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The Trading Mesh

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MiFID II: Clock Synchronisation and the performance visibility benefits standardisation could deliver

October 30, 2015 by Velocimetrics   Comments (0)           

By Adam Woolhouse, Head of Sales, Trading Systems, EMEA and APAC at Velocimetrics Ltd
In late September, the most recent MiFID II guidance, detailing the proposed technical standards, hit the shelves.  Amongst the many pages that comprise this much-anticipated tome, is a section dedicated to explaining the levels of accuracy that business clocks used to record the timings of reportable events will need to achieve (but considering this section is roughly 500 pages in, you’d...

BATS' Periodic Auctions Book for European Equities

October 23, 2015 by John White   Comments (0)           

This blog post originally appeared on Bloomberg Tradebook and is reproduced here with the author's permissionBy John White
On September 7th, BATS announced their intention to launch a Periodic Auctions Book for European equities. The LSE’s Turquoise dark pool already, through its Turquoise Uncross product, supports a periodic auction model. The key difference with the proposed BATS service is that it is a litvenue with the indicative price and size of the next auction...

Emerging market trading hubs - Gateways to new venues, products and markets

October 1, 2015 by The Realization Group   Comments (0)           

In this article, Mike O’Hara and Adam Cox of The Realization Group investigate a radical new concept in trading: the emerging market trading hub. By linking far-flung exchanges at a neutral site in a developed market location, a trading hub essentially brings the market to the liquidity rather than the other way around. The hub revolutionises the relationship between venues and the investors who want to access them, offering significant benefits to all parties. Speaking with Rob...

Resilient Stress Testing Platforms: Top 4 Considerations

September 30, 2015 by Percentile   Comments (0)           

By Anthony Pereira, CEO, Percentile
“Bank of England May Toughen Stress Tests as Economy Rallies,” claimed the Bloomberg Business headline on 28 July.  Deputy Governor Jon Cunliffe explained in a speech that the Bank of England’s approach would be to use stress testing more countercyclically: “Rather than testing every year against a scenario of constant severity, the severity of the test, and the resilience banks need to pass it, would be greater...

What’s missing from ESMA’s report?

September 29, 2015 by Regulation Matters (Fidessa)   Comments (0)           

By Christian Voigt

Yesterday saw the publication of ESMA’s long-awaited report on the technical standards for MiFID II / MiFIR. As well as reviewing every single word of this impressive tome – 1,532 pages spread across three documents – we should consider the wider scope and take note of what the report does not cover too.
Comparing the drafts from December 2014 and February 2015 with yesterday’s texts, it suggests that ESMA still needs...

What to expect when you’re expecting ESMA

September 23, 2015 by RSRCHXchange   Comments (0)           

By Vicky Sanders, co-CEO, RSRCHXchange
23 September 2015
[also available online:]

As we eagerly await  the final verdict on unbundling under MiFID II, here is a list of 10 things we can expect for research while we’re expecting ESMA’s much-anticipated release.

1. January 2017 is here to stay
The delay of the final text from the original June deadline, was the subject of much attention earlier this...

New trading hubs a ‘game changer’ for emerging markets

September 23, 2015 by Digital Realty   Comments (0)           

By Robert Bath, VP of Global Solutions
This post originally appeared at the Digital Realty Blog and is reproduced here with permission
It’s not every day a company gets to truly transform a market. Yet, with our newly announced partnership, Digital Realty is poised to do just that.
In partnership with trading technology specialist GMEX Technologies Limited (GMEX Tech), we have plans to establish a network of emerging market trading hubs around the globe. The...

Searching for Handsome Returns – Can Turkey Still Deliver?

September 22, 2015 by BSO Network Solutions   Comments (0)           

Michael Ourabah, CEO, BSO Network Solutions As is customary in the ongoing search for profit opportunities, high frequency traders often look to emerging markets to leverage a country’s surging growth. However, while returns can be attractively high, traders should always keep a wary eye on whether a fledgling economy risks taking a tumble, which could lead to gains being eroded in a short space of time. Turkey has stood out among these emerging economies in recent years. In 2011, its GDP...

Miffed with MiFID

September 16, 2015 by Software AG   Comments (0)           

By Nigel Farmer
Last week FOW hosted a regulation event in London with presentations and panel discussions covering a range of topics with a strong focus on Mifid II
With submission of the final draft of ESMA’s regulatory technical standards (RTS) being delay by three months, there was much concern over the challenging deadline. Many firms have already started implementation of yet to be finalized rules in order to be compliant come the 3rd of January 2017....

BATS auctions off the block problem

September 11, 2015 by Fidessa   Comments (0)           

This article was originally published at the Fidessa blog, and is reproduced here with permission. By Steve Grob

There has a been a lot of talk about how to trade blocks that are smaller than the LIS waiver but that are still too big to go to regular lit markets. The debate has been ratcheted up by the 4 and 8% dark pool caps that are part of the MiFID II spectre looming above us all. One approach, of course, is to chop your block into smaller pieces with an algo but this is...