Market data and the prisoner’s dilemma

The prisoner’s dilemma is an aspect of game theory that shows why two individuals might not agree, even if it appears that it’s best to do so.  In its simplest version, two prisoners have to decide whether to assist or betray one another. If they co-operate then they both receive relatively light punishments, whereas a betrayal by one prisoner means that the other is severely... Read More

FragINSIGHT – taking a closer look at Asia Pacific

Welcome to the September issue of FragINSIGHT which provides an in-depth study of the Japanese market and an update on developments in Australia, together with our regular analysis of fragmentation across the USA, Canada, Europe and Japan. Also included on page 4 is a useful at-a-glance summary of the global regulatory spectrum. Download your copy here. Thanks to everyone for their... Read More

Divided we stand, united we fall

To say that it has been a turbulent time in global equities markets is something of an understatement, but the European picture provides some interesting pointers to the bigger geopolitical debate that’s going on. A couple of events in particular caught my attention. First, there was the ban on short-selling in banking stocks imposed by France, Italy, Spain and Belgium and the... Read More

European fragmentation in focus

It’s been interesting to watch the European MTFs jockeying for position over the summer. Seems like Chi-X is continuing to grow its market share of all European indices fairly steadily, whilst the relative market shares of Bats Europe and the LSE’s Turquoise could be starting to invert. This could possibly be down to Turquoise’s spangly new matching platform attracting the... Read More

Welcome to FragINSIGHT

Our team of analysts has come up with a great new information source on fragmentation which we hope you’ll find useful. Having piloted FragINSIGHT last month we had a great response and lots of positive feedback so we decided to publish it on a regular basis – every couple of months to begin with – and make it freely available to all. As well as providing in-depth analysis... Read More

Too close to call – er maybe not then

So the LSE/TMX deal is no more – it is deceased, it is an ex deal.  Last night the LSE broke off talks with Canada’s TMX group as it became obvious that their proposed merger was never going to get the required support of TMX shareholders.  So, if you include recent events in Australia,  the latest score is National Self Interest 2 – Common Sense nil.  So, what now... Read More

Too close to call? LSE v Maple Group

This week is supposed to be crunch time in Canada as investors in the TMX Group vote either to throw their lot in with the London Stock Exchange or retrench within their national borders and develop as the Maple Group. An article in the Financial Times today questioned whether either deal was actually a good one. On the one hand the Maple Group deal looks challenging as the new... Read More

Best execution: fact or fiction?

In this episode of FragVision we take a look at how continuing fragmentation of the world’s capital markets is affecting the buy-side. Using the Fidessa Tradalyzer, we examine the challenges that buy-side participants face in post-trade best execution analysis, and look at some of the issues around the potential introduction of a European consolidated tape. Content on this page... Read More

Is it time for smart clearing?

When MiFID first emerged into the mainstream, many of us focussed on developing smart routing systems that could navigate the new fragmented liquidity landscape. Over time, these smart routers have become increasingly sophisticated and now take into account both lit and dark venues and assess them against a dazzling array of metrics. Left behind in the gold rush was the seemingly... Read More

A truly Canadian solution?

The merger mania in the exchange space took another twist last week when a consortium of Canada’s largest banks and pension funds put forward an alternative offer for TMX in an attempt to scupper the LSE Group’s own merger proposals with the Canadian exchange. There’s a clue to the consortium’s basic pitch in its name – the Maple Group – and the rhetoric from... Read More