MiFID II: Systematic Internalisers and Liquidity Unbundling

MiFID II is changing dark trading in Europe. Will this make sourcing liquidity harder? We don’t think so.

Harald Carlens, Quantitative Analyst VP, Electronic Products
Duncan Higgins, Managing Director, Head of Electronic Products, EMEA

Major changes are underway, causing significant extra work in the short term as the industry adapts and builds solutions to help the buy side deal with their consequences. However, we think that long term, the buy side will continue to be able to access liquidity efficiently with unprecedented control over the counterparties they choose to interact with—in effect, an unbundling of liquidity sources from the aggregation of flows residing in broker pools today.


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