Authority, has increased pressure on UK-based trading venues to better mitigate potential systemic risks through a new consultation paper.

Can you see a tipping point in the dark?

Tue, 07 May 2013 17:43:28 GMT

Two reports on dark trading levels suggest the European equity market was approaching a landmark in the first quarter of 2013.

Kas Bank to report European trades to REGIS-TR ‘exclusively’

Tue, 07 May 2013 17:04:10 GMT

European trade repository REGIS-TR has signed up Kas Bank as its first client to report derivatives trades on behalf of market participants.

Irish aim to tackle twin hurdles to MiFID consensus

Thu, 02 May 2013 13:35:34 GMT

Rules on dark pools and post-trade competition are the remaining barriers to agreement on MiFID II by members of the Council of the European Union ahead the EcoFin meeting scheduled by the Irish Presidency for 14 May.

BNPP hails new dawn of fully outsourced dealing desks

Wed, 01 May 2013 14:58:51 GMT

A service launched this week that lets UK asset managers outsource trading is a natural, yet significant progression and will be vital for smaller buy-side firms to keep apace with technology and regulatory change, an executive leading the service believes.

Mutualised Equiduct will ‘fine-tune’ model to boost flow

Tue, 30 Apr 2013 17:56:18 GMT

An injection of fresh capital into retail-focused European trading platform Equiduct shows the value of alternative venues, its interim CEO has declared.

Europe brokerage positions BNY Mellon as front-to-back player

Mon, 29 Apr 2013 14:16:17 GMT

BNY Mellon's new European equities and fixed income brokerage further positions the custodian and institutional services firm as a full-service provider to institutional clients, according to managing director Ian Gass.

Buy-side looks for FCA support on MiFID II - The TRADE Poll

Mon, 29 Apr 2013 13:48:56 GMT

Stronger input into MiFID II should be a priority for the UK's new regulatory body, the Financial Conduct Authority, theTRADEnews.com's April poll has found.

FTT delay should not sway buy-side readiness

Wed, 24 Apr 2013 17:18:20 GMT

The UK's legal challenge to the proposed European financial transaction tax may lead to delays, but asset managers must keep up to speed to respond quickly when implementation details emerge, an expert has warned.

GETCO’s GETMatched gets interoperable with EuroCCP

Wed, 24 Apr 2013 8:49:32 GMT

GETMatched Europe, the European dark pool owned by global market maker GETCO, is to offer interoperable central counterparty clearing via pan-European clearer EuroCCP, subject to regulatory approval.

Cangemi elevated to CEO of ConvergEx London business

Tue, 23 Apr 2013 17:40:29 GMT

Brokerage and trading services provider ConvergEx Group has appointed its head of electronic equity trading and sales to CEO of the firm's UK based broker-dealer, ConvergEx Ltd.

LIBOR’s days numbered as market moots replacements

Tue, 23 Apr 2013 13:46:13 GMT

The former London Stock Exchange head of post-trade services has criticised proposals to anchor LIBOR's replacement in proxy data that could prove unreliable in a stressed market.

Regulation, volumes will drive European use of commission management tools

Mon, 22 Apr 2013 17:56:07 GMT

Buy-side firms have had to wait two years for a European version of Markit's commission management platform, but conditions in the region mean they may take to it quicker than their US equivalents.

BATS Chi-X Europe appoints new COO

Mon, 22 Apr 2013 16:53:19 GMT

BATS Chi-X Europe, the region's largest equities trading venue by volume traded, has appointed David Howson as COO from rival multilateral trading facility Equiduct Systems.

MTS Credit ‘in no rush’ after first bank commits to buy-side access

Mon, 22 Apr 2013 10:35:55 GMT

Crédit Agricole has become the first bank to provide sponsored access to its buy-side clients on London Stock Exchange-owed non-government bonds platform MTS Credit – but the bourse says it is in no hurry to add others immediately.

CME applies for European trade repository licence

Fri, 19 Apr 2013 15:53:53 GMT

US-based derivatives exchange CME Group is set to submit an application to the European Securities and Markets Authority in a bid to become a trade repository in Europe.

Liquidity, not structure, key for Europe's new alternative venues

Thu, 18 Apr 2013 15:03:07 GMT

Adequate liquidity provision will be reign as the central issue for the growing number of new European equity venues, senior buy- and sell-side participants agreed at a panel discussion yesterday.

Consolidated tape not close, warns regulator

Thu, 18 Apr 2013 14:02:38 GMT

A single consolidated market data tape in Europe is still a number of years away, but it looks increasingly likely that the European Securities and Markets Authority will play a leading role, a conference session on MiFID II heard yesterday.

Embrace the unknown

Wed, 17 Apr 2013 16:30:38 GMT

Market changes driven by regulation and technology offer opportunities that should not be stifled by uninformed fear of the unfamiliar, regulators and stakeholders agreed on the opening morning of TradeTech 2013 in London today.

Academic warns of another flash crash

Wed, 17 Apr 2013 10:19:58 GMT

A large-scale crash in financial markets due to automated trading is inevitable and MiFID's policy-makers are still out of step with how financial markets technology works, a senior academic claimed at high-frequency trading event in London yesterday.

