Dark pool
Academics use granular data for futures market predictions
Researchers at NYU’s Courant Institute of Mathematical Sciences are using granular futures data from BMLL for research on less-covered futures markets.
Shaking things up in the dark: Vendors build new tools for dark-pool trading in Asia-Pacific
New conditional order venues could bring more liquidity and sophistication to dark pool trading in the region.
As cybersecurity policy takes shape, are data vendors next in SEC's sights?
New rules target a range of players in the capital markets, from broker-dealers to trading venues, and the agency could be coming for data and analytics vendors and index providers.
SEC sets its sights on fixed-income platforms with Reg ATS revamp
US regulator’s mammoth January proposal has something in it for most US trading systems, but Jo suspects it will be the definitions of exchanges that hit the hardest.
Buy one, get one free: Algos learn to multi-task
For years, brokers have offered suites of algorithms, each geared toward a certain strategy and outcome. Now, firms are compressing these into multifaceted algorithms that can switch between different strategies or markets in response to trading…
Six partners with BMLL for best execution analysis
The Swiss exchange is using the vendor's data and analytics to provide insight to brokers around Swiss EBBO liquidity.
Four years of academic study on HFT yields complicated results
A transatlantic group of researchers has examined a treasure trove of market data to see whether or not high-frequency trading is a necessary component of today’s market structure. The answer is largely ‘yes,’ but with caveats.
Industry Still at Odds Over Use Case for an EU Consolidated Tape
Market participants say they want a high-quality, centralized source of market data for EU equities. But who and what is it actually for?
Waters Wrap: The M&A Market Heats Up (And Some Quantum Computing News)
What do Liquidnet and Trading Technologies (and others) have in common? Anthony explains. He also discusses advancement—and disillusionment—in the quantum space.
IEX Makes Expansion Bid as New Limit Order is Approved
The Investors Exchange is now looking to propose a second new order type for NBBO non-mid liquidity.
EU Consolidated Tape: Support Wanes With Lack of Answers
With regulators slow to answer industry questions relating to how a CT should be built and what it's for, development has slowed.
Wavelength Podcast Episode 165: Roman Ginis on Trade Execution
The founder and CEO of Imperative Execution looks at how trade execution is changing and what that means for the buy side.
'Next Act: A Profile of Euronext's Alain Courbebaisse
The last decade has seen Euronext chewed up and spun out following a series of mergers & acquisitions. Once again independent, Courbebaisse is writing the exchange’s IT roadmap.
Wavelength Podcast Episode 162: IEX on the Transaction Fee Pilot
IEX’s John Ramsay joins to talk about the SEC’s proposed Transaction Fee Pilot and why he thinks it should move forward.
NYSE President Sees Tech as Key to Big Board's Next Evolution
A look at the massive tech projects (and legal battles) underway at the NYSE, which are being led by Stacey Cunningham.
Acquisitive Exchanges Find Dealmaking is Only Half the Battle
While the large-scale exchange mergers of yesteryear may be over for now, regional bourses are still finding themselves in the M&A crosshairs. Yet for those operators that pick up smaller rivals, technology and data integration often prove to be trickier…
Challenging US Exchanges Will be Uphill Battle for MEMX, Experts Warn
An industry initiative to start a new US exchange promises much, but it may struggle to deliver without a clearer purpose.
Lingering Questions Remain over Mifid II
Nearly one year on from the fundamental changes to Europe’s trading rulebook brought about by Mifid II, its overall impact is still unclear. Although experts talk of greater transparency in the markets, it’s had its share of issues, some of which are…
The Day the Data Stood Still
With the UK preparing to leave the EU in March, regulators have a limited amount of time to figure out how to keep the flow of information going between each other post-Brexit—and the window is closing.
Waters 25: A Look Back on the Last Two Decades
Waters examines some of the most important events in financial technology of the past 25 years.
Under the Water: How Mifid II's Dark Caps Have Changed Trading
The story of how the double volume cap began is just as important as what's happened in 2018.
Dark Trading Caps Not Responsible for Periodic Auction Growth, Study Finds
FCA report find that growth in periodic auction trading is not a result of dark-trading bans.
For Systematic Internalizers, Volumes Only Tell Half the Story
Identifying what constitutes true trading activity and addressable liquidity is key to analyzing the success of market reform, experts say.
March 2018: Regulatory Watchdogs Show Their Teeth
After some questioned ESMA's resolve, the regulator is stepping up its enforcement efforts. Max reviews how ESMA wants market participants to know that its bite can be worse than its bark.