This is the question asked by Evangelos Benos, from the Bank of England’s Financial Markets Infrastructure Division, on the Bank’s staff blog (Bank Underground). As well as providing a useful summary of the evolution of HFT, the main focus of the blog is a discussion of the overall impact of HFT on market quality. His conclusion? That while there are “some aspects of HFT activity that are still contentious… the inescapable conclusion that so far emerges is that HFT has mostly had a positive impact on market functioning.”
CONTINUE READINGA preliminary research report by three professors at the Toulouse School of Economics[1] has raised concerns over the impact impending regulations could have on market liquidity.
CONTINUE READINGA preliminary research report by three professors at the Toulouse School of Economics[1] has raised concerns over the impact impending regulations could have on market liquidity.
CONTINUE READINGWe're sad to say that Remco Lenterman is stepping down from his role as Chairman of FIA EPTA following his departure from IMC.
CONTINUE READINGWe believe the current blanket application of CRR to banks and investment firms, without distinguishing between firms by activity or size, has a disproportionate impact on proprietary trading firms that serve as Europe’s market makers.
CONTINUE READINGThe Netherlands Authority for the Financial Markets recently released a report on its expectations around the current and future use of internal controls for automated trading. This is an important theme for FIA EPTA and we are pleased to see that the AFM's report sets clear principles and shows the importance of industry best practice and the principles of proportionality.
CONTINUE READINGIn the aftermath of a severe financial and economic crisis, Europe is still struggling to return to even keel, reduce unemployment and stimulate economic growth.
CONTINUE READINGSince the introduction of automated trading, much has changed in the operation of our markets: how to improve market structure and implement safeguards has been a key topic of conversation for both market participants and regulators for some time. This is why the report by the Senior Supervisor’s Group (a group that consists mostly of Central Banks) on algorithmic and high frequency trading makes for curious reading.
CONTINUE READINGThe Bank of England has brought to the attention of mainstream audiences a topic close to our hearts: the consequences a reduction in liquidity would have on the economy.
CONTINUE READINGVerena Ross, Executive Director of ESMA, recently delivered a keynote speech to the ABA/Law Society Capital Markets Conference in London. Her speech focused on the importance of increasing transparency in MiFID II “in a manner that does not 'damage' but instead improves the functioning of the market,” making particular mention of “those instruments, such as derivatives, that are still far from being traded in a fully transparent market.”
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