In the third of four episodes, senior reporter Annabel Smith and panellists across venues and the buy- and sell-side unpack the impacts of the migration of volumes to the Closing Auction on the continuous trading day, including liquidity, market impact, and the daily volume profile curve.
Key themes:
-Liquidity sourcing
-The continuous trading day
-How traders can navigate sparse liquidity
-Market impact
-New participants
-Internalisation