Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

More upstart exchanges set to enter crowded post-MiFID market

Up to three new alternative equity trading systems are gearing up to launch in the European market, in addition to ventures such as Chi-X, Turquoise and Equiduct, according to a Financial Times report.

21 August 2008

News/MiFID

Turquoise goes live

Turquoise, the bank-backed MiFID-compliant equities trading facility established by nine investment banks, has finally gone live.

15 August 2008

News/MiFID

Nasdaq OMX gears up for European launch

Transatlantic exchange Nasdaq OMX is gearing up to launch a new data centre in London to support its forthcoming pan-European trading and routing facility.

15 August 2008

News/MiFID

Nyfix cuts staff as costs keep on rising

Nyfix cut 10% of its global workforce in June in a bid to reduce annual costs by $5 million, but the US trading systems vendor warns it will incur further costs from its Euro Millennium ATS and the integration of its Fixcity acquisition during the rest of the year.

12 August 2008

News/MiFID

LSE cuts fees as rivals circle

The London Stock Exchange (LSE) is cutting trading fees and introducing incentives for liquidity providers in a bid to attract algorithmic traders and fight off competition from alternative trading systems.

01 August 2008

News/MiFID

Turquoise hit by clearing issue in Italy - report

Bank-backed pan-European platform Turquoise will not offer trading in Italian equities when it launches because Italian central securities depository Monte Titoli will not cooperate with its own clearing and settlement provider, EuroCCP.

29 July 2008

News/MiFID

Apcims challenges FSA on data security and MiFID

The UK's Association of Private Client Investment Managers and Stockbrokers (Apcims) is using the Financial Services Authority's (FSA) AGM to raise concerns about changes to existing data security measures and about the management of post-trade data following the implementation of MiFID.

24 July 2008

News/MiFID

Merrill smart order router executes 100m shares on Chi-X Europe

Chi-X Europe says Merrill Lynch's smart order router executed over 100 million shares on its pan-European multilateral trading facility (MTF) in a single day last week.

22 July 2008

News/MiFID

BNP Paribas launches hybrid clearing service

French banking group BNP Paribas has launched a 'hybrid' securities clearing service as it looks to cash in on the proliferation of new equities trading platforms for investment and fund managers launched in the wake of MiFID.

22 July 2008

News/MiFID

SWX Swiss Block to launch in August with 11 firms on board

SWX Europe has signed up 11 firms for the August launch of its non-displayed liquidity service for Swiss blue-chip equities, SWX Swiss Block.

21 July 2008

News/MiFID

Caisses d'Epargne implements Smart Trade transaction platform

Paris-based Caisse Nationale des Caisses d'Epargne (CNCE) is deploying a liquidity management system from French vendor Smart Trade Technologies to deliver automated electronic trading services to its 17 member banks.

08 July 2008

News/MiFID

Turquoise gets FSA approval

Bank-backed equities trading facility Turquoise has received regulatory approval for its MiFID-complaint pan-European platform and surveillance system.

30 June 2008

News/MiFID

LSE and Lehman to launch European dark pool

In a move that pitches it directly against rivals intent on stealing its market share, London Stock Exchange (LSE) is partnering Lehman Brothers to launch an off-bourse, pan-European equities trading facility that combines a dark liquidity pool with algorithmic trading functionality.

26 June 2008

News/MiFID

Nordic firms to launch alternative trading facility

A group of the largest banks and brokers in Sweden are teaming up to launch an alternative trading facility - called Burgundy - that will provide trading in Nordic equities and compete directly with Nasdaq OMX and other exchanges.

25 June 2008

News/MiFID

European sales traders here to stay

Although electronic and algorithmic trading will continue to grow over the next two years, European buy side firms will still use sales traders to execute orders, according to a new Tabb Group report.

19 June 2008

News/MiFID

Deutsche Bank live on Chi-X Europe

The nine investment banks establishing the MiFID-compliant Turquoise platform are all now trading on rival ATS Chi-X Europe after Deutsche Bank executed its first trades on the Instinet system.

17 June 2008

News/MiFID

Smart routing vital to success in post-MiFID market

Smart order routing is key to success for agency brokers operating in the increasingly fragmented post-MiFID market, according to Instinet Europe.

09 June 2008

News/MiFID

Nyse Euronext woos algorithmic traders with fee cuts

In a bid to win market share from rival bourses and alternative trading systems, transatlantic exchange Nyse Euronext is slashing fees for high-frequency, algorithmic trading on its European cash equity markets.

05 June 2008

News/MiFID

Bats chooses Fortis for European clearing

US ECN operator Bats Trading has recruited Dutch-Belgian banking group Fortis to provide clearing services for its new European trading facility, which is slated for launch in September.

02 June 2008

News/MiFID

Nasdaq OMX adds compliance expert Steve Matthews to pan-European team

Newly-merged market operator Nasdaq OMX has appointed Credit Suisse executive Steve Matthews as chief legal and compliance officer of its new pan-European market for blue chips.

30 May 2008