Aquis Exchange Working On Tool To Help Make Sense Of Data
MiFID II has just celebrated its first birthday and market participants are still coming to grips with RTS 27 and the Best Execution requirements. The first half report card was not encouraging although progress, albeit slowly, is being made. However, market participants will have to pick up the pace as regulators will certainly be bearing down this year.
Michael Lewis’ Flash Boys may get credit for highlighting the maker-taker debate but Aquis Exchange was already way ahead of the curve with its subscription based pricing model when it launched five years ago. It is only now that others seem to be catching up with the US regulators looking into this controversial trading style and Turquoise recently scrapping rebates for certain of its members.
In the not too distant past, it may have been difficult to ascertain whether a kick was offside or ball was over the line but in the past few years, innovative technology such as Hawk-Eye electronic line calling system in tennis, Television Match office (TMO) in rugby, or the Video Assistant Referee (VAR) in football has levelled the playing field. This in turn has renegotiated the fundamentals of the respective games. But there was resistance at first and parallels can be drawn with the recent slew of new regulations in the financial services sector, such as MiFID II.
As Best Execution requirements have significantly tightened under MiFID II, venue analysis has become an important mantra within buyside circles. However, quality of execution is only as good as the source and routing orders to the traditional venues may choke off performance due to high levels of toxicity. This would not be the case with Aquis Exchange, which does not allow aggressive non-client proprietary trading and offers deep pools of liquidity in Europe’s blue-chip stocks.
As March neared, hopes had run high in some quarters of the financial service industry that the dark pool caps […]
The dawning of MiFID II was reminiscent in some ways of the opening of Terminal 5 at Heathrow Airport in […]
Although MiFID II is now an actuality, there are sure to be several asset management firms that are not fully […]
The clock is ticking very loudly as the 3 January 2018 MiFID II deadline approaches fast. Not surprisingly, buy and […]
Despite, or maybe because of, the political and financial upheavals of the past few years, change seems to be a […]
Few would hop into a shiny brand new electric Tesla Model-S car just to experience sitting behind the wheel. They […]
