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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.
CONTINUE READINGNon-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.
CONTINUE READINGFinancial Markets 2.0
FIA EPTA's Acting Chairman, Mark Spanbroek, presents a John Lothian MarketsWiki Education series on 'Financial Markets 2.0'.
CONTINUE READINGThe 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.
CONTINUE READINGHigh 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.”
CONTINUE READINGFurther evidence that new rules could threaten market liquidity in Europe
A 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 vote of thanks as Remco Lenterman resigns as Chairman
We're sad to say that Remco Lenterman is stepping down from his role as Chairman of FIA EPTA following his departure from IMC.
CONTINUE READINGNew resource - FIA Algorithmic Due Diligence Guide
FIA’s European E-Trading Committee - in cooperation with the Managed Funds Association - have produced a template of questions for use by exchange members facilitating algorithmic trading by their clients.
CONTINUE READINGThe CFTC’s new enforcement manual: its key content and use for practitioners in CFTC investigations
Please join the FIA Law & Compliance Division on July 18 for a webinar addressing the CFTC Division of Enforcement’s recently published first Enforcement Manual.
CONTINUE READINGCFTC and SEC regulation of digital assets: challenging issues of jurisdictional overlap
A webinar addressing the overlapping jurisdiction of the CFTC and SEC with respect to crypto-currencies and other digital assets, the problems for market development that presents, and the potential existing tools to resolve them.
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