The Future Shape of Trading

Posted by Steve Grob on April 28, 2009 · Leave a Comment 

Looking at the FFI today, I was intrigued to see that fragmentation in Paris and Amsterdam went down last week (by nearly 10%) compared to a small increase in London and a relatively unchanged week in Frankfurt. Looking at the data more closely, the difference seems to be that Chi-X and BATS did less volume in Paris and Amsterdam than they have in previous weeks. This is even more surprising as overall volume at both these MTFs has increased over the week. This may be just a blip... Read More

Filed under Dark pools Lit venues USA

The Croissant Hypothesis

Posted by Steve Grob on April 21, 2009 · Leave a Comment 

It was interesting to read Jeremy Grant’s piece in today’s FT about the outage at NYSE Euronext yesterday. Somewhat counter-intuitively volume didn’t move to the MTFs but, according to Jeremy, traders simply “munched on their croissants” whilst the techs fixed the problem. This outage highlighted again the difference between the US and Europe where US volumes are much more evenly spread between venues. What this means is that traders are far less dependent upon the... Read More

Filed under Europe Lit venues USA

Wacky Races

Posted by Steve Grob on April 2, 2009 · Leave a Comment 

Just when we thought that the European Liquidity Race was possibly entering the final lap, there is a slew of new announcements and further incentives. Firstly, NEURO has announced that participants on its MTF will be entitled to purchase up to 1.3 million shares of common stock in NASDAQ OMX group, “provided they meet specified market share thresholds”. An unrelated report in the FT today cited Moody’s as saying that NASDAQ OMX was “maybe the best placed to cope” in... Read More

Filed under Europe Lit venues

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