Making sense of global fragmentation

The equities trading landscape is being completely reshaped by new regulations and technology. The drive for best execution is fast becoming a global issue and transforming traditional market structures so that liquidity is now dispersed across a wide array of different venues. This site provides the tools to analyze and understand what is really going on so that you can measure, compare and track the fragmentation of liquidity wherever you happen to be.

Focus on… Spain

Chi- X market share of Spanish equities (IBEX)

The chart above illustrates the effectiveness of price promotion in attracting liquidity. Chi-X launched a price promotion for six IBEX constituents in October 2011 and since then their market share has increased to over 3%. But perhaps the key question is whether this signifies a real breakthrough?

Filed under Japan Lit venues

Size matters

Posted by Steve Grob on January 18, 2012 · 1 Comment 

An industry colleague pointed me towards an interesting YouTube video the other day that helps illustrate the importance of tick size in the global battle between primary and alternative trading venues. The video is from an alternative venue (or PTS) in Japan called SBI Japannext which, together with... Read More

Filed under Asia FragVision

The changing face of Asian markets

Posted by Steve Grob on January 10, 2012 · 1 Comment 

Episode 5 of FragVision is now available featuring a discussion with Stephen Edge, Principal of Asia Etrading, about the key issues affecting Asian markets. As always, feel free to comment. Content on this page requires Adobe Flash Player, click here if you cannot see the video. Click here to see all... Read More

Filed under HFT Regulation

Poachers turned gamekeepers

Posted by Steve Grob on January 5, 2012 · 4 Comments 

Interesting to read the venerable Leo Melamed’s open letter in the FT this week on HFT and regulators. The CME’s chairman emeritus certainly makes a good point when he says that trying to stifle innovation is both wrong and inevitably doomed to failure, but I am not sure he’s completely right in... Read More

Filed under Asia Europe General HFT Regulation

All I want for Xmas is exchange consolidation/competition (delete as appropriate)

Posted by Steve Grob on December 8, 2011 · Leave a Comment 

Despite all the announcements, press briefings and other hullabaloo it looks like the BATS/Chi-X deal is the only one that’s actually going to get done this year. SGX/ASX and LSE/TMX are just two of the higher profile casualties in the global game of exchange Monopoly. Add to this the conversations... Read More

Filed under Europe Regulation

And the good news is….

Posted by Steve Grob on November 30, 2011 · Leave a Comment 

Feels like it’s a pretty tough time to be in global banking right now.  If it’s not falling volumes then it’s layoffs or, worse still, actors like Bill Nighy bleating on about the need for a Robin Hood tax hitting the headlines. And on both sides of the Atlantic we have regulators that seem... Read More

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