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Is Turkey voting for Christmas?

The recent announcement from BATS Chi-X Europe that it intends to list Turkish stocks got the phones ringing here at Fidessa Towers. Both local Turkish brokers and pan-European houses wanted to know if, how, and when Turkish stocks might fragment like their European counterparts. A colleague mentioned to me that surely the local Istanbul exchange and its immediate members would prefer just to keep the cosy status quo in place and would not welcome... Read More

Clear danger ahead

As the regulators push us towards centralised clearing for OTC derivatives they may actually be making the world distinctly less safe. At face value it makes obvious sense; if one party defaults the CCP steps in. As always, though, the problem lies in the detail but this time not too far below the surface. The first problem concerns the efficient use of margin. As CCPs start to uncouple from their parent exchanges and compete more directly with each... Read More

The Future of Best Execution

I was chatting with a few work colleagues last Friday about best execution and derivatives. They confidently asserted that without real fungibility (i.e. the ability to trade the same instrument on different venues), price comparison is not possible and so any notion of best-ex was pretty meaningless. By coincidence, I was later looking at the wording in the best-ex policy of my own broker (and yes, it was a slow afternoon). Interestingly though,... Read More

If it ain’t broke, break it

I was hoping to enjoy the last few weeks of summer in relative peace, but it seems that another regulatory storm is brewing. This time it’s over the unbundling of research and it all stems from ESMA’s interpretation that, under MiFID II, research is an “inducement to trade” and therefore cannot be paid for out of commissions. This threatens to completely derail the economics of trading and reduce the quantity and quality of research available... Read More

Re-thinking post-trade

If you watched our last video you will have seen how firms are re-engineering processes rather than just trying and do the same things more cheaply. Post-trade represents an ideal area for this type of thinking as it is dominated by old proprietary technologies and unnecessary duplication. On top of this, the move to T+2 for European equities in October will reduce by a third the time available to prepare the trade for settlement. Whilst this will... Read More

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