23 September 2014

Fidessa Fragmentation Index

Steve GrobFidessa - London

The Future of Best Execution

18 August 2014  |  1902 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
Steve GrobFidessa - London

If it ain't broke, break it

12 August 2014  |  1931 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 interpretation that, under MiFID II, research is an “inducement to trade” and therefore cannot be paid for out of commissions. This threatens to co...

TagsTrade executionRisk & regulation
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Steve GrobFidessa - London

Build vs Buy becomes Rent vs Collaborate

12 June 2014  |  1914 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  |  1580 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 Twilight Zone

05 February 2014  |  1951 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...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

The Watchman's Rattle - financial regulation in 2014

22 January 2014  |  1309 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  |  1626 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 dumberer?

22 October 2013  |  1830 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

FTTs and ET - a dangerous combination

08 August 2013  |  3415 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  |  3499 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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