Cboe has gained approval from the SEC to operate an alternative closing auction mechanism, which threatens the monopoly primary exchanges retain on end-of-day trading.
Following intense debate among market participants on the extensive costs of market data, incumbent exchanges could soon have less power over the consolidated tape in the US.
The best of the month’s stories from The TRADE, including BNP Paribas, Ardevora, MiFID II, distributed ledger technology and Leaders in Trading 2019.
The US securities watchdog has extended the relief period to July 2023, after stating it needs more time to evaluate the impact of unbundling under MiFID II.
The SEC has voted to adopt a new framework to modernise rules for ETFs and reduce barriers to entry in the marketplace.
TMC Bonds, recently acquired by ICE, was found to have revealed client trading intentions to potential counterparties on its anonymous trading platform.
LP² four millisecond delay mechanism will be applied to the Cboe EDGA exchange to protect market makers from HFTs.
Kara Stein to join IEX board of directors after completion of term as SEC commissioner in January.
The expansion will also change how the service is used, with sponsors now able to let their clients trade with counterparties other than themselves.
Michael Piwowar will work closely with the CEO at GTS and provide the business with legislative and regulatory advice.