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Shifting deadlines, incomplete data and uncertainty about key aspects of the regulation - one might be forgiven for thinking MiFIDII had fallen at the first hurdle. One thing is for certain though, major market structure change has taken hold, and amongst the plethora of new liquidity pools, one new venue has brought a fresh perspective – a paradigm shift in finding pure, continuously accessible liquidity.
Post-January 2018, tapping into institutional flow through pre-existing liquidity pools, be they lit or dark, has become increasingly complex. As dark venues strive to offer increased execution sizes and better fill rates, ensuring confidentiality isn’t compromised is critical to overall performance. Sourcing natural, non-toxic, broad and deep liquidity is paramount to ensure consistent execution quality. The search for venues offering low market impact with significantly improved spread capture is key.
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