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The shape of block liquidity

Now we are all back from summer hols it seems like everyone is getting ready for the final push that will propel our industry into its post-MiFID II future. Much still needs to be done, not least of which by ESMA in telling us what all the rules actually mean and what game we are supposed to play as a result of them. This is particularly true in the case of block liquidity which... Read More

Relocation, Relocation, Relocation

Almost every day another story appears in the ongoing tug-of-war between Europe and the UK over euro clearing. And, of course, the story is given extra poignancy when viewed through the varifocal lens of Brexit. But in this instance what exactly does “relocation” mean? Especially when we are talking about a global currency like the euro. Listening to the politicians, it sounds... Read More

Be careful what you wish for

Those of us who remember the good old days will recall the industry debate as to how much dark liquidity was really in existence. In one corner were the exchanges who, through FESE, claimed that the amount of malevolent dark trading going on was unacceptably high. In response the brokers claimed through their trade body, AFME, that actually it was pretty low. And, as we all know,... Read More

Thomas in Blockland

Thomas the crossing network wasn’t happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was an awful lot of it. But now he had a tricky choice to make. The ruler of the land, The Regulator, had been convinced by the Exchanges that... Read More

I’m afraid of Americans

It’s always cool when two different things come together to make you think. That’s exactly what happened on my commute this morning as I listened to David Bowie’s much-underrated album, Earthling. Just as I read another piece about the US election, my ears were treated to the classic track “I’m afraid of Americans”. I will leave you to listen to the song yourself,... Read More

Brexit hangover

I was out fairly late last night at an industry function and almost forgot that I had an internal Brexit briefing here at Fidessa Towers this morning. As the memories of the fine Barolos I’d been served rescinded, I engaged with my dear friend and colleague Dr Voigt on what the whole Brexit thing might mean for our industry. Christian made some good points as usual, including... 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... 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... Read More

Slicing up the merger mania cake

One of the great things about industrial logic is that it’s easy to slice it up in so many different ways. This appears to be exactly what is happening with the DB1 LSE merger and the rumoured counterbids from ICE and possibly others. Reuniting Liffe (now owned by ICE) with its original clearing house (LCH, now majority owned by LSE) would be powerful, especially when you throw... Read More

Germany and the UK show the way

The pixels were barely dry on my last blog post on the regulatory impact of a potential Brexit on the City of London, when news broke that LSE Group was in talks with Deutsche Börse over a “merger of equals”. The LSE has done a great job under Xavier’s stewardship of positioning itself for the practical realities of the industry today, which are all predicated on the premise... Read More

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