MiFID

BATS Europe, the pan-European multilateral trading facility operated by US execution venue BATS Trading, is to launch in early November this year, Randy Williams, BATS Trading’s vice-president of sales and communications, told theTRADEnews.com.

The London Stock Exchange and investment bank Lehman Brothers have joined forces to create a pan-European multilateral trading facility for non-displayed orders.

Burgundy, the new Nordic multilateral trading facility scheduled to launch in the first half of next year, has been established in reaction to the predicted rise in the volume of Nordic stocks being traded outside the region, according to sources close to the project.

A new trading venue specialising in Nordic equities will be launched in the first half of next year by ten Swedish financial institutions.

The Investment Management Association (IMA) has asked the Financial Services Authority (FSA) to lead efforts to iron out post-trade market data problems following the introduction of MiFID.

The Markets in Financial Instruments Directive (MiFID) has not caused any “evident deterioration” in trade execution performance in Europe’s equity markets, according to a best execution policy

BATS Trading Europe, a pan-European multilateral trading facility scheduled to launch this year, will use Fortis’s European Multilateral Clearing Facility (EMCF) to clear its trades. EMCF made its debut as the clearing facility for Chi-X, a multilateral clearing facility (MTF) launched in 2007.

UBS’s Direct Execution division, which provides advanced execution tools and technology, has made a series of enhancements over the past month.

Seven European central securities depositories (CSDs) have teamed up to establish Link Up Markets, a joint venture settlement and custody initiative aimed at improving efficiency and reducing costs of post-trade processing of cross-border securities transactions in Europe.

Europe’s fragmented clearing and settlement infrastructure will slow the shift to the pan-European framework envisioned by MiFID, according to a new research report.