EPTA News
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Liquidity and Quote Fading
One observation I see made regularly by commentators on electronic markets is that liquidity can 'disappear in an instant' and is somehow ephemeral. Quotes, they say, tend to fade as soon as the market notices there's a seller around. I'm always rather bemused by this observation, because it implies that in more manual markets, liquidity is (or was) more stable.
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Piebe Teeboom joins FIA EPTA as Secretary General
FIA European Principal Traders Association (FIA EPTA) is pleased to announce the appointment of Piebe Teeboom as Secretary General.
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Non-discriminatory access to MiFID II derivatives trading venues: Critical for market transparency and competition
With the requirement for MTFs and OTFs to have objective participation criteria, MiFID II aims to dismantle existing barriers and increase competition and pre-trade transparency for all market participants. It is worth remembering, however, that despite similar objective participation criteria requirements in the US, additional guidance from regulators was required in order to address certain discriminatory practices.
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FIA EPTA response to Commission call for evidence re: EU regulatory framework for financial services
On 29 January, FIA EPTA submitted a response on behalf of its 27 members to the European Commission’s call for evidence on the EU regulatory framework for financial services.
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Financial Markets 2.0
FIA EPTA's Acting Chairman, Mark Spanbroek, presents a John Lothian MarketsWiki Education series on 'Financial Markets 2.0'.
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The myth of order cancellations: a new study
It is sometimes said that high frequency traders aren’t really providing liquidity to the market because they cancel orders more frequently than other market participants. A new research paper shows that this really isn’t true.
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FIA EPTA’s response to Capital Requirements Directive 2013/36/EU (CRD IV), and overall efficiency of CRD IV remuneration rules
The FIA European Principal Traders Association (FIA EPTA) represents 27 regulated firms in Europe that trade in financial instruments using their own capital.
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Johannah Ladd to leave FIA EPTA
The European Principal Traders Association today announced that Johannah Ladd, the association’s Secretary General, has informed the FIA EPTA executive committee that she will leave her position on 1 January to explore other interests.
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High Frequency Trading: What’s the big deal?
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.”
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FIA, FIA PTG and FIA EPTA send letter to U.K. FCA on MiFID II third country application for DEA
FIA, FIA PTG and FIA EPTA wrote to the UK Financial Conduct Authority (FCA) on 11 September 2015 setting out their views on third country firms engaged in dealing exclusively on own account or providing services/performing investment activities outside the EU to clients outside the EU when accessing European markets through direct membership of DEA under MiFID II.
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