Trading Venues

European exchanges: fight or flight?

Europe's largest stock exchanges have so far struggled to stem the tide of market share flowing to multilateral trading facilities (MTFs) since the introduction of MiFID, but is their wisest response diversification or confrontation?

NYSE Liffe UTP derivatives available via Atrium Network

As part of the migration of derivatives exchange NYSE Liffe to its parent group’s Universal Trading Platform (UTP), connectivity technology provider Atrium Network has announced that UTP derivatives will be added to its platform, initially as a test environment.

Maker-taker: promise breaker?

Maker-taker pricing has become a well-established trading venue fee structure on both sides of the Atlantic in multiple asset classes and may soon be making its way to the Asia-Pacific region.

Chi-X leads European trading activity higher

Pan-European multilateral trading facility (MTF) Chi-X Europe is among a number of trading venues that has reported substantial growth in Q1 2010, piling further pressure on domestic exchanges, which did not perform as strongly as some MTFs over the period.

Fragmentation marches on, but LSE stands firm – Cheuvreux

Liquidity fragmentation in Europe’s major equities indices continued in February, and became more noticeable in more indices, according to the February ‘Market Indicators’ report published by agency broker CA Cheuvreux in conjunction with transaction cost analysis provider TAG.

Europe not big enough for current MTF crop – UBS

Europe’s equities market is not large enough to sustain the current number of trading venues, which will lead to consolidation in the medium term, according to research from investment bank UBS.

Exchanges still beat MTFs for larger orders – Cheuvreux

Chi-X Europe, Europe’s largest displayed multilateral trading facility, frequently offers better prices than the domestic exchanges it competes with, but traditional bourses still have the upper hand for executing larger orders, according to research from broker CA Cheuvreux.