Wall Street Journal | May 01, 2018
TORONTO—The Toronto Stock Exchange closed early on Friday after a technical glitch shut down all trading on Canada’s largest equity market. TMX Group Ltd. X -1.14% announced the early close roughly an hour and a half after trading stopped at 1:39 p.m. The market operator said “an internal technical issue” affected the Toronto exchange, the TSX Venture Exchange, the TSX Alpha Exchange and the Montreal Exchange, forcing the early closure of all the bourses.
One banker at a large Canadian bank said trading continued on other exchanges, including Nasdaq Inc. -owned Chi-X Canada.
Following the outage, Canadian stock-trading volumes were down by more than half, said Doug Clark, a Toronto-based managing director at brokerage Investment Technology Group Inc.Read more >
The Trade | April 25, 2018
When it comes to improving trading performance, selecting the right strategy is crucial. An ITG survey of buyside traders last year found that 85% believe strategy selection has the most potential to impact trading performance, far outstripping the importance of broker choice or venue selection. But before traders choose a strategy, they would be well served to consider prevailing market conditions.Read more >
Best Execution | April 19, 2018
Inducement is a loaded term amongst asset managers. Fiduciary duty to the end investor prohibits the acceptance of payment from third parties. Sellside firms have no such obligation and so they can be exposed to conflicts of interest.
The maker-taker model is an exemplar of such a conflict. With a flat fee model, an exchange, electronic communication network (ECN), or MTF charges firms that post or take liquidity the same fee.
Using the maker-taker model, placing a passive order on a book (i.e. a limit order) earns a rebate. Placing a market or limit order that instantly executes against an order sitting on the book costs a fee. Using the ‘inverted’ or taker-maker model, firms that take liquidity are paid a rebate. These models allow a broker to get paid by their client and by the exchange.Read more >
Markets Media | April 05, 2018
The saga of the Chicago Stock Exchange acquisition moved toward a close when the Intercontinental Exchange announced its plan to purchase the privately held bourse for an undisclosed sum on April 5.Read more >
The Trade | April 01, 2018
The UK saw a record number of block trades and value traded last week with Turquoise Plato and Liquidnet leading the way, according to the latest statistics from Fidessa.
Data for the week ending 23 March showed 2,193 block trades were executed across the major European block trading venues in the UK, compared to 1,865 trades the week prior.
Of those, a majority of 631 were executed at Turquoise Plato, closely followed by Liquidnet and ITG’s block trading platforms with 548 and 416 trade counts respectively.Read more >