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Bumpy road ahead?

Interesting story in the FT today about IEX and its application to become a fully-fledged exchange. At issue is IEX’s so-called ’speed bump’ that will slow down the HFT ‘boy racers’ and so make markets safer again. Naysayers claim that the inclusion of a speed bump is contrary to the rule that investors should have “immediate” access to the best liquidity. The SEC counters that anything that is sub-millisecond... Read More

Apple shows the way for trading systems

Interesting to read that Apple is reportedly deciding when, not if, to cancel music downloads from iTunes.  The idea, of course, is to move everyone over to its Apple Music streaming service.  This got me thinking about the whole “access to” versus “ownership of” debate and how it applies to our industry.  As a committed audiophile, the Apple story filled me with horror as I thought about how I have curated my music collection over the... Read More

One million Fragulators can’t be wrong

I don’t often write about fragmentation these days, but I noticed this morning that our frag counter surpassed the 1 million mark. To be honest I was planning to write something later in the week, but thanks to a certain university in Italy that slurped its way through 15,000 fragulations at the weekend, I am a bit off the pace. I have to admit that when we first launched the site back in 2008 we had no idea of the success it was going to have,... Read More

Clear and present danger?

There has been a lot of talk about how the LSE/DB1 merger might create a “too big to fail” clearing house. This seems to be missing the point somewhat as both LCH and Eurex Clearing are already too big to fail. Imagine the fallout if either of these were to go through some sort of disorderly meltdown – would the UK or German governments really just sit back and watch? The real point is that as a “buyer or seller of last resort” clearing... Read More

Has the futures industry just been Uberised?

A seemingly innocuous news item from my good friend John Detrixhe at Bloomberg got us all chatting here at Fidessa Towers this morning. The story was about how Eurex Clearing was going to allow large buy-sides direct membership of its derivatives clearing house. The rationale for this is entirely logical as today’s regulations treat client capital as a risk asset and therefore subject to capital ratios. In a capital constrained world then, surely... Read More

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