Be careful what you wish for
Those of us who remember the good old days will recall the industry debate as to how much dark liquidity was really in existence. In one corner were the exchanges who, through FESE, claimed that the...
View ArticleMiFID II – the best thing that ever happened?
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...
View ArticleRelocation, Relocation, Relocation
Almost every day another story appears in the ongoing tug-of-war between Europe and the UK over euro clearing. And, of course, the story is given extra poignancy when viewed through the varifocal lens...
View ArticleSo that’s nice and clear…
According to a few reports I read this week we should all be thankful to the European Commission for clearing up the “loophole” that existed in the current Systematic Internaliser regime. Well that’s a...
View ArticleThe shape of block liquidity
Now we are all back from summer hols it seems like everyone is getting ready for the final push that will propel our industry into its post-MiFID II future. Much still needs to be done, not least of...
View ArticleWhy you’ll never be ready for MiFID II
I attended Institutional Investor’s excellent Trader Forum in Barcelona last week. Basically it brings together the senior executives from the buy-side, the sell-side, venues and technology firms to...
View ArticleLoophole lunacy
According to the Collins English dictionary a loophole is defined as “a small mistake which allows people to do something that would otherwise be illegal”. The same dictionary offers an alternative...
View ArticleStorm in a tea cup
As Storm Eleanor literally howled across the UK last night I woke up wondering if it was some portent to today – Jan 3rd – MiFID II go-live day. But here I am, sat at my desk, and everything seems...
View ArticleESMA’s first Heisenberg moment
Anyone who has watched the cult TV series Breaking Bad knows that Heisenberg was the clandestine alias adopted by the show’s chief protagonist, Walt White. The ‘original’ Heisenberg was, of course, the...
View ArticleThe periodic table
I read with interest, and some dismay, Sam Agini’s great piece in Financial News yesterday about Marcus Ferber writing to ESMA be-moaning periodic auctions. Perhaps the most asinine comment attributed...
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