Aquis appoints Spanbroek as director

Mon, 15 Apr 2013 12:28:02 GMT

European trading veteran Mark Spanbroek has been appointed non-executive director of new European equities trading venue Aquis Exchange.

MEP calls to remove OTC loophole from European FTT

Fri, 12 Apr 2013 16:55:38 GMT

A loophole created by the exception of OTC derivatives from the issuance principle in the European financial transaction tax proposal needs to be closed as it could "prove detrimental" to the tax's success, a European Parliament report says.

Block trading up on stabilising Europe

Thu, 11 Apr 2013 17:30:55 GMT

First-quarter figures for block trading venue Liquidnet have shown institutional investors in Europe again trading equities in size. The firm's Europe chief attributed the resurgence to regional stabilisation.

European FTT ‘will remove oil from the engine’ of repo market

Thu, 11 Apr 2013 17:29:39 GMT

Investors will abandon short-term trades amid a "dramatic" market contraction if the EU fails to exempt the repo market from its proposed financial transaction tax, according to Ulf Bacher, head of the agency cash management platform at prime broker Newedge.

German HFT law licencing issue could spark liquidity rush

Wed, 10 Apr 2013 15:57:05 GMT

Liquidity in derivatives instruments on Deutsche Börse's Eurex platform could shift to competitors NYSE Liffe and Nasdaq's new NLX venue as a new German law requires high-frequency trading firms to register with national regulator BaFin.

Vienna bourse labels merger talks ‘normal course of business’

Wed, 10 Apr 2013 15:46:52 GMT

The Vienna Stock Exchange has played down rumours that it is in discussions with the Warsaw Stock Exchange about a possible merger.

ESMA repository advice excludes non-core services

Mon, 08 Apr 2013 17:30:34 GMT

The European Securities and Markets Authority has excluded turnover derived from ancillary services in the calculation of annual fees trade repositories will pay as new rules governing OTC derivatives in Europe through the European market infrastructure regulation approach.

Third of buy-side EMIR-ready

Thu, 04 Apr 2013 11:47:38 GMT

Only a third of asset managers are operationally prepared for changes to post-trade processing of OTC derivatives in Europe, and many see costs for compliance rising, new research has shown.

ESMA guidelines spur buy-side use of ETFs

Wed, 03 Apr 2013 18:01:05 GMT

Widely-applauded European rules on exchange-traded funds have supported their continued popularity among institutional investors, new data has revealed.

Italian FTT widens spreads, boosts exchange-reported trades

Wed, 03 Apr 2013 15:58:42 GMT

The Italian financial transaction tax has caused a lull in broker crossing network activity and a rise in trades reported to exchanges and multilateral trading facilities, figures show after a full month of implementation.

Warsaw Exchange makes short work of migration

Wed, 03 Apr 2013 14:39:30 GMT

Poland's Warsaw Stock Exchange will operate new shorter trading times when it migrates to a new trading system on 15 April.

LSEG furthers derivatives ambitions amidst trading slump

Thu, 28 Mar 2013 12:08:17 GMT

The London Stock Exchange Group has announced plans to launch a swaps trade repository and taken another step towards its acquisition of LCH.Clearnet as plans to bolster its derivatives business progress.

Irish presidency proposes clearing interoperability threshold

Wed, 27 Mar 2013 13:14:32 GMT

The Irish presidency of the Council of the European Union has put forward a MiFID II proposal that could force Europe's largest exchanges to offer multiple clearers for equities and derivatives trades.

SMEs eye liquidity boost with stamp duty exemption

Wed, 27 Mar 2013 11:39:45 GMT

Small- and mid-cap UK shares may receive a liquidity boost from this month's budget decision to exempt trades on the London Stock Exchange's Alternative Investment Market from stamp duty, but plans to drive greater retail liquidity into the market could have a more lasting impact.

Moscow Exchange embraces T+2 settlement

Mon, 25 Mar 2013 14:15:08 GMT

Moscow Exchange has formally begun shifting its settlement period to a T+2 regime, as it pursues initiatives to modernise its market and raise competitiveness.

Aquis reveals pricing structure, appoints chair

Mon, 25 Mar 2013 10:22:44 GMT

Aquis Exchange, a pan-European multilateral trading facility led by former Chi-X Europe CEO Alasdair Haynes has unveiled details of its subscription-based pricing model, eschewing the popular maker-taker model favoured by alternative platforms.

FPL subsumes EMEA regional director role with restructure

Fri, 22 Mar 2013 15:15:07 GMT

FIX Protocol Limited (FPL) has ceased its consulting agreement with EMEA regional director Stuart Adams, subsuming duties of the role into its regional committee.

Cypriot turmoil leads foreign investors to rethink Russia ties

Thu, 21 Mar 2013 13:16:33 GMT

Economic instability in Cyprus is causing some firms to re-evaluate relationships with Russian brokers that use the island as a tax-friendly route to Russia, despite the minimal impact the uncertainty will have on equity trading.