Trading Venues

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.

Shanghai unveils new trading platform schedule

The Shanghai Stock Exchange has set a date for the launch of its new trading system, which has been developed following rapid growth of trading volumes in recent years.

ConvergEx brings block trading back to NYSE floor

A consortium of independent US broker-dealers, Mahogany Partners, has asked agency broker and technology provider ConvergEx to build a suite of electronic trading products to enhance its members’ block trading capabilities.

Turquoise talks will not stall Baikal Order Book launch

The order book segment of the London Stock Exchange’s Baikal non-displayed trading and liquidity aggregation service will launch as expected in November despite the exchange’s merger discussions with multilateral trading facility Turquoise.

Sponsored access: New trading paradigm or upgraded DMA?

Europe’s sponsored access market has no shortage of suppliers, but demand for the service is being hampered by a lack of consistency on how it differs from standard direct market access and where responsibility lies for risk controls.