Remember me

Register  |   Lost password?

The Trading Mesh

Fidessa's Blog

MiFID II – the best thing that ever happened?

June 8, 2017 Comments (0)           

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

So, if you’re planning to attend any kind seminar on what you need to do for MiFID II over the next few months, forget it and go to the movies instead. You’re simply too late and whatever plans you have (or have not) put in place will just have to do as there are only 6 months left to go. The more important questions concern how regulators will interpret...

Thomas in Blockland

February 23, 2017 Comments (0)           

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

Thomas the crossing network wasn’t happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was an awful lot of it. But now he had a tricky choice to make.
The ruler of the land, The Regulator, had been convinced by the...

The train on platform MiFID 2 is delayed by one year

November 26, 2015 Comments (0)           

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

Not surprising to see that it now looks odds-on that we’ll get a full one year delay on the implementation of MiFID 2. This will embarrass the politicians who don’t want to be seen as going soft on those “wreckless” bankers, but I assume Jo Public will have forgotten all about this by the time they’re up for re-election in...

BATS auctions off the block problem

September 11, 2015 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...

Unbundling versus Best Ex

August 7, 2015 Comments (0)           

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

So, the September date looms for ESMA’s final clarification on unbundling. What seems evident is that payment for research with trading commissions is definitely going to be out. What seems less clear, though, is what can still be bundled into the definition of ‘execution’ and therefore still be paid for in commission dollars....

Time to sort RFQs?

June 30, 2015 Comments (0)           

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

I was reading my colleague’s blog today on RFQs and it looks like this could be another aspect to the slow motion car wreck otherwise known as MiFID II. The problem this time is that the regulators have completely redefined the whole RFQ model. Imagine I ring you up and ask you to make me an offer for a watch I am thinking of selling. Because we...

The Tomorrow People

June 19, 2015 Comments (0)           

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

Josh was in high spirits, trading had been good that day. He had downloaded an algo app overnight that allowed him to arb Google dollars against Apple iCoins. It was no longer any use, of course, as by now everyone else had downloaded it too. But his edge had been that his simulator had processed it faster than anyone else. This was required by the regulator to...

Having your regulatory cake and eating it

May 15, 2015 Comments (0)           

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

This morning I read with interest a colleague’s blog post on the delay to the publication of the ESMA technical standards from July back to September. Whilst I appreciate that these things are complicated, it seems hard to understand how this won’t delay the implementation date without potentially increasing the very risks the regulations...

GMEX – going to eleven?

February 27, 2015 Comments (0)           

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

The announcement that new derivatives exchange GMEX has received investment from SocGen reopened the debate here as to the future of rates trading and who the likely winners are going to be. Reliable data is hard to come by on exactly what is happening to OTC volumes and where they are going. Such evidence as does exist seems to show asteady increase in...

The gift that keeps on giving

November 25, 2014 Comments (0)           

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

Since Thomson Reuters announced the withdrawal of its market share reporter, the phones have been ringing red hot with enquiries asking if we could build a replacement using our existing free-to-view Frag website. This prompted a fierce debate here at Fidessa Towers as to whether we should commercialise this opportunity and, if so, what new features we would...