A month after the Securities and Exchange Commission adopted the Investment Company Act rule 22e-4, fund managers are still digesting its implications.
In this contributed article, author Ken Gold says that MiFID II is a paradox. He argues that the more claritythe industry gets around the new rules, the less participants seem to actually know about what to do and there are more questions to answer.
Broker-dealers, increasingly struggling to make profits in the current low-commission environment, are increasingly turning to unbundled commission payment plans to stay afloat.
Guest commentator Ben Polidore shares his thoughts on how trading desks can reduce the noise in broker assessment and take on more brokers at scale using performance-driven metrics. It goes into detail about assessing risk, strategy selection, auto-routing, broker selection, and evaluation.
More change is coming to the equity trading markets of the Great White North.
Canada's Omega ATS has opened its second trading venue in the Great White North -Lynx ATS. After receiving final approval and making all the tweaks and getting its trading technology in order, the new venue is officially open for business.
PDQ ATS is looking to get into the institutional trading business and has started an institutional equities group to get the buyside's business and its bigger trades. And it has hired two new ex-exchange pros to help get the new venture going.
The dark markets have become so efficient that the costs of execution and market impact are lower than at the display markets, where take fees are highest and market impact is most significant.
Traders believe dark pools have entered a "mature phase" and use them to avoid "toxic liquidity" from high-frequency trading firms, but the size of trades in those pools is getting smaller. These are among a few findings from a new report published by market research firm Celent.
Industry professionals took the opportunity to gripe about the proliferation of stock exchanges at this year's Security Industry and Financial Markets Association market structure conference.