Double-volume caps, large-in-scale restrictions, periodic auctions and systematic internalisers. In the first eight months of the new MiFIDII regime the trading landscape has evolved radically. New liquidity venues abound, fulfilling a variety of purposes and masters, some merely to enable the compliant trading of existing business in the new world, and others that genuinely introduce new liquidity.
And we can see more about who’s using these venues too. Accountability for where and how you trade has also changed, as the mandatory publication of execution data from every market participant makes trading policies transparent and measurable. One such new venue, launched in February, has already seen significant growth.
The volumes and execution quality it achieves are significant, yet it utilises existing connectivity and trading relationships to deliver truly differentiated liquidity with minimal business and technical impact.
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