Tag: Crossing Networks & Dark Pools

The future of dark pools has been a prominent topic at TradeTech Europe 2014, as the market prepares for changes as a result of incoming MiFID II regulation.

Institutional block crossing platform Liquidnet has hired Adam Sussman, former director of research for research consultancy TABB Group as head of market structure and liquidity partnerships.

More sophisticated electronic trading solutions will be needed in response to caps on European dark trading set to be introduced as part of MiFID II, the audience at TradeTech Europe 2014 has heard.

Bank of America Merrill Lynch is consulting with European clients this week on the possible introduction of a new block crossing capability, ahead of incoming MiFID II rules which effectively ban broker crossing networks.

Institutional buy-side equities crossing network Liquidnet will offer trading in corporate bonds after agreeing to acquire bond-trading platform Vega-Chi.

Financial information firm Thomson Reuters will operate a block trading service based on its buy- and sell-side messaging platform Autex, but the firm has said it will not compete directly with dark pools or crossing networks.

Market share for dark pools trading US equities was higher in 2013 than any prior year, but a slowing of growth could lead to a contraction, research compiled by broker Rosenblatt Securities has found.

Sell-side negotiation platform Squawker for block trades has now signed up 80 firms and has an average trade size of €386,000 (US$527,000).

European politicians reached agreement on the core rules of MiFID II last night, but industry experts warned there is a lot of work still to be done before the legislative framework is complete.

Buy-side-owned dark pool IEX, which launched in October, nearly doubled its average daily trading volume to over 10 million shares in December, according to its own figures.