Virtu Financial study reveals surge in trading costs globally during March
While spreads globally have fallen from highs seen in March, they are still higher than earlier in the year as markets remain uncertain and volatile.
Equities
Continuous lit trading sees boost as traders seek certainty of execution
As traders navigate market volatility, study from Liquidnet finds that continuous lit volumes have jumped in March as percentage traded in auctions declines.
Aquis gets go-ahead for £2.7 million NEX Exchange takeover
The UK’s FCA has handed Aquis Exchange approval for its acquisition of the exchange business of NEX Group from CME.
Credit Suisse and Instinet go live with Paxos blockchain settlement system
In launching the service, the platform will allow for the simultaneous exchange of cash and securities between broker-dealers to settle US listed-equities trades.
Goldman Sachs, JP Morgan and Jane Street join MEMX venture as launch date is set
Upcoming US equity exchange MEMX has gained the support of Wall Street players Goldman Sachs, JP Morgan and Jane Street Capital.
SEC looks to expand SIP with ‘depth of book’ data in major overhaul plans
Proposed changes in the US aim to expand the data distributed via SIPs and open the door to more producers of the consolidated data feeds.
Deutsche Bank transition to cost BNP Paribas €100 million in prime brokerage restructure
BNP Paribas CEO Jean-Laurent Bonnafé says Deutsche Bank prime brokerage business transition is proceeding very swiftly, with restructuring costs expected to reach €100 million this year.
Cboe plans March launch for US market close mechanism
Cboe Market Close (CMC) will go live in March this year after the exchange gained approval to launch the mechanism last month.
FCA study estimates HFT ‘sniping’ costs investors globally $5 billion a year
Analysing billions of message data points from the LSE, the FCA claims eliminating latency arbitrage would reduce the cost of liquidity for institutional investors by 17%.
US brings competition to the close with Cboe mechanism approval
Cboe has gained approval from the SEC to operate an alternative closing auction mechanism, which threatens the monopoly primary exchanges retain on end-of-day trading.