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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

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 gift that keeps on giving

Since Thomson Reuters announced the withdrawal of its market share reporter, the phones have been ringing red hot with enquiries asking if we could build a replacement using our existing free-to-view Frag website. This prompted a fierce debate here at Fidessa Towers as to whether we should commercialise this opportunity and, if so, what new features we would need to add and how... Read More

Is Turkey voting for Christmas?

The recent announcement from BATS Chi-X Europe that it intends to list Turkish stocks got the phones ringing here at Fidessa Towers. Both local Turkish brokers and pan-European houses wanted to know if, how, and when Turkish stocks might fragment like their European counterparts. A colleague mentioned to me that surely the local Istanbul exchange and its immediate members would... Read More

The Future of Best Execution

I was chatting with a few work colleagues last Friday about best execution and derivatives. They confidently asserted that without real fungibility (i.e. the ability to trade the same instrument on different venues), price comparison is not possible and so any notion of best-ex was pretty meaningless. By coincidence, I was later looking at the wording in the best-ex policy of... Read More

Where’s my TV remote?

The recently proposed cap on European dark trading has caused quite a stir. It also illustrates how MiFID II policy-making has descended into almost Eurovision song contest levels of farce. The basic idea is to put a cap (currently proposed at 8%) on the level of trading that occurs away from lit markets. The rationale for this is to protect the regulator’s precious price... Read More

Phew! February was a good month too

I got a bit of stick for a recent post where I wrote about the apparent move back into equities trading in January. To be fair, I was only referencing other people’s work but, nevertheless, I was anxiously awaiting the numbers for February. The good news is that volumes in Europe seem to have held up pretty well. Just as before though, I asked the boffins to strip out the HFT... Read More

The rising tide in equity trading – who will benefit?

Been reading quite a bit lately about how good old-fashioned equities are finding their way back into investors’ favour. And this time it is more than just the indices that are on the move, volume traded is going up too. In many ways, volume or consideration is a more useful indicator of the general health of the trading industry and the US has reported record influxes into... Read More

Clearly better?

An interesting few days in London last week at the annual derivatives bash, IDX. Naturally much of the debate and discussion was on the impending collision of the OTC and exchange-traded worlds that Dodd-Frank and EMIR are determined to orchestrate. Unlike equities, the worlds of OTC and exchange-traded derivatives have gone merrily down parallel, but separate, tracks. The regulators... Read More

You pays your money, you takes your choice

Nice to see the row over Europe’s consolidated tape has been given a good old stir by BATS Chi-X as the market was at risk of subsuming to apathy. The problem is that whilst everyone wants a consolidated tape, they want it for different reasons. The point that BATS Chi-X is making is that the fees being charged by incumbent exchanges are simply too high. This is a tricky one to... Read More

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