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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...
By Vicky Sanders, co-CEO, RSRCHXchange
23 September 2015
[also available online: http:/
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...
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...
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...
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....
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...
By Antoine Rescourio
Within the last few years, firms operating in the equities and exchange-traded derivatives (ETD) markets have placed an increasing amount of focus on the area of pre-trade risk. Rules such as SEC 15c3-5, the ‘Market Access Rule’ introduced into the US securities markets in 2010, and the ESMA Guidelines released in Europe the following year, have led the way in requiring firms to run ‘in-line’ checks and controls around their...
As regulatory initiatives around the world drive today’s Over-the Counter (OTC) markets towards an ever more connected, more electronic trading model, firms operating in the space are having to rapidly adapt and evolve.
One of the net results of this evolution is that fundamental shifts are now taking place in how technology is utilised, requiring new approaches to software development.
As a specialist provider of OTC trading solutions, Baymarkets identified very quickly...
By Nigel Farmer
In follow up to my recent blog post about market abuse and banking culture, it’s worth noting that the new Senior Managers Regime (SMR), designed to improve individual accountability in the banking and finance sector, has now come into force in the UK. According to the Bank of England’s Prudential Reporting Authority, the SMR “is aimed at supporting a change in culture at all levels in firms through a clear identification and allocation of...
SubMicroTrading is a new open source component based trading framework. It has been designed from the ground up with core principles focused on minimal latency and maximum throughput. SubMicroTrading contains various components including:
Order Management System (OMS)
Market data handlers
Exchange trading adapters
Basic exchange simulator
Highly concurrent exchange agnostic strategy container
SubMicroTrading is a...