Instinet Europe’s chief executive has claimed that many of MiFID’s benefits “are illusory to the end-investor”, despite the agency broker reporting that it had achieved an average of 5.72 basis points of price improvement for clients in Q4 2008.
Turquoise, a pan-European multilateral trading facility (MTF) backed by nine investment banks, aims to expand clients’ clearing options once its current trading system upgrades make it Europe’s fastest alternative trading venue.
The ability to access fragmented liquidity is the key criteria for buy-side traders when selecting trading tools such as execution management systems and algorithms, according to a new survey by the Securities Industry and Financial Markets Association (SIFMA).
Sponsored access schemes that allow buy-side firms to trade on execution venues under the name of a broker, introduce unacceptable risks for brokers and unclear lines of responsibility, according to Eli Lederman, CEO of pan-European multilateral trading facility Turquoise.
Data provider Markit will introduce a new pricing schedule for BOAT, its trade reporting and data service for over-the-counter European equities trades, from 1 May.
Swiss financial services conglomerate SIX Group has hired Christian Katz as CEO of its cash markets division and CEO of the SIX Swiss Exchange, effective from May 2009. He will also join SIX Group’s executive board.
Investment Technology Group (ITG), an agency broker and technology provider, has added global electronic trading capabilities to its Triton execution management system (EMS).
Agency broker Bloomberg Tradebook has launched two new algorithms in Europe – Smart Order Algorithmic Routing (SOAR) and Lock-Cross Eliminator – which aim to help clients find and aggregate liquidity in the region’s increasingly fragmented equity markets.
William J. Brodsky, the newly-appointed chairman of the World Federation of Exchanges (WFE), asserted that the global financial markets are at a “critical juncture” in their evolution, as the federation laid out three priorities for 2009.
The London Stock Exchange (LSE) has hired Mark Ryland as chief technology officer of Baikal, the exchange’s European equities dark pool, scheduled for launch in Q2 this year.