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Does MiFID really understand bilateral execution? (worth a read)
Are the EU and US regulators converging, or diverging? Are definitions of SEFs (under Dodd-Frank) and OTFs (under MiFID) equivalent? And, do regulators get the differences between multilateral and...
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Single Dealer Platforms in a ‘confusing (regulatory) world’
A recent Caplin white paper, Single-Dealer Platforms in a Cleared World, and here we examined how SDPs were evolving to meet the new regulatory requirements for OTC markets. The conclusion of the...
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CME Direct – OTC & exchange liquidity in single platform
The CME has released their new offering, CME Direct. Delivered via the web, it combines OTC (broker-liquidity) with CME futures liquidity. Fully integrated with CME ClearPort, enabling OTC (voice)...
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Mifid could be modified to include Systematic Internalisers & thus Single...
Risk.Net has an interesting article today (extract below), quoting MEP Kay Swinburne, talking about modifying Mifid to accommodate systematic internaliser (SI), which has implications for Single Dealer...
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Trends in e-Commerce and Electronic Trading 2012 – GreySpark Report (plus my...
GreySpark has just released the results of their Annual e-Commerce Report: ” Trends in e-Commerce and Electronic Trading 2012″. GreySpark outlines that propositions must now evolve, or sellside...
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What next after SEFs?
Just finished listing to an interesting webcast on Global OTC market reforms, and where next after the US and SEFs? Celent analyst Anshuman Jaswal, gave overview of market, SEF volumes to date, and...
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EU agree new trading reforms, introduce OTFs & curbs on HFT
* Establishment of Organised Trading Facilities (OTF) - restricted to non-equities, such as interests in bonds, structured finance products, emission allowances or derivatives. * Limits on Commodities...
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European Market Liquidity Conference – thoughts and comments
Last week I attended the Association for Financial Markets in Europe (AFME) 9th annual European Market Liquidity Conference. As always with AFME, there had some thoughtful speakers and topical panel...
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New investment banking models: ‘capital-lite’, ‘agency’ and ‘client-clearing’
Regulation is driving change in capital market structure, and as highlighted in the future of investment banking, banks continue to move towards a ‘capital-lite’ business model, as they seek to...
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Future of Single-Dealer Platforms: SIs, MTFs or OTFs?
An excellent article in Risk.net covered also in FXWeek, looks at the future of Single-Dealer Platforms under MiFID II and discusses the options for bank platforms. Should they register as: Systematic...
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