TradingTech Insight Execution Venues The latest content from across the platform

True Innovation?

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…

The IDX Roadshow Rolls into Town

June in London means it’s time for IDX – the International Derivatives Expo, the Futures Industry Association’s conference focusing on regulatory and technology issues facing that particular segment of the marketplace. We managed to stop by and say hi to some friends and clients, and savour the atmosphere of this microcosm of the Chicago market….

Sea Otter Implements Itiviti’s Tbricks Platform for ETF Market Making

Sea Otter Global Ventures, a private investment firm based in New York, has implemented Itiviti’s Tbricks platform for exchange traded funds (ETF) market making on NYSE Arca. The firm is a registered market maker on the exchange and deploys proprietary models to trade international ETFs. The Tbricks platform uses an app-based architecture and is provided…

The Role of Real-Time Surveillance in a World of Slow Enforcement

BATS Trading is fed up of being spoofed. On 18 February 2016, the alternative US exchange operator founded in 2005 by high-frequency trading guru Dave Cummings, asked US market regulator the Securities and Exchange Commission (SEC) to shorten the time it takes to suspend trading accounts of firms engaged in ‘spoofing’ and ‘layering’ (for BATS…

MiFID II: A Little Too Much Transparency?

Has transparency gone too far under planned revisions to the reporting requirements of the 2007 Markets in Financial Instruments Directive (MiFID)? Market participants say that it will expose sensitive market activity, while creating a massive operational headache. While traders assume they will just have to deal with this pain they are in limbo until the…

MiFID II: Putting the Clock Back

The type of trader you are will determine how you set your watch. That is the upshot of ‘RTS 25: Draft regulatory technical standards on clock synchronization’ published by the European Securities and Markets Commission in late September under the revision of the Markets in Financial Instruments Directive (MiFID II). “MiFID II moved away from…

Creating Back Office 2.0 – Reinventing Trade Processing on the Block Chain

By Pete Harris, Principal, Lighthouse Partners Financial markets firms seem to be forever complaining about an increasingly competitive marketplace that is driving down revenues and increased compliance and operational procedures that are pushing up costs. No surprise then that many are looking at a technology called block chain in order to simplify their post-trade infrastructures…

Five Markets and Technology Predictions for 2016

By Jock Percy, CEO at Perseus Overall, 2015 was a fascinating year for the financial markets and, by extension, for financial technology solutions providers. At a macroeconomic level, the slowdown of growth in China squeezed commodity dependent markets, including commodity powerhouses such as Brazil, Australia and South Africa. Meanwhile, the Greek debt crisis unleashed a…

What’s More Important: Latency or Determinism?

While speed was everything, latency determinism – ensuring consistent latency throughout your systems for every trade – is increasingly a critical metric for traders executing multi-venue strategies. A recent shift in exchange policy may make a focus on latency determinism even more important. “The fastest in the pack is a Lance Armstrong-type character using every…

Metamako Adds Third-Party Apps to Ultra-Low Latency Switching Platform

Metamako, a provider of deterministic ultra-low latency devices, has set up a partner programme to encourage third parties to develop applications for its MetaApp and MetaMux switching platforms, which include ultra low-latency switching, an onboard field programmable gate array (FPGA) and a server, and are typically used to trade directly with exchanges. Dave Snowdon, founder…