MiFID II Digest

While the 10 key takeaways from MiFID II may have given Steve indigestion, we are busy tucking in to the smörgåsbord of recently published MiFID II documents and snacking on all the published articles on the subject. From my reading so far, most looks as expected from the previous version that was leaked in August, with the following worthy of note: Organised Trading Facilities (OTFs) will be introduced as the third type of trading venue, aside from regulated market and... Read More

Toto, I have a feeling we’re not in Kansas any more!

After much speculation it seems that another North American player will now be dominating the European trading landscape. It is surprising to learn that Kansas-based BATS Global Markets will pay the equivalent of £230 million (using today’s exchange rate) for the acquisition of Chi-X Europe. The latter firm has around 50 employees so the BATS deal suggests they are willing to pay more than £4 million per employee. Just had a peep at Chi-X Europe’s financial statements... Read More

More psychobabble?

The power of ‘thin slicing’ is a phrase used in psychology to explain the human’s ability to make sense of situations based on the thinnest slice of experience. I don’t know if this really works but Brussels appears to be doing exactly that. In an attempt to prevent systemic risk and another Flash Crash, the latest leaked MiFID II document (dated 7th October) suggests some dangerous last minute changes. Particularly worrisome are the changes to the article... Read More

How Organised is your Trading Facility?

One of the primary aims of the review of MiFID is to provide more appropriate regulatory coverage for the multitude of different trading facilities and methods of execution that have emerged over the last 4 years. Currently, under MiFID, trading venues or platforms are classed as Regulated Markets (RMs), Multilateral Trading Facilities (MTFs) or Systematic Internalisers (SIs). A new broad definition is heralded that will apply regulation to all organised trading outside of the... Read More

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