26 September 2016
Find out more

Fuller to head new MiFID-ready exchange system Equiduct

01 November 2006  |  10862 views  |  0 mifid

Bob Fuller, previously director of IT strategy at Dresdner Kleinwort Wasserstein and co-head of the MiFID Joint Working Group, is to spearhead a new MiFID-ready Pan-European trading platform using technology that was mothballed with the closure of the Easdaq growth market.

The new organisation, dubbed Equiduct, will launch in Q2 2007, using an upgraded version of the Easdaq exchange technology platform that was used in production by Nasdaq Deutschland and Nasdaq Europe and subsequently licensed to Nasdaq US.

Equiduct's backers says the service will offer the first MiFID-compliant, integrated Europe-wide single connection for trading services and execution. Financial institutions will be able to conduct transactions via the company's own pan-European regulated exchange or license the technology for internal use.

The Equiduct platform will feature pre- and post-trade transparency, a hybrid book, a quoting facility and a best execution capability for equities. The system promises guranteed execution at a proveable best price and with a 10 millisecond turnaround time.

Equiduct’s core IT operations team will be based in London, while its regulatory home will be in Belgium along with its corporate functions and market supervision staff.

Equiduct’s CEO Bob Fuller, comments: "With our Equiduct services we can facilitate MiFID compliance by providing a single point of connectivity, and allow organisations to play in the post-MiFID markets without having to make the large investments they would have had to bear individually in order to stay competitive."

The service is being targetted at banks - both individually or in consortia - and at smaller exchanges that lack the capital to develop fully compliant products in an increasingly low margin business environment.

The initiative has been welcomed by key market participants. Richard Balarkas, co-chair of the global steering committee for the FIX Protocol, and managing director, head of equity trading services at Credit Suisse, says: "MiFID is likely to result in liquidity fragmentation as happened in the USA. Therefore, to insulate the market against the cost of multiple links by building a hub facility with access to all the pools is good."

News of the move comes a week after a Euronext spokesman confirmed reports that the exchange is in talks with investment banks about establishing an internal matching system. Agency brokerage Instinet also went public in early October with plans to launch a new automated trading system for European equities dubbed Chi-X.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FSA reforms conduct of business rules

FSA reforms conduct of business rules

31 October 2006  |  9139 views  |  0 comments
Euronext to develop system for banks to trade in-house - report

Euronext to develop system for banks to trade in-house - report

24 October 2006  |  8182 views  |  0 comments
Instinet vows to undercut European exchanges with new Chi-X platform

Instinet vows to undercut European exchanges with new Chi-X platform

02 October 2006  |  11624 views  |  0 comments
European firms on track with MiFID preparations, survey shows

European firms on track with MiFID preparations, survey shows

22 September 2006  |  7854 views  |  0 comments
Euro banks hit by MiFID concerns

Euro banks hit by MiFID concerns

12 September 2006  |  8792 views  |  0 comments
Industry lobby urges FSA to drop MiFID best execution proposals

Industry lobby urges FSA to drop MiFID best execution proposals

05 September 2006  |  9928 views  |  0 comments
European exchange price war looms as Virt-x cuts tariffs

European exchange price war looms as Virt-x cuts tariffs

04 September 2006  |  5691 views  |  0 comments
UK trade bodies band together to influence MiFID - FT

UK trade bodies band together to influence MiFID - FT

16 August 2006  |  7091 views  |  0 comments
MiFID may hit LSE transparency, warns FSA

MiFID may hit LSE transparency, warns FSA

01 August 2006  |  7860 views  |  0 comments
Firms stop work on MiFID in face of FSA best execution proposals

Firms stop work on MiFID in face of FSA best execution proposals

26 July 2006  |  10815 views  |  0 comments
McCreevy urges firms to prepare for MiFID

McCreevy urges firms to prepare for MiFID

27 June 2006  |  6896 views  |  0 comments
MiFID tech group spins off

MiFID tech group spins off

06 April 2006  |  10203 views  |  0 comments
MiFID swallowing IT budgets

MiFID swallowing IT budgets

07 March 2006  |  11742 views  |  0 comments
MiFID price tag estimated at £1 billion for UK firms

MiFID price tag estimated at £1 billion for UK firms

07 February 2006  |  9876 views  |  0 comments
European Commission tables MiFID proposals

European Commission tables MiFID proposals

06 February 2006  |  9387 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreVisit i2cinc.com

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
12767 views comments | 49 tweets | 45 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8442 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
7701 views comments | 32 tweets | 16 linkedin
Deutsche Bank teams up with accelerator to back fintech startupsDeutsche Bank teams up with accelerator to...
7158 views comments | 12 tweets | 5 linkedin
Time has come to extract value from blockchain investment – new Finextra paperTime has come to extract value from blockc...
6860 views comments | 22 tweets | 16 linkedin

Featured job

Find your next job