Barclays Bank SI was not only the largest SI in 2019 but also the largest venue in the bond market, ESMA’s EU market securities report stated.
Statistical analysis from ESMA has revealed the Goldman Sachs SI was the largest in Europe and the second largest venue in 2019 after Cboe Europe’s MTF.
ESMA has made several recommendations in its report on the MiFID II review, but a poll from Rosenblatt Securities suggests the buy-side is not quite on the same page as the regulator.
Analysis by the AMF found just 22% of the amounts traded by SIs in the continuous trading phase are subject to pre-trade transparency.
European regulators have been told not to prioritise supervision of the changes to systematic internalisers amid the coronavirus pandemic.
An analysis from TABB Group has found dark trading volumes are the highest since MiFID II was introduced, despite summer slowdown.
Vela’s data feed handling service aims to consolidate fragmented liquidity in Europe.
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.
Market maker-operated systematic internalisers are winning market share now more than a year into the MiFID II regime.
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.