Tag: Periodic auctions

Analysis from the UK’s regulator has said that dark trading, which the EU has restricted under MiFID II rules, can reduce costs for investors.

After emerging as an alternative trading venue under MiFID II in Europe, Cboe will now bring its periodic auction to the US equity market.

ESMA has made several recommendations in its report on the MiFID II review, but a poll from Rosenblatt Securities suggests the buy-side is not quite on the same page as the regulator.

Record trade was executed in May within a single auction call on the SIGMA X MTF trading venue at Goldman Sachs.

ESMA is considering removing certain transparency waivers which would make the DVCs redundant, or lowering the threshold market-wide to further restrict dark trading in Europe.   

In October this year, the Turquoise Plato Block Discovery platform saw eight record days of trading activity.

James Baugh, head of EMEA equities market structure at Citigroup, talks to The TRADE about the impact MiFID II has had on European market structures, the changing relationship between the buy- and sell-sides, and what further regulatory changes may be in store.

ESMA’s final report on periodic auctions says venues are not used to evade MiFID II dark trading rules, as fears of outright ban are dampened.