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The Trading Mesh

June 2013

Where’s my TV remote?

June 13, 2013 Comments (0)           

The recently proposed cap on European dark trading has caused quite a stir. It also illustrates how MiFID II policy-making has descended into almost Eurovision song contest levels of farce. The basic idea is to put a cap (currently proposed at 8%) on the level of trading that occurs away from lit markets. The rationale for this is to protect the regulator’s precious price formation process and so it sensibly excludes large block orders that wouldn’t have traded on an exchange anyway. But,...

All set for a clear summer

June 4, 2013 Comments (0)           

There was an interesting footnote to the FT article on NYSE Euronext’s final shareholders’ approval of the ICE deal yesterday. It talked about how ICE Clear will be taking over clearing for Liffe as of 1st July. This is more than just a bit of corporate housekeeping and may well shape whether we really see competition in European derivatives trading. Right now Liffe clears through LCH and yes, this is the same clearing house that Nasdaq’s new derivatives market NLX will be...