About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

True Innovation?

Subscribe to our newsletter

By Chirstian Voigt, a Senior Regulatory Adviser at Fidessa

The recent slew of exchange announcements introducing new dark trading facilities in response to MiFID II would appear to suggest that the regulation has triggered a whole raft of innovations. But is that what’s really happening here?

Euronext tells us it is planning to introduce a new liquidity discovery service building on its existing iceberg orders. Looking at the detail, this appears fairly similar to the Volume Discovery Order announced shortly before by Deutsche Boerse. While Deutsche Boerse can certainly claim to be the first to publish its iceberg extension plans, these may not be quite so “new” after all. An academic paper authored by past and present Deutsche Boerse employees discussing this very idea was posted online in 2008, long before we knew about MiFID II.

BATS Europe is promoting its partnership plans with BIDS Trading to provide a MiFID II compliant way to interact with buy-side IOIs. While the technical details under the hood might differ, it bears some resemblance to the SIX-Liquidnet partnership SLS – launched back in 2011 – which is another example of an exchange partnering with a buy-side block trade network.

We could argue whether any of these initiatives are new innovations or not, but let’s not forget that even the Apple iPod wasn’t the first of its kind. Sometimes, true innovation is just the better timing of a good idea.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practices for compliance with EU Market Abuse Regulation

EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation, technology and culture, financial institutions continue to struggle to stay on the right side of the...

BLOG

Duco Wins Award for Best Transaction Reporting Solution in A-Team Group RegTech Insight Awards Europe 2024

Duco has won the award for Best Transaction Reporting Solution in A-Team Group’s RegTech Insight Awards Europe 2024. These annual awards recognise both established providers and innovative newcomers offering RegTech solutions that are successfully improving firms’ ability to respond effectively to evolving and ever more complex regulatory requirements across the global financial services industry. Duco’s...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

MiFID II Handbook – Second Edition

With the compliance deadline for Markets in Financial Instruments Directive II (MiFID II) just over two months away, A-Team Group has updated its MiFID II handbook to bring you the latest details on the regulation’s compliance requirements. Version 2 of the handbook, commissioned by Thomson Reuters, also includes new sections covering data sourcing and data...