26 October 2014

Fidessa Fragmentation Index

Steve GrobFidessa - London

Is Turkey voting for Christmas?

23 October 2014  |  1073 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  |  1266 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  |  1961 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  |  2015 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  |  1989 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

The Twilight Zone

05 February 2014  |  1974 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  |  1384 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

Dumb and even dumberer

25 October 2013  |  1930 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  |  1842 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  |  3426 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
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