OTFs' Next Move
There is an arms race afoot among buy-side firms for new technology—in particular, high-frequency algorithms—in the wake of the second draft of the Markets in Financial Instruments Directive (Mifid II) and the impending integration of organized trading facilities (OTFs) for the trading of over-the-counter (OTC) derivatives.
Guy Sears, director of the UK’s Investment Management Association (IMA), says the continuing fragmentation of the European market, as yet another venue is added—even if it
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