24 October 2014

Fidessa Fragmentation Index

Steve GrobFidessa - London

Is Turkey voting for Christmas?

19 hours ago  |  778 views  |  0  |  Recommends 0

The recent announcement from BATS Chi-X Europe that it intends to list Turkish stocks got the phones ringing here at Fidessa Towers. Both local Turkish brokers and pan-European houses wanted to know if, how, and when Turkish stocks might fragment like their European counterparts. A colleague mentioned to me that surely the local Istanbul excha...

TagsTrade execution
Steve GrobFidessa - London

Clear danger ahead

26 September 2014  |  1255 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
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Steve GrobFidessa - London

The Future of Best Execution

18 August 2014  |  1954 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 o...

TagsTrade executionRisk & regulation
Steve GrobFidessa - London

If it ain't broke, break it

12 August 2014  |  2005 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  |  1979 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  |  1646 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  |  1972 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  |  1380 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  |  1650 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

Why the big exchanges need to visit Amsterdam

21 August 2013  |  3375 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
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