ESMA is considering removing certain transparency waivers which would make the DVCs redundant, or lowering the threshold market-wide to further restrict dark trading in Europe.
Tag: Periodic auctions
In October this year, the Turquoise Plato Block Discovery platform saw eight record days of trading activity.
An analysis from TABB Group has found dark trading volumes are the highest since MiFID II was introduced, despite summer slowdown.
James Baugh, head of EMEA equities market structure at Citigroup, talks to The TRADE about the impact MiFID II has had on European market structures, the changing relationship between the buy- and sell-sides, and what further regulatory changes may be in store.
ESMA’s final report on periodic auctions says venues are not used to evade MiFID II dark trading rules, as fears of outright ban are dampened.
Analysis by TABB Group finds that dark pools volumes reached the largest share of on-exchange in April since before MiFID II was implemented.
Market participants at TradeTech have agreed that trading volumes have failed to shift to lit venues under MiFID II, but the regulation has led to unintended positive developments in the form of periodic auctions.
When it comes to seeking liquidity under MiFID II, a survey of senior traders has found that periodic auctions and conditional order types are the most useful.
EU policymakers are looking to extend the tick size regime to SIs, periodic auctions and block trading venues, but the buy-side is concerned about the potential impact this could have on trading at the midpoint.
The EU financial regulator has published responses to its call for evidence, revealing that the industry is firmly behind the use of periodic auctions.