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What Makes an Exchange a Unique Institution?

I recently received my copy of the Winter 2014 Journal of Trading.  Quickly scanning the journal’s cover, I began flipping through to an article on real-time TCA visualization.  I stopped, when I came across the title which I reuse for this comment.  The Journal piece is an edited manuscript of a panel session of the same title held during a conference, organized by Robert Schwartz of Baruch College in New York.  The participants, led by Andy Brooks of T. Rowe Price Associates, are well-known in the industry, and I recommend a read by anyone who did not see that crew in action.

MiFID II: Worth the Wait, or a Missed Opportunity?

This piece was originally published in Best Execution magazine.

On the 14th January the European Parliament and Council of Ministers finally agreed a new directive to update rules for markets in financial instruments (MiFID II). Rob Boardman, CEO of ITG Europe asks whether it was worth the wait?

Big Data, Big Decisions: The Coming Sea Change in Technology Investments

Market participants do not need to be told that they are working in an era of Big Data. They experience it every day. However, developing an appropriate response is going to change the daily experience in a number of important ways. The relationship with technology will inevitably change. Internal relationships will be altered. And analytics will dominate any list of required capabilities.

Liquidity Barometer: Asia Pacific Q4 2013

In Asia's equity markets, liquidity flat-lined through the fourth quarter of 2013 according to ITG's Asia Pacific 'Liquidity Barometer'. This tool is a measure that combines turnover, spreads and volatility that was launched in 2008 with a notional value of 1,000.

ITG Client Call: MiFID II and the Level 1 Text

Listen to a special briefing by Duncan Higgins (Head of Electronic Brokerage, London), Juan Pablo Urrutia (European General Counsel, London), and Jamie Selway (Head of Electronic Brokerage, New York) discussing MiFID II, with a focus on the European Parliament’s recent political agreement for the Level 1 Text. Our experts discuss ITG’s position, provide context on what it means for clients, and answer questions.

ITG Peer Analysis Global Cost Review: Q3 2013

Our Global Cost Review report for the Third Quarter 2013 studied global commissions and implementation shortfall costs for the period.

Living in the Post- MiFID II World

On January 14th, Michel Barnier, the European Commissioner in charge of financial services in the European Union (EU) welcomed the agreement in principle reached on rule changes to the Markets in Financial Instruments Directive (MiFID II/ MiFIR).  Barnier declared that although the speed of implementation was not ambitious enough, the agreement still represented “a key step towards establishing a safer, more open and more responsible financial system and restoring investor confidence in the wake of the financial crisis” (see: http://europa.eu/rapid/press-release_MEMO-14-15_en.htm?locale=en).

Liquidity Barometer: Asia Pacific Q3 2013

In Asia’s equity markets,liquidity took a nosedivethrough the third quarter of2013 according to ITG’sAsia Pacific ‘LiquidityBarometer’. This tool is a measure that combines turnover, spreads and volatility that was launched in 2008 with a notional value of 1,000.

ITG Peer Analysis Global Cost Review: Q2 2013

Our Global Cost Review report for the Second Quarter 2013 studied global commissions and implementation shortfall costs for the period.

Commission Spending Under the Microscope

The unbundling of research and trading has been a discussion topic for many years both globally and in Asia. While in theory there are many good reasons to unbundle, the practical implications have often made it difficult for asset managers to do so. However now several important business factors are pushing Asia-based fund managers to review their processes and consider how they value research and trading, while using more sophisticated tools to manage and report on who and what they pay.

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