Over one year since the separation of payments for execution and research was introduced via MiFID II in Europe, Hayley McDowell examines the unintended consequences of unbundling for buy- and sell-side institutions and finds an industry still coming to terms with the change.
Analysis from big xyt shows that some stocks will be caught in the crossfire of a UK share trading obligation, as industry’s concern on EU no-deal Brexit share trading plans heightens.
Research says that buy-side firms spent over $1 billion on OMS and EMS last year, as Bloomberg leads list of primary platforms.
Amsterdam trading venue was due to go-live on 1 April, but as Brexit negotiations continue Cboe Europe has postponed launch.
Major UK stocks including Vodafone and Coca-Cola would have to be traded within the EU in ‘no-deal’ Brexit scenario under the share trading obligation.
Don Lee joins Deutsche to lead execution services in APAC alongside Hani Shalabi.
Cboe and Turquoise have established EU entities in Amsterdam, while Aquis Exchange set up its new EU base in Paris.
Rachid Alauoi replaces Fater Belbachir as head of global volatility within the global equities business at JP Morgan.
Market maker-operated systematic internalisers are winning market share now more than a year into the MiFID II regime.
Jonathan Kellner appointed as chief executive of newly-formed exchange effective immediately.