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The Trading Mesh

Ollie Cadman's Blog

Many sources of liquidity, many sources of uncertainty

July 1, 2018 Comments (0)           

We are six months into a European trading and investment landscape redrawn by MiFID II. But it’s still too early to tell with any certainty where liquidity will flow. In truth, we may not have a clear picture even by the end of the year.
This is partly down to the sheer scale and scope of MiFID II, but also because of the staggered timetable for rolling out a central feature of this new landscape: systematic internalisers (SIs), the mandated mechanism for bilateral liquidity provision....

At your service: A new model for technology in the front office gains traction

May 15, 2018 Comments (0)           

Across a variety of industries, there are clear signs of increased spending on managed services. Whether it involves software-as-a-service (SaaS), infrastructure-as-a-service (IaaS) or platform-as-a-service (PaaS), a raft of reports and surveys show rising appetites for this new way of doing business.[1]
Financial market participants are among the most enthusiastic to embrace the new as-a-service model. And it’s not difficult to see why.
Whether the focus is on operations, market...

As multi-asset trading takes off, trading systems need to keep pace

April 25, 2018 Comments (0)           

By Ollie Cadman - Head of Business Operations at Vela

You don’t need to look far for reasons why multi-asset trading is on the rise.
Asset managers remain engaged in a protracted “hunt for yield” as global interest rates, despite recent rises, are at historically low levels. Trading volumes in Asia are climbing as markets look to reflect the region’s growing economic clout. Regulatory reform is forcing more financial innovation in terms of derivatives trading. And...

When Dark Pools Go Dark

April 4, 2018 Comments (0)           

By Ollie Cadman, Head of Business Operations Vela
Trading volume is rapidly shifting from dark pools to block trading venues under MiFID II, so market participants need technology to access multiple platforms.
It is less than three months since the recast Markets in Financial Instruments Directive (MiFID II) came into effect and European markets are already changing. New block trading venues that had been slowly ramping up in recent years have now been fully unleashed, gaining traction as...

Navigating Systematic Internalisation

September 22, 2017 Comments (0)           

Liquidity in Europe is to be rerouted under MiFID II, as the business model of broker crossing networks (BCNs) is being overhauled and more OTC equity volume is being brought under pre-trade transparency rules due to the revised Systematic Internaliser (SI) regime. Tracking liquidity in the transformed landscape will be challenging; firms will need to consider how well their existing market access and order-routing options can continue to provide access and meet best execution obligations in...

Demystifying DEA

June 26, 2017 Comments (0)           

The following blog was originally published by Vela Trading Technologies and is reproduced here with permission
 
With less than 200 days to go until the implementation of MiFID II, the uncertainty surrounding direct electronic access (DEA) shows little sign of resolution. I recently attended a panel discussion on the topic at the IDX conference in London, at which a number of important issues were raised.
 
The concept of DEA, whereby a market participant directly accesses a...

MiFID II will change the market in six distinct ways

June 16, 2017 Comments (0)           

The following blog was originally published by Vela Trading Technologies and is reproduced here with permission
 
In March, Vela hosted an executive roundtable in London on the cross asset challenges of MiFID II. In the third and final event report, we look at the changes that participants from across the market expect to see in business models, trading patterns, and relationships.
 
No such thing as free research… Business models will change as a result of MiFID II....

MiFID II just got political

June 1, 2017 Comments (0)           

The following blog was originally published by Vela Trading Technologies and is reproduced here with permission
 
In March 2017, Vela hosted an executive roundtable in London on the cross-asset challenges of MiFID II. In the second of three event reports, we discuss how buy-side, sell-side, and market operator attendees were all keenly aware that large political and secular decisions could have a considerable effect on the impact that MiFID II will have upon their businesses....

Five Ways to Prevent MiFID II Technology Decisions from Going Wrong

April 21, 2017 Comments (0)           

The following blog was originally published by Vela Trading Technologies and is reproduced here with permission
 
On 22 March 2017, Vela hosted an executive roundtable in London on the cross asset challenges of MiFID II. In the first of three event reports, we look at how the participants, who came from across the market, emphasised the need to automate more than ever before, and for greater collaboration between buy-side, sell-side, and technology vendors.
 
Brokers and...

Promised Return from Data Assets under MiFID II

February 24, 2017 Comments (0)           

The following blog was originally published by Vela Trading Technologies and is reproduced here with permission
 
European regulators are tearing down the instinctive, qualitative world of trading and replacing it with a measurable, traceable, transparent trading grid. This rigorous framework is imposed by the re-invented Markets in Financial Instruments Directive (MiFID II), coming into force in January 2018. It will make data an invaluable asset for trading desks. The new rules toughen...