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About

Welcome to the World of Fragmenting Global Liquidity

Regulatory changes (in the form of RegNMS and MiFID) have led to fragmentation of liquidity, completely reshaping the equities trading landscape in the USA and in Europe. The move towards greater transparency throughout the trade lifecycle and the requirement to provide ‘best execution’ for retail and institutional investors alike has resulted in the break-up of the national monopolies of the primary exchanges and seen the introduction of a dazzling array of alternative lit and dark trading venues.

Whilst there is no regulatory mandate for change in Asia and Japan, there are a number of initiatives, including the introduction of arrowhead by the Tokyo Stock Exchange and the launch of Chi-X Japan, that look set to accelerate the rate of liquidity fragmentation dramatically.

This site aims to provide a forum for the better understanding of the changing structure of the global equities markets and to provide an evolving consensus within the financial community on the impact of these developments. It also aims to anticipate the next wave of changes we can expect in the market and assess their impact on the community at large, on trading styles and on the technology required to navigate the new liquidity.

The Fidessa Fragmentation Index (FFI) provides a simple, unbiased measure of how different stocks are fragmenting across primary markets and alternative venues.

Using the Fidessa Fragulator® it’s possible to query several billion trade records to get a complete picture of how trading in a given stock is broken down across lit venues, dark pools, systematic internalisers and bilateral OTC trades.

The Fidessa Tradalyzer™ allows you to analyse the performance of a specific trade against the consolidated view of the market.

For a more detailed explanation of the features of this site see the FAQ.

Alpha Trading stock market and index data is supplied by Alpha Trading.

AMEX market data is supplied by AMEX.

Athens stock market data is supplied by the Athens Stock Exchange.

Australian stock market and index data is supplied by ASX Limited.

BOAT data is supplied by Boat Services Ltd — a Cinnober Company

Bolsa Mexicana de Valores (BMV) information provided by BMV is exclusive property of BMV and should only be used by a subscriber for its own purposes according to its activities and with the limitations that the law sets in copy right matters.

Bombay Stock Market data is supplied by the Bombay Stock Exchange. BSE does not guarantee the accuracy or use of such data in any way.

BOVESPA Information provided by BOVESPA is exclusive property of BOVESPA and should only be used by a subscriber for its own purposes according to its activities and with the limitations that the law sets in copy right matters.

Bucharest stock market and index data is supplied by the Bucharest Stock Exchange “BVB”.

Budapest Stock Market and index data is supplied by the Budapest Stock Exchange.

Burgundy data is supplied by Burgundy AB.

Cboe data is supplied by Cboe Global Markets, Inc.

CBOE Indices supplied by Market Data Express (MDX).

CBOT market data is the property of CME Globex. CME does not guarantee the accuracy or use of the data.

“Chi-X©” is a registered trademark of Chi-X Europe Limited, a company with registered number 1651728 whose registered address is 26th Floor, 25 Canada Square, Canary Wharf, London, E14 5LQ and may only be used under licence from Chi-X. Chi-X Data is the property of Chi-X. Chi-X shall own any and all rights including without limitation Intellectual Property rights and any and all goodwill arising directly or indirectly out of the Recipient’s use of the “Chi-X©” trademark.

“Chi-X®” is a registered trademark of Chi-X Europe Limited.

Chi-X Australia data is supplied by Chi-X Australia.

Chi-X Canada stock market data and index data is supplied by Chi-X Canada.

Chi-X Europe data is supplied by Instinet.

CME futures and indices data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

DAX® is a registered trademark of Deutsche Börse AG. DAX index and Deutsche Börse data is supplied by Deutsche Börse AG.

Dow Jones IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of The Dow Jones IndexesSM © 2007-2009 Dow Jones & Company, Inc.

Dublin data is supplied by Deutsche Börse AG.

Equiduct data is provided by Borse Berlin AG

FTSE 100 and FTSE 250: FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (”FTSE”) under licence.

FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under licence. All-World, All-Small, All-Share, FTSE4Good are trademarks of FTSE. “Fledgling”/techMARK are trademarks of the London Stock Exchange Plc and are used by FTSE under licence.

Fidessa is licensed by FTSE to redistribute all major UK indices, all-World, All-Small, All-Share, FTSE4Good, European Tradable indices, Private Investor indices, and other indices shown below. The FTSE indices are calculated in accordance with a standard set of ground rules established by FTSE in conjunction with the Institute and Faculty of Actuaries and all rights in and to these indices vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the above indices.
FTSEurofirst and Eurotop Indices:

“FTSE” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under licence. “Eurofirst” and “Eurotop” are trademarks of FTSE and Euronext N.V. or its subsidiaries (“Euronext”). Fidessa is licensed by FTSE to redistribute the FTSEurofirst and Eurotop Indices. These Indices are calculated by FTSE in conjunction with Euronext in accordance with a standard set of ground rules. The FTSEurofirst and Eurotop Indices are the proprietary interest of Euronext and FTSE. FTSE and Euronext shall not be responsible for any error or omission in the FTSEurofirst and Eurotop Indices.

