Can we FIX the consolidated tape?

Posted by Steve Grob on July 30, 2010 · Leave a Comment 

I attended the FIX Protocol EMEA quarterly briefing yesterday evening and was asked to sit on a panel to discuss the impact of MiFID II, especially in light of the CESR recommendations that were published the same day. Whilst it was clear that some of my fellow panellists had had more chance than me to read and digest all 162 pages of the report, the thorny issue of having a consolidated post-trade tape featured strongly in the discussions. The problem is that without clear, timely... Read More

Filed under Europe Lit venues

Can’t see the wood for the trees?

Posted by Steve Grob on July 21, 2010 · Leave a Comment 

It is not always easy to get a clear understanding of what’s going on when confronted by large amounts of data. The usual solution to this is to step back in order to get some perspective and understand the bigger picture. The other approach is to zoom in on a small part of the detail and see if it is representative of the whole. Take a look at the FFI for Big Yellow Group, a FTSE 250 stock, for the week ending 18 June: Despite the fact that its FFI is above 2 it was actually... Read More

Filed under Dark pools Europe Lit venues

Has the LSE turned the corner?

Posted by Steve Grob on July 16, 2010 · Leave a Comment 

This week the LSE released its quarterly results which showed a modest increase in Q1 revenue and so it seemed like a good opportunity to dig a little deeper into its share of equities trading and see whether it really has turned the corner in the face of the competitive threat it has faced from the alternative MTF community. The chart below shows the LSE’s market share of the FTSE 100 in the first 6 months of this year (to be fair, I have also included the lit and dark... Read More

Filed under Europe Lit venues

Art of Darkness

Posted by Steve Grob on July 7, 2010 · Leave a Comment 

Nice to see that SmartPool is really starting to move the dial in terms of its dark pool volume. Since January its volumes have grown to the point that it is now in third place behind Chi-Delta and the LSE’s own Turquoise. Lee Hodgkinson, CEO of SmartPool, pointed out that whilst European dark volumes are still relatively modest (around 5%) they are growing at a compound rate of 17% whilst lit equities volumes have been relatively stable over the same period. I think this... Read More

Filed under Dark pools Europe

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