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Picture the financial markets in 2022: will MiFID II have improved liquidity?
t’s February 2022. MiFID II legislation has been in force for five years. Five years which have reshaped our financial market structure. How does the market look?
CONTINUE READINGFlash in the pan?
A lot can change in a year. This time last year, the publication of Michael Lewis’s Flash Boys book created something of a storm.
CONTINUE READINGA look at the year gone by
In Europe 2014 has been the year of MiFID II, with the year opening with the landmark political agreement in the second week of January, and the second consultation paper (technical standards) approved by ESMA on the 18th December.
CONTINUE READINGHigh Frequency Trading or High Frequency Technology
High frequency trading has been a hot topic for debate this year, as well as the focus of regulators’ attention, but are we talking about the wrong thing?
CONTINUE READINGWhy the ‘real economy’ needs efficient markets
For those of us with a professional involvement in the financial markets, it’s easy to lose sight of the wood for the trees: we’re so buried in the complexity of how markets function that we often forget to explain the big picture. Worse, even: the language we find necessary to explain our complex system among ourselves is almost impenetrable from the outside.
CONTINUE READINGIn efficient markets, arbitrage opportunities are hard to come by — and that’s a good thing
Those who believe that HFT trading firms are making easy money through arbitrage strategies in the equity markets have missed a tremendous evolution in arbitrage over the last 10 years.
CONTINUE READINGWho are the participants in modern markets?
It has been noted many times over recent weeks and months (not to mention years) that the current market structures are complex and difficult to understand as an outsider.
CONTINUE READINGCrossing the jargon jungle
The financial services industry is well-known for its complex terminology, incomprehensible to anyone outside the sector – perhaps even to some active in it.
CONTINUE READINGOCC sets up repo facility to backstop clearinghouse
The OCC, the Chicago-based clearinghouse for equity derivatives, has established a $1 billion repurchase facility with an pension fund, increasing its liquidity resources to $3 billion from $2 billion.
CONTINUE READINGDark pools
I was recently interviewed on CNBC about high frequency trading and dark pools in Europe. Steve Sedgwick raised some interesting questions during the interview, which I wanted to address further here.
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