22 October 2014

Fidessa Fragmentation Index

Steve GrobFidessa - London

Clear danger ahead

26 September 2014  |  1245 views  |  0  |  Recommends 0

As the regulators push us towards centralised clearing for OTC derivatives they may actually be making the world distinctly less safe. At face value it makes obvious sense; if one party defaults the CCP steps in. As always, though, the problem lies in the detail but this time not too far below the surface. The first problem concerns the efficien...

TagsTrade executionPost-trade & ops
Steve GrobFidessa - London

The Future of Best Execution

18 August 2014  |  1948 views  |  0  |  Recommends 0

I was chatting with a few work colleagues last Friday about best execution and derivatives. They confidently asserted that without real fungibility (i.e. the ability to trade the same instrument on different venues), price comparison is not possible and so any notion of best-ex was pretty meaningless. By coincidence, I was later looking at t...

TagsTrade executionRisk & regulation
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Steve GrobFidessa - London

If it ain't broke, break it

12 August 2014  |  2001 views  |  0  |  Recommends 0

I was hoping to enjoy the last few weeks of summer in relative peace, but it seems that another regulatory storm is brewing. This time it’s over the unbundling of research and it all stems from ESMA’s...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

Build vs Buy becomes Rent vs Collaborate

12 June 2014  |  1970 views  |  0  |  Recommends 0

An interesting couple of days at the International Derivatives Expo in London this week. Alongside the usual debate on OTC clearing, algo tagging and other regulatory conundrums, I was on a panel look...

TagsTrade executionPost-trade & ops
Steve GrobFidessa - London

Maybe markets are unfair, but are they rigged?

02 April 2014  |  1642 views  |  3  |  Recommends 0

The publication of Michael Lewis's new book Flash Boys has reignited the whole HFT/dark pool debate (actually, maybe it's never really gone away). The point people seem to continually miss in this deb...

TagsTrade execution
Steve GrobFidessa - London

The Watchman's Rattle - financial regulation in 2014

22 January 2014  |  1375 views  |  0  |  Recommends 0

In her excellent book, ‘The Watchman’s Rattle’, Rebecca Costa explains the tendency to substitute belief for science when problems become too complicated. The first sign of this is a cognitive thresho...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

Ready, SEF, go

14 January 2014  |  1647 views  |  0  |  Recommends 0

If 2013 was the year we spent forming our responses to the new rules for the derivatives industry, then 2014 will be the year we see if we got it right. Central to this will be how liquidity is disper...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

Dumb and even dumberer

25 October 2013  |  1928 views  |  0  |  Recommends 0

I wrote earlier this week about Financial Transaction Taxes and why the regulators’ ‘rationale’ for these taxes is either misplaced or disingenuous. An even more extreme example, however, was pointed ...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

Dumb and dumberer?

22 October 2013  |  1840 views  |  1  |  Recommends 0

Not surprisingly, the recent political elections in Germany have brought the question of financial transaction tax (FTT) back to the fore. Basically, the Social Democrats (SPD) are making it a conditi...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

Where there's muck there's brass

03 September 2013  |  1032 views  |  0  |  Recommends 0

I don’t venture to the north of England often, but I do have a work colleague who hails from Yorkshire – the origin of the phrase “where there’s muck there’s brass”. Its basic meaning is that there is...

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