Latest Blogs
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Ellie Bacon, Aspectus PR |
Fifty Shades of GreyFifty shades of grey: how to carve out a distinct identity in a crowded financial services market Ask 50 financial technology providers from specialised alternative investments right through to high frequency trading the main benefits of their solution and I'd bet Bob Diamond's final payout that the overwhelming response would be ‘improved efficiency and reduced risk’. Dive a bit deeper and you’d probably get better oversight, better transparency and an elimination of manual processes. Jul 17, 2012 | Comments: 0 | Read more... |
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David Morgan, SunGard |
Why should brokers focus on total cost of ownership?For smaller European broking firms, particularly those engaged in regional business, the implementation and management of technology and connectivity across multiple trading venues post-MiFID is proving increasingly costly and time-consuming. Adding to this pressure, client and regulatory demands to deliver best execution have to be met in a context of declining volumes and intense competition. The overall pressure on margins means that brokers have to consider carefully how to undertake any business development initiatives in the most efficient and cost-effective ways. Jul 17, 2012 | Comments: 26 | Read more... |
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Ofir Gefen, ITG |
The land of the rising sun is pushing forward with market competitionOn June 26, 2012 Japan’s financial markets regulator, the FSA, took another step to promote market competition by revising exemption from the 5% Takeover Bid (TOB) rule. This move may have a profound effect on Japan’s Propriety Trading System (PTS) providers over the coming months. This edition of The Blotter examines the history and development of PTSs in Japan and what this planned exemption may entail. To understand the context of this change, it is important to look at the history of market competition in Japan. Jul 10, 2012 | Comments: 0 | Read more... |
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Steve Grob, Fidessa |
Whilst my breath is still warmGood to see that the HFT community is finally starting to educate the regulators and policymakers. As we all know, the debate hinges on whether these firms are really acting as electronic versions of traditional market makers and, if they are, whether they should be subject to some of the same formal market making obligations. In particular, regulators have been gnashing their teeth over the fact that such firms are free to replace their quotes as often, or as “frequently”, as they like. The regulators argue that all this activity creates substantial noise that clogs up data pipes and distorts the true picture of the real price of a stock. Jul 06, 2012 | Comments: 0 | Read more... |
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Beth Holden |
Dark Pools: A Good Protection Strategy for Asset ManagementWhere so-called 'Dark Pools' were once considered as existing only for the purposes of the big-block traders, in recent years they have expanded to incorporate high-frequency trading for both small and medium-size orders. Caution is nonetheless still the order of the day as regulation bodies switch their attention to this rapidly expanding aspect of global market structures. Overview The recent evolution and expansion of dark pool models has been one of the major factors in the current climate of market structures both in the US and on a global basis. Jul 05, 2012 | Comments: 0 | Read more... |
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Steve Grob, Fidessa |
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 (driven by their political masters) have decided, however, that the best thing for the industry as a whole is to move as many “dangerous” bilateral OTC contracts as possible onto exchange-traded, or at least centrally cleared, platforms. Jul 02, 2012 | Comments: 0 | Read more... |
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Ganesh Iyer |
Overhauling OTC Derivatives Trading in SingaporeThe Monetary Authority of Singapore (MAS) ushered in a new era for the Asian capital markets in February by issuing a consultation paper on the proposed regulation of over the counter (OTC) derivatives. With this move, the central bank has sent a clear signal to the global capital markets that Singapore is fully committed to implementing the OTC derivatives market reforms initiated by the leaders of the G20 group of major economies and strengthening the international financial regulatory system. Jun 30, 2012 | Comments: 0 | Read more... |
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David Morgan, SunGard |
The State of Listed Derivatives2011 saw the highest volumes ever recorded across the world’s listed derivatives markets. Despite some quieter early months in 2012, the longstanding volume growth trend still appears to be in place, led by the surge in commodity tradingand by booming currency futures volumes. Several factors continue to drive this trend: wider buy-side market awareness, particularly in emerging markets, more flexible investment mandates at many firms, and the need to hedge against persistent cash market volatility. Jun 28, 2012 | Comments: 0 | Read more... |
