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?
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 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.
Trading technology provider ALGO Technologies has launched ALGO M2, a matching engine for execution venues with a mean roundtrip latency of 16 microseconds.
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.
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’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.
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.
Three of Canada’s equities trading venues have enhanced their platforms’ technical performance as the demand for low-latency trading infrastructure grows in the country.