“Fragulator®” is a registered trademark of Fidessa group plc.

Frankfurt, Eurex and German Regional Exchanges market and index data are supplied by Deutsche Börse AG.

GICS: The OMX Information Products utilize the Global Industry Classification Standard (GICS©) under a license from Morgan Stanley Capital International Inc. (MSCI©). GICS was developed by and is the exclusive property of MSCI and Standard and Poor’s (S&P). Neither MSCI nor S&P makes any express or implied warranties or representations and each hereby expressly disclaims all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose. GICS may be used by Subscribers solely in connection with the Information Product. Subscribers may not redistribute any GICS or use any GICS to create a securities classification designation or system or to create any financial products or indices. Subscriber is entitled to make use of the GICS solely for the purpose of comprehending the content of the Information. Subscriber may not use the GICS to create a classification designation in any way.

Heng Seng – All rights (including intellectual property rights) in the Information and in all the names of the Indexes is owned by Hang Seng Data Services Limited.

Hong Kong equities prices are provided by HKEx Information Services Limited. HKEx information services limited, its holding companies and/or any subsidiaries of such holding companies endeavour to ensure the accuracy and reliability of the information provided but does not guarantee its accuracy or reliability and accepts no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

ICB is a joint product of FTSE International Limited and Dow Jones & Company, Inc. and has been licensed for use. “FTSE” is a trade and service mark of London Stock Exchange and the Financial Times Limited. “Dow Jones” and “DJ” are trade and service marks of Dow Jones & Company, Inc. FTSE and Dow Jones do not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

ICE Futures Europe data is supplied by ICE Data LLP.

ICE Futures US Inc (formerly known as Board of Trade of the City of New York, Inc. or NYBOT) market data is supplied by ICE Data LLP.

ICE Futures Canada data is supplied by ICE Futures Canada Inc.

India NSE Data is provided by DotEx International Limited.

Indonesian market data is supplied by the Jakarta Stock Exchange, Inc.

Irish stock market and index data is supplied by Deutsche Börse AG.

Istanbul – the name and logo of ISE is protected under the “Protection Marking Certificate” and may not be used without permission, may not be quoted, may not be changed. The copyrights of all the information distributed under the name of ISE totally belong to ISE and may not be redistributed. Istanbul data is provided via Foreks.

JASDAQ prices are provided by JASDAQ Securities Exchange Inc.

Johannesburg information is sourced from the JSE Securities Exchange South Africa (“JSE”). JSE is a trademark of the JSE. The information is the proprietary information of the JSE. All copyright subsisting in the information vests in the JSE. All its rights are reserved.

Kansas Commodities and Derivative Data is supplied by KCBOT.

KRX is the exclusive owner of the Stock Price Information and KOSCOM is the sole distributor of the Stock Price Information.

Liquidnet data is supplied by Liquidnet Holdings, Inc.

London Metal Exchange (LME) market data is supplied by LME.

London (LSE) share prices are provided by the London Stock Exchange. SEDOL codes are sourced from the London Stock Exchange’s SEDOL masterfile.

Malaysia market data. The raw data to the information provided herein is supplied by Bursa Malaysia Information Sdn Bhd. Bursa Malaysia Berhad and Bursa Malaysia Information Sdn Bhd make no representations or warranties whatsoever, express or implied on the accuracy, completeness, timeliness, or fitness for purpose of the information contained herein. Neither Bursa Malaysia Information Sdn Bhd nor Bursa Malaysia Berhad shall be liable for any loss or damage of any nature, directly or indirectly arising from use of or reliance on any information contained herein.

Milan stock market and index data is supplied by Borsa Italiana S.p.A.

Minneapolis Commodities and Derivative Data is supplied by MGEX.

Moscow RTS – Russian Trading System Stock Market and index data is supplied by the Russian Trading System.

NASDAQ data is provided by NASDAQ Stock Market, LLC.

NASDAQ index data is the property of the NASDAQ Stock Market, LLC.

NASDAQ Dubai data is provided by NASDAQ Dubai.

NASDAQ OMX Europe data is provided by NASDAQ OMX Europe.

NASDAQ OMX Nordic data is provided by the OMX Nordic Exchanges: OMX Nordic Exchange Stockholm AB, OMX Nordic Exchange Copenhagen A/S, OMX Nordic Exchange Helsinki Oy and OMX Nordic Exchange Iceland hf.

NASDAQ OMX Baltic stock market and index data is supplied by OMX Exchanges Ltd.

New Zealand stock market data is the sole property of, and sourced from, New Zealand Exchange Limited (NZX). NZX does not guarantee the accuracy or use of the data in any way.

Nikkei Indices are provided by Nikkei Digital Media Inc. Copyright, intellectual property rights towards displays concerning ‘Nikkei’ and all other rights shall all belong to Nikkei Inc.
NYFIX data is supplied by NYFIX, Inc.

NYMEX market data is supplied by New York Mercantile Exchange, Inc. NYMEX does not guarantee the accuracy or use of such data in any way.

NYSE Arca Europe data is supplied by NYSE Euronext.

NYSE Euronext French, Dutch, Portuguese and Belgian stock market and index data is supplied by Euronext N.V.

NYSE LIFFE market data is supplied by Euronext LIFFE. LIFFE does not guarantee the accuracy or use of such data in any way.

Omega ATS stock market data and index is supplied by Omega ATS.

Osaka prices are provided by Osaka Securities Exchange.

Oslo stock market and index data is supplied by Oslo Børs Informasjon AS.

Philippines Stock Exchange (PSE) market data is the exclusive property of PSE and all copyrights and other property rights in them belong to PSE.

PINK SHEETS Delayed Pink Sheets Level One consists of the most recent inside market quote, on a 15 minute delayed basis, snapshotted every minute from 8 am to 5 pm Eastern Standard Time, for securities quoted OTC and distributed through Pink Sheets’ Electronic Quotation Data Feed Qdist.

PLUS Markets data is supplied by PLUS Markets plc. Important Risk Factors: The PLUS market incorporates a segment for the admission and trading of securities of small and medium companies which are not admitted to the Official List of the UK Listing Authority (known as PLUS-quoted securities and which may be identified by the segment code PLPR). Due to the size and early stage of development of issuers of certain PLUS-quoted securities, an investment may involve a higher degree of risk and may not be suitable for everyone. The PLUS market also incorporates a segment for the trading of securities with an existing quotation elsewhere, known as PLUS-traded securities and which may be identified by the segment codes PLSL (denoting an Officially Listed security) and PLSU (denoting an unlisted security).

PLUS does not review or approve the information which it disseminates and has not undertaken due diligence to verify its truth or accuracy. Such information is the responsibility of the originator of the information. PLUS gives no warranties or representations in relation to the information and in using this information you agree that PLUS does not accept any responsibility or liability for any loss or damage arising from an error or omission in the information which is expressly excluded.
The information disseminated by PLUS does not constitute an invitation to subscribe for, buy, sell, or underwrite any investment. It does not represent advice on the merits of an investment in PLUS securities and investors should consult a person authorised to provide investment advice by the Financial Services Authority. The information should only be used for reference purposes and not relied upon in making investment decisions, which should be made on the basis of appropriate investment research.
When using the PLUS data, you may not sell, copy, publish, distribute, transfer, modify, display, reproduce and/or create any derivative works from the information other than to value your investments in PLUS securities.

The PLUS market is operated by PLUS Markets plc, a company authorised and regulated by the Financial Services Authority. The PLUS market is a Prescribed Market under section 130A of the Financial Services and Markets Act 2000, but is not classified as a Recognised Investment Exchange under that Act or as a Regulated Market under EU financial services law.

POSIT Marketplace data is supplied by Investment Technology Group Ltd.

Prague Stock Market and Index data is supplied by the Prague Stock Exchange.

Options Pricing Authority (OPRA) market data is supplied by OPRA.

Pure Trading Market is supplied by CNQ.

Sao Paulo market data is supplied by BOVESPA.

Shanghai market data is provided by China Investment Information Services Ltd.

Shenzhen market information ownership and copyright belong to the Shenzhen Stock Exchange. Shenzhen market data is provided by Shenzhen Securities Information Co., Ltd.

Singapore market data is the property of Singapore Exchange Securities Trading Limited, “SGX-ST”.

SIX Swiss market data and SMI index data is supplied by Exfeed Ltd.

Spanish stock market and index data is supplied by Sociedad de Bolsas S.A.

Standard and Poors / CUSIP: “Copyright 2009, American Bankers Association CUSIP Database provided by the Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.”

STOXXSM is a registered trademark of STOXX Ltd., which is a joint venture of Deutsche Börse AG, Dow Jones & Company and SWX Group. The STOXX indices are disseminated by Deutsche Börse.

Straits Times Index “St Index” is jointly owned by SPH Data Services Pte Ltd “SPH Data” and FTSE International Limited.

Topix Indices are provided by the Tokyo Stock Exchange, Inc.

Taiwan GreTai Securities market data is the property of GTSM.

Taiwan Stock Exchange Corporation market data and indices are the property of TSEC.

Thai Stock Market data is supplied by the Stock Exchange of Thailand. SET does not guarantee the accuracy or use of such data in any way.

Tokyo prices are provided by Tokyo Stock Exchange, Inc.

TOM data is provided by TOM Holding B.V.

Toronto data is copyright TSX Inc.

Turquoise data is supplied by Turquoise Global Holdings Ltd.

Unit Trust market data is supplied by Financial Express.

Vienna stock market and index data is supplied by Wiener Börse AG.

Warsaw Stock Market and Index data is supplied by the Warsaw Stock Exchange.

Please contact us to advise of any omissions or corrections.

Copyright © 2017 Fidessa group plc. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Fragulator® is a registered trademark of Fidessa group plc.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.