Alternative venues play waiting game in Japan
Just back from an interesting week in Japan where I was presenting at the annual GMAC conference, Japan International Banking & Securities Systems Forum. The impact of Japan’s alternative venues (known as PTSs) was a particular area of discussion, especially now that Chi-X has set up in Australia and with Korea looking to introduce a multi-market structure too. It’s been... Read More
Size matters
An industry colleague pointed me towards an interesting YouTube video the other day that helps illustrate the importance of tick size in the global battle between primary and alternative trading venues. The video is from an alternative venue (or PTS) in Japan called SBI Japannext which, together with Chi-X Japan, is continuing to grow its market share of the Nikkei 225. The two... Read More
Too early to tell?
Hope you like the new dedicated Australia page on the Frag website. Even if you’re not directly interested in antipodean fragmentation, Australia will provide a particularly pure data set for what is fast becoming a global phenomenon. This is because (right now at least) there is only one primary and one alternative venue. It’s too early to draw any meaningful conclusions... 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
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
Welcome to Global Fragmentation
As you can see, the clever guys at Fidessa Labs have been pretty busy over the summer. They’ve added coverage for the USA, Canada, Japan and the rest of Asia – all in all around 200,000 individual stocks and indices (and growing!) to provide a truly global view of fragmentation. The new site also provides further insight into the world-wide experiment that is going on in... Read More
Chats or BIX Europe – the shape of things to come?
Few can have missed the reports that BATS Global Markets is believed to be in negotiations to buy Chi-X Europe. There is a certain logic for closer ties between the two as they both share a number of the same owners. The timing may also be significant as the fall-off in European volume will have affected the alternative venues far more (they typically run at around breakeven and... Read More
Tick Tax
Just returned from a very stimulating week in Japan where I was asked to present on High Frequency Trading and global fragmentation at the Japan International Banking & Securities Systems Forum. There was a great point made by Chuck Chon, CTO of SBI Japannext, when he was asked how his alternative venue differentiated itself from the mighty TSE. Amongst other points, Chuck confirmed... Read More
Latency Wars – The Empire Strikes Back
Few can have missed the announcement this week that the LSE’s new low latency platform, Millennium Exchange, will be up and running in September. This comes just months after its acquisition of the Sri Lankan firm, Millennium IT, which supplies the technology and is testimony to the new thinking now taking place at the LSE. The same news item also mentions that the LSE has... Read More
Fragmentation Fever Goes East
Looks like 2010 is going to be a pretty interesting year in the battle for liquidity between the established exchanges and the more recently established MTFs and dark pools. It also looks like fragmentation fever is likely to spread eastward, too. This is being driven by a number of factors that include technology, regulation and commercial opportunism. The introduction this week... Read More
