While lit and dark multilateral trading facilities (MTFs) have successfully taken market share from Europe’s incumbent exchanges, equity trading order flow could reconsolidate in a handful of venues as quickly as it fragmented, according to the latest report from consultancy Aite Group.
Multilateral trading facility BATS Europe’s retention in October of the FTSE 100 market share it won with its September price promotion may indicate that inverting fees can generate liquidity on a sustained basis, but it also suggests the continued growth of high-frequency trading in London.
European investment institutions will increase their use of equity derivatives products in 2010 following solid growth this year, according to new research by Greenwich Associates.
BATS Europe, the pan-European multilateral trading facility owned by US exchange group BATS Global Markets, boosted its market share of trading in UK FTSE 100 stocks to 8.05% in October from 7.21% in September, indicating that the platform has retained market share won during its September price promotion for UK stocks.
Fixnetix, a provider of low-latency market data and connectivity, is now providing direct access to, and a direct market data feed from, Hungary-based multilateral trading facility Quote MTF.
Otkritie, a Russian brokerage, has appointed Nicholas Richmond as director and head of equities trading, based in Moscow. The firm has also hired Howard Snell as a London-based director to oversee its UK business strategy.
US equities trading system operator Direct Edge will introduce a new maker-taker fee structure on its EDGA platform from 1 November, mirroring the pricing model used by rival venue Nasdaq OMX BX.
Changes to Spain’s trade settlement process proposed by domestic exchange group Bolsas y Mercados Españoles (BME) could give multilateral trading facilities executing Spanish trades a boost.