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White Papers

  • Q2i Group LTD, Distributed Technology and Innovation Platform for Data and Infrastructure Transformation (126kb pdf)

    Q2i is a Distributed Ledger Technology firm delivering business solutions using a blockchain agnostic technology platform.  The company is focussed on innovation and delivery of blockchain infrastructure. Technology cooperation and joint ventures are created with business partners to develop, run and support real business solutions. Q2i’s solutions are applicable across a wide range of business problems where complex processes exist, data is distributed externally, or activity must be auditable. Read on for a brief overview.

  • MIFID II Silver Lining? (105kb pdf)

    The first instalment of our three part whitepaper published last month addressed the MiFID II regulation, with a risk and compliance focus. This month’s segment looks into the potential from the effort in meeting these rules, the upside and details some of the technology benefits that will help grow business.  

  • MiFID II: Total Recall – NOW! Or the last Criterion? – Part 1 (381kb pdf)

    Firms need to overcome the ambiguity of MiFID II rules and their interpretation, in so far as how it applies to them. One of the biggest problems in the run up to implementation has been exactly this. The lawmakers of MiFID II have left it that open, supposedly so there is enough flexibility in variations of applications. However, this very aspect which is supposed to be a positive, has led to a lot of confusion amongst firms because they simply don’t know where they sit amongst the rules. Therefore, what is critically required in this eleventh hour of implementation is flexibility, so firms can ready themselves and not get caught out and ultimately fined. Taking a risk and compliance viewpoint, this is part one of three part whitepaper on MiFID II. 

  • Mondo Visione Exchange Forum 2015 Technology Report (5256kb pdf)

    It can be hard to make accurate predictions about future technology. However we can accurately assesswhat has gone before us. As trading technology matured throughout the late 1990s and early 2000s, if we consider the primary drivers in trading systems they have been brute force dynamics. The application of raw power, ever-greater memory and processing speed has often meant we can do more of the same and often faster. However things are changing. A totally new landscape of intelligent systems is appearing, with artificial intelligence and deep data mining capabilities offering an entirely new perspective on the markets and their participants. This report from the 2015 Mondo Visione Exchange Forum explores the changing technological landscape that is reshaping markets.

  • MiFID/MiFIR Paper 1 - Setting the Scene (1803kb pdf)

    This is the first of four papers looking at the Markets in Financial Instruments Directive and new regulation(MiFID II/MIFIR). This paper sets the scene looking at what the initial MiFID Directive was about and how the recast directive (MiFID II/MiFIR) will likely turn out to be the most impactful financial regulation the EU has seen for over a decade.

    The following papers will in turn look at:

    • Transaction reporting – the full scope of application of Article 26 MiFIR
    • The concept of transparency – pre-trade and post-trade publication requirements under MiFIR
    • The regulatory reporting hub – how to cover multiple regulatory reporting requirements through one platform

  • Senasen - a new communication network (1276kb pdf)

    Senasen is a new communication network for the investment industry, where companies & asset managerscan explain their value proposition,share information and be followed by investors. 

  • Good Vibrations: The Seismology Of Market Volatility (4985kb pdf)

    Seismologists are still searching for ways to successfully predict earthquakes. So far, they have only been able to introduce warning systems that provide alerts while an earthquake is already in progress. Shifts in financial markets adhere to different rules. Changes in volatility are often preceded by ‘rumblings’ or are caused by predictable events. Being able to ‘read’ the signs and predict market movements, also the smaller day-to-day movements can create opportunity for both the buy- and sell-side.

    Volatility is key to both alpha generation and trading performance measurement and is a crucial input for trading algorithms and risk methodologies. The capacity to forecast size and direction of volatility is therefore enormously valuable for traders of any strategy.

    The newest Deutsche Börse analytic, the ‘Intraday Volatility Forecast’, is designed to provide that capacity. It aims to forecast the volatility for the DAX, EURO STOXX 50 and Euro-Bund futures; Eurex’ most important products. The Volatility Forecast creates a forward-looking insight into the peaks and troughs of market movements and provides the user with a major informational advantage over other traders.

  • Mondo Visione Annual Market Surveillance Seminar - Autumn 2015 (787kb pdf)

    On Wednesday 23 September 2015, Mondo Visione held its annual Market Surveillance Seminar at Ironmongers’ Hall, with an audience of market practitioners, regulators, technologists and consultants. Banks have paid some US$10 billion in fines over recent months to settle claims brought against them for manipulating benchmark indices such as the London Interbank Offered Rate and the daily foreign exchange fix. These scandals have caused regulators to review their approach to overseeing the wholesale markets on which such benchmarks are based. As they focus on how to raise standards of behaviour among traders at banks, it is likely that tougher sanctions will be imposed and markets will be given more detailed guidance on what are acceptable trading practices. Fines alone are clearly not enough. Perhaps holding individuals accountable for their actions, and making firms take greater responsibility for improving standards of trading practices will make a difference. These and other issues were addressed by the two panels at the Mondo Visione Annual Market Surveillance Seminar.

  • Eurex IOC Liquidity Indicator for Options (2155kb pdf)

    If an exchange’s order book were a cash register in a shop, it would show transactions at the counter, but not customers who came into the store wanting to buy something but then left without doing so. At least this is the case when it comes to ‘immediate or cancel’ orders (IOCs). Those lost opportunities for transactions – not filled immediate or cancel orders – are not recorded in the order book, yet represent real potential liquidity. Deutsche Börse Market Data + Services has launched a new product within its real-time analytics product family that allows traders to gauge those potential transactions in the options market and trade accordingly, resulting in fewer ‘empty shopping baskets’. Deutsche Börse’s new analytics product, the ‘Eurex IOC Liquidity Indicator for Options’ supports options traders at all levels, providing real-time analytics for the options market that go beyond the normally visible spectrum of information in the order book. 

  • Building blocks of an exchange (9471kb pdf)

    To operate efficiently in the fast moving interconnected marketplace of today, market participants are asking for technological solutions which are flexible, innovative and cost effective allowing them to evolve within the global markets eco-system as regulations and technology develop.