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.
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