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

Mince pies and MiFID

I spent the holidays diligently researching the best brand of mince pies in order to settle a pre-Christmas debate here at Fidessa Towers. Naturally my criteria included a number of factors including (but not just) price and, perhaps surprisingly, the winner was Tesco’s in-house bakery. Back at work, my attention turned to my other favourite M word – MiFID II – as... Read More

Central Risk Books – the new black for capital markets

I first came across the term “central risk book” at the excellent International Trader Forum event in Rome a couple of weeks back. It seems like it’s the banks’ answer to the dark pool caps that will be upon us in a little over a year. As of January 2018 banks won’t be able to operate their own dark pools in their current form and it seems that the preferred... 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... Read More

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

FragPro all wrapped up for Christmas

Following on from my last blog on the subject, the guys at Fidessa Labs have now made the latest version of the Fragulator available. Despite its name FragPro is still free, and yet it contains a bunch of cool new features. These include the ability to view stocks or indices by order book or venue owner (e.g. LSE Group including Turquoise, or all Euronext venues), track dark pool... Read More

Last minute shopping in Europe

Imagine you are doing the last of your Christmas shopping – all that’s left to get is a large chunk of your favourite stock. Because you generally buy in bulk, you know to avoid the brightly lit but expensive retail stores, and instead shop at one of the big wholesalers. But, there’s a problem. Somebody has passed a law capping the amount that any one of those stores can... Read More

Back in Block

On the way in this morning, I was listening to my favourite AC/DC album and thinking about the challenges of block trading. The problem is well known – a combination of multi-market trading, algos and DMA have created a vicious cycle that continues to shrink order sizes. This is compounded by regulators who insist that lit is better than dark and that the best way to demonstrate... Read More

The Twilight Zone

I came across the term ‘Twilight Pool’ for the first time this week. The basic idea is that it is essentially a dark pool that lights up certain pieces of information, or at certain times, in order to provide users with some idea of what is or isn’t lurking there. The advantage is that it enables participants to see if the type of liquidity they’re seeking (either... Read More

Dumb and (even) dumberer

I wrote earlier this week about Financial Transaction Taxes and why the regulators’ ‘rationale’ for these taxes is either misplaced or disingenuous. An even more extreme example, however, was pointed out to me the other day concerning that other controversial topic, dark pool trading. As part of our regular analysis we pointed out that European dark pool trading had... Read More

The dark gets darker

In the past 6 months, European dark pool trading has grown by 45% compared to the same period last year, and yet the universe of stocks traded in the dark has only grown by 2%. Read the full analysis in our latest report.  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.