Tony Mackay, President and MD of Instinet Europe, spoke to Finextra at this week's Exchange Forum event in London. In this interview he shares his views on the differences between Instinet's Chi-X platform and the imminent Project Turquoise initiative, the future market share of traditional exchanges in Europe, and collaborative approaches to sharing access to liquidity.
This 7 minute interview covers:
- The likely outcome of competition and consolidation of execution venues in Europe - traditional exchanges' market share dropping to 30% to 40%
- What's missing from MiFID - best execution requirements for exchanges, similar to RegNMS in the US.
- Instinet's experience in building a pan-European trading platform and partnering with Fortis to create a complementary clearing and settlement mechanism.
- The impact on liquidity in European markets - potential for more homogeneity and ease of access to liquidity.
- Sharing of access to dark pools of liquidity with Credit Suisse - in Japan and the US, and potentially Europe.
- Different approaches to ownership and membership of the new execution venues.