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September 2014

Clear danger ahead

September 29, 2014 by mikeohara   Comments (0)

This article was originally published at the Fidessa blog, and is reproduced here with permission.
By Steve Grob


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Shining a light on dark matter

September 12, 2014 by mikeohara   Comments (0)

There is a debate raging about the lack of liquidity in Fixed Income. If you still adhere to the time honoured model of the buy-side dutifully sending their liquidity needs to the sell-side via RFQ, then liquidity looks very poor and execution costs are high. Current sell-side capacity is only sufficient for numerous small orders and larger trades in high grade liquid bonds.


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Wanted: Home for OTC trading

September 8, 2014 by mikeohara   Comments (0)

With MiFID II’s stated aim to push OTC trading (where appropriate) onto regulated platforms European market structure is undergoing considerable upheaval. As the first round of Level 2 consultation has just finished it’s now time to define what OTC trading is appropriate and where it can be executed. While double volume caps somewhat restrict the use of transparency waivers, Systematic Internalisers (SIs) appear to be a possible home for some OTC trading. However, reading through the discussion paper and some of the responses, this is not so certain anymore.


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