Our privacy policy describes how Fidessa uses cookies on our website. If you continue using our website, you are consenting to our use of cookies. OK

BATS auctions off the block problem

There has a been a lot of talk about how to trade blocks that are smaller than the LIS waiver but that are still too big to go to regular lit markets. The debate has been ratcheted up by the 4 and 8% dark pool caps that are part of the MiFID II spectre looming above us all. One approach, of course, is to chop your block into smaller pieces with an algo but this is becoming increasingly... Read More

Unbundling versus Best Ex

So, the September date looms for ESMA’s final clarification on unbundling. What seems evident is that payment for research with trading commissions is definitely going to be out. What seems less clear, though, is what can still be bundled into the definition of ‘execution’ and therefore still be paid for in commission dollars. Presumably, post-trade TCA services are... Read More

Blockchain – the saviour of global finance?

At a recent event I was asked to pick three technologies that could really upset the capital markets applecart. Blockchain, the distributed ledger technology that underpins Bitcoin, was one of those that I selected. The best way to think about Blockchain is that it solves for the trust problem when two parties wish to transact with each other. It achieves this by distributing the... Read More

Time to sort RFQs?

I was reading my colleague’s blog today on RFQs and it looks like this could be another aspect to the slow motion car wreck otherwise known as MiFID II. The problem this time is that the regulators have completely redefined the whole RFQ model. Imagine I ring you up and ask you to make me an offer for a watch I am thinking of selling. Because we have traded lots of watches... Read More

Too big to fail or too big to succeed?

Interesting to see that Martin Wheatley, head of the FCA, is siding with the largest asset managers in their push back against the Financial Stability Board. The basic idea is that because of their size, global regulators want to deem them “systemically important” and so encumber them with greater liquidity requirements and other controls. This seems like fairly contrarian logic... Read More

Having your regulatory cake and eating it

This morning I read with interest a colleague’s blog post on the delay to the publication of the ESMA technical standards from July back to September. Whilst I appreciate that these things are complicated, it seems hard to understand how this won’t delay the implementation date without potentially increasing the very risks the regulations are trying to prevent. Building software... Read More

Backdoor Unbundling

I was relaxing on my way home on the 7.02 from Waterloo last night when I came across Nick Goodway’s excellent article in the London Evening Standard on the impact of unbundling and research procurement. As everyone knows, ESMA wants to make sure that transparency rules the day when it comes to how investment managers use client money, especially when it comes to paying for... Read More

A breath of fresh AIR 2.0

I was lucky enough to be invited back this week to Franklin Templeton’s annual Alpha Innovation Required summit. Basically it allows new tech firms to pitch their wares to our industry and then fosters debate and discussion about the cutting edge of IT in finance. It’s also a heck of a lot of fun too. What is interesting is how we solve for the compulsion/repulsion syndrome... Read More

GMEX – going to eleven?

The announcement that new derivatives exchange GMEX has received investment from SocGen reopened the debate here as to the future of rates trading and who the likely winners are going to be. Reliable data is hard to come by on exactly what is happening to OTC volumes and where they are going. Such evidence as does exist seems to show a steady increase in SEF volumes, although this... Read More

Why the Daleks and Vogons were right about financial markets

An interesting debate broke out here at Fidessa Towers this morning concerning the infamous Sci-Fi phrase “resistance is useless”. Should it be attributed to Dr Who’s nemesis, those metallic, warbly-voiced Daleks, or to the slug-like, green-skinned Vogons that appear in Douglas Adams’ The Hitchhiker’s Guide to the Galaxy? Anyhow, whilst folks furiously searched... Read More

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.