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The Trading Mesh

April 2013

Dark matter 2

April 30, 2013 Comments (0)           

Welcome to the second issue of our European Dark Trading Analysis. In this report we provide a comparative performance analysis for the major European dark pools, together with a useful at-a-glance summary of the regulatory framework across the globe. Thanks to everyone for their suggestions so far and please keep them coming – just email the team. Download your copy here.

“It’s fragmentation, Jim, but not as we know it” – why Dodd-Frank won’t work

April 8, 2013 Comments (0)           

Interesting last week to see that GFI has applied to the CFTC to become a futures exchange. This follows on from ICAP’s purchase of Plus Markets (now ISDX) and so it surely can’t be too long before the other IDBs follow suit and execute their own regulatory hedges too. What they are worried about is that the regulatory regime around swaps seems to favour futurisation rather than SEFs and so will hand the keys to the kingdom over to the likes of the CME, ICE and other derivatives exchanges. This...

Beware the Ides of March

April 4, 2013 Comments (0)           

This article was originally published at the Fidessa Fragmentation blog, and is reproduced here with permission.
By Steve Grob
I read a number of reports this week trying to kill off the idea of the great rotation back into equities. This prompted me to take another look at Fidessa’s spangly new ‘HFT-free’ trading index. At first glance it seems to confirm the view that both institutional and retail volumes fell off badly in Europe.

But, er, hang on a...