17 April 2014

Fidessa Fragmentation Index

Steve GrobFidessa - London

Maybe markets are unfair, but are they rigged?

02 April 2014  |  1286 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 debate is the distinction between "unfair" and "rigged". To me the term rigged implies some malevolent conspiracy between certain me...

TagsTrade execution
Steve GrobFidessa - London

The Twilight Zone

05 February 2014  |  1680 views  |  1  |  Recommends 0

I came across the term 'Twilight Pool' for the first time this week. The basic idea is that it is essentially a dark pool that lights up certain pieces of information, or at certain times, in order to provide users with some idea of what is or isn’t lurking there. The advantage is that it enables participants to see if the type of liquidity they'...

TagsTrade executionRisk & regulation
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Steve GrobFidessa - London

The Watchman's Rattle - financial regulation in 2014

22 January 2014  |  1051 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  |  1447 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  |  1793 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  |  1703 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  |  951 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...

Steve GrobFidessa - London

Why the big exchanges need to visit Amsterdam

21 August 2013  |  3299 views  |  0  |  Recommends 0

My friend Nandini Sukamar at Bloomberg broke a story yesterday that Eurex is to compete with CME Europe by offering competitive FX contracts. So it looks like we are going to see a few more spats as...

TagsTrade execution
Steve GrobFidessa - London

FTTs and ET - a dangerous combination

08 August 2013  |  3368 views  |  0  |  Recommends 0

There has been a lot of talk recently about the introduction of Financial Transaction Taxes (FTTs). This has even extended to speculation here in the UK that we should tax those naughty HFT practition...

TagsTrade execution
Steve GrobFidessa - London

Not even wrong

26 July 2013  |  3430 views  |  2  |  Recommends 1

Gently easing my way back into the daily grind after my annual vacation I came across the report that MPs in London are proposing to tax HFT. They must have been drinking more sangria than I have ove...

TagsTrade executionRisk & regulation
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