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Fidessa Fragmentation Index

Steve Grob - Fidessa - London | 13/06/2013 | 954 views

Where's my TV remote?

The recently proposed cap on European dark trading has caused quite a stir. It also illustrates how MiFID II policy-making has descended into almost Eurovision song contest levels of farce. The basic idea is to put a cap (currently proposed at 8%) on the level of trading that occurs away from lit markets. The rationale for this is to protect the r... Tags: Trade execution, Risk & regulation

Steve Grob - Fidessa - London | 04/06/2013 | 981 views

All set for a clear summer

There was an interesting footnote to the FT article on NYSE Euronext's final shareholders' approval of the ICE deal yesterday. It talked about how ICE Clear will be taking over clearing for Liffe as of 1st July. This is more than just a bit of corporate housekeeping and may well shape whether we really see competition in European derivatives tradin... Tags: Trade execution, Post-trade & ops

Steve Grob - Fidessa - London | 01/05/2013 | 1310 views

A question of life and SEF

There has been a lot of debate around the role of SEFs in the global derivatives market. Some commentators are even claiming that the whole concept is dead and buried before the rules have even been finalised. But debating the viability or otherwise of SEFs is completely missing the point. The right question is how will standardised and custom der... Tags: Trade execution, Risk & regulation

Steve Grob - Fidessa - London | 08/04/2013 | 1043 views

It's fragmentation, Jim, but not as we know it!

Interesting last week to see that GFI has applied to the CFTC to become a futures exchange. This follows on from ICAP’s purchase of Plus Markets (now ISDX) and so it surely can’t be too long before the other IDBs follow suit and execute their own regulatory hedges too. What they are worried about is that the regulatory regime around swa... Tags: Trade execution, Risk & regulation

Steve Grob - Fidessa - London | 27/02/2013 | 1794 views

No tax please, we're British, Italian, French...

The debate about Financial Transaction Taxes (FTTs) seems to roll on and on. Italy’s FTT is due to come into force this Friday and two democrats in the US want to introduce an American FTT. Even EU Tax Commissioner Algirdas Semeta says a global tax on financial transactions eventually should be a reality. All of this got me thinking about wh... Tags: Trade execution