In The Media

  • Extensive preparation efforts across the industry paid off when MiFID II came into force on January 3, as major mishaps were few and things mostly went as planned. As a testament to the level of preparedness of both the buy-side and sell-side, ITG saw little deviation from the norm in client activity—with clients using similar types of algorithms for execution and continuing to find valuable liquidity through electronic and other means.

    Aside from the expected changes to the liquidity landscape— broker crossing networks (BCN) replaced by systematic internaliser (SI) structures, a halt to bid/offer trading under the reference price waiver, and periodic auctions volumes seeing a significant uptick—it was mostly business as usual, which was a promising sign for the year ahead.

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  • The European Union markets regulator announced a surprise delay until March of its plan to curtail the trading of potentially hundreds of stocks in dark pools under MiFID II, dealing a blow to a key pillar of the law.

    The European Securities and Markets Authority late on Tuesday blamed incomplete data it received from trading venues for delaying its list of stocks that would have been caught by MiFID’s dark pool caps. The partial data would have resulted in what it called “a biased picture” of the markets had the agency reported as expected on Jan. 9.

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  • More equity was traded on “lit” order books during Wednesday’s first day of sweeping new European market regulations, one possible sign that regulators may succeed in coaxing investors out of opaque “dark pool” trading and back onto exchanges.

    On January 3, branded “MiFID II day” by market watchers, stock trading proceeded smoothly despite the regulatory changes.

    But important shifts still to come into force, including a cap on dark pool trading in certain stocks, may cause changes to the overall market structure in the next months.

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  • After years of planning, much back and forth with the securities industry and a 12-month delay, the European Union’s revised Markets in Financial Instruments Directive — or Mifid II — has come into force.

    The giant rulebook’s new directives came into force today and represent the biggest change to European trading regulations of the past decade.

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  • After what seems like an eternity, the Markets in Financial Instruments Directive II (MiFID II) is now a reality and in force. So, what does the buyside expect as these sweeping regulations come into play?

    According to new ITG survey, “European Trading Under MiFID II,” institutional traders expect more bloc trading and a healthy amount of off exchange liquidity.

    The December 2017 survey polled more than 50 buyside institutional investors who trade European equities. Read the findings here.

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