Tabb nyx itg webinar 052912
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Tabb nyx itg webinar 052912 Tabb nyx itg webinar 052912 Presentation Transcript

  • European Market Quality: