Liquidity and Electronic Trading: Dr. Kay Swinburne, MEP, European Parliament joins TradeTech Liquidity 2010 speaker line-up. TradeTech Liquidity conference takes place on November 25th, London.
As sourcing liquidity in a high-frequency world in the wake of regulatory changes becomes more complicated, so it becomes more important that you differentiate your services from your competitors.
That’s why our TradeTech Liquidity conference, designed just for the Heads of Trading Desk of top buy side firms, hedge funds and high-frequency trading firms is so relevant – and popular.
TradeTech Liquidity (http://www.wbresearch.com/
The decisions taken on-site at TradeTech Liquidity by the regulators will affect your and the buy-side’s day-to-day work. So it’s your opportunity to make your voice heard and opinions count.
Dr. Kay Swinburne (MEP) has just joined the TradeTech Liquidity 2010 speaker line-up and will be addressing key issues surrounding the regulation of trading in financial instruments, in particular the implications of the MiFID regulations.
Here's a snapshot of Dr. Swinburne's report:
"The European capital markets have undergone a period of unprecedented change, both due to a changed regulatory environment, post MiFID implementation, and due to the technological advancements over the same period. The introduction of MiFID has also overlapped with a period of externally imposed volatility due to the financial crisis. As a result, even if reliable market data were available across all trading venues, the quantitative data does not solely reflect the regulatory impact.
In the last five years, the monopoly position of primary exchanges has been transformed. Less than 60% of trading volume in the UK FTSE 100 takes place on the LSE, whereas 30% of the CAC40 now takes place outside Euronext in Paris and 25% of the DAX30 trading takes place outside the Deutsche Bourse in Frankfurt. It seems that across all players there is recognition that the abolition of the single primary venue for equities trading has secured greater competition between trading platforms.
This key objective of MiFID, to promote competition between trading venues for execution services, has led to increased investor choice, lowered transaction costs and has helped increase the efficiency of the price formation process. There are now 136 MTFs operating in the EU, as well as the primary exchanges which collectively make up the organised trading venues. These organised venues account for some 60% of the trading volume with the remainder being carried out by broker-dealers, collectively termed OTC. Bilateral trades, where the client gives the broker an order and he finds a match, have migrated from mainly verbal orders to predominantly electronic orders. Although by definition there is no pre-trade transparency for OTC trades they are still required under MiFID rules to be reported."
Read the full report at http://www.wbresearch.com/
To find out more about equities and electronic trading, visit http://www.wbresearch.com/
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