The Big Bang Theory

Posted by Steve Grob on January 30, 2009 · Leave a Comment 

A number of separate announcements caught my eye this week. The first was the announcement that Turquoise is to cut its trading fees (Turquoise announces enhanced rebate programme). Of course, the promise of lower fees was the poster child for MTFs when they launched last year, but I wonder what the “right” price for providing a market to trade shares should be. NASDAQ OMX Europe was criticised last year for offering a net zero pricing model to attract volume to its platform.... Read More

Filed under Dark pools Europe Lit venues

Turquoise and the Tale of Tape

Posted by Steve Grob on January 22, 2009 · 1 Comment 

Congratulations to Eli and Turquoise on concluding their recent round of fund raising successfully (as reported by Jeremy Grant in today’s FT). The fact that the money was raised from existing shareholders is testimony to these firms’ determination to keep the pressure on the traditional venues and, at the same time, have some skin in the game as the new, post MiFID landscape continues to shape itself. It was also interesting to read about Turquoise’s plans to link bank... Read More

Filed under Dark pools Europe Lit venues

Fragmentation trends provoke comment

Posted by Steve Grob on January 15, 2009 · Leave a Comment 

There have been a number of articles recently (Jostling for Market Share, FTSE Global Markets – January/February 2009; European exchanges and MTFs squeezed by falling deal volumes, Financial News – 12 January 2009; and Chi-X braces for 2009 with £12m in fresh funds, FT.Com – 28 December 2008, among others) which have included references to the trends in fragmentation. Some commentators seem to imply that fragmentation has reached some level of equilibrium. The... Read More

Filed under Europe Lit venues

Welcome Back!

Posted by Steve Grob on January 5, 2009 · Leave a Comment 

First day back at school today – thought it might be a good (dangerous?) idea to try and make some predictions about what we will see in the world of fragmentation through 2009. In the six months since we have been putting the numbers together, the FFI on the FTSE 100 has risen by 0.8 on the CAC 40 and by 0.3 on the DAX indices. Applying a strictly linear extrapolation of this means that we could expect to see the FTSE 100 break through the statistically significant level... Read More

Filed under Dark pools Europe Lit venues

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