Broker crossing networks will be heavily affected by upcoming European Commission rules on dark trading. But with 18 months to go until implementation, uncertainty still unnerves brokers and asset managers – prompting some market participants to re-examine whether they want to trade at all.
The European Commission’s MiFID II legislation is a poorly thought-out, arbitrary and unclear piece of rulemaking that will prevent traders from being able to do their job. Worse still, a lack of clarity over the final details will inflict uncertainty and cost on market participants from now until 2017, according to delegates at TradeTech Paris this week.
Banks and asset managers are being forced to learn to live in a world of greater specialisation, as unbundling of research and execution drives greater competitive pressure on costs. That is probably a good thing – but it will take the buy-side and the sell side in different directions, according to senior executives speaking at the TradeTech conference in Paris this week.
Buy-side firms stand to gain from developing their own smart order routers and carrying out their own capital markets research. But the growing independence of the buy-side must still be weighed against sell-side advantages of scale, according to speakers at the Trade Tech conference in Paris on Tuesday.
Europe doesn’t need more trading venues – instead, it needs more innovation, more fairness, more competition and better enforcement, according to panellists speaking at the Trade Tech conference in Paris.
Despite the deep controversy created by Michael Lewis’ expose of HFT Flash Boys, global equity markets are not broken, according to a senior capital markets panel at Trade Tech Paris 2014.
Market operators have a duty to educate the public about stock markets – and to take widespread concerns about the role of high-frequency traders seriously, according to Christian Katz, chief executive at SIX Swiss Exchange.
The next generation of trading venues went head-to-head on the first day at TradeTech in London– each keen to present its model of how best to match buyers with sellers.
A session at Trade Tech in London fell into chaos earlier today, as furious delegates hurled accusations across the table and members of the audience sparred aggressively with panellists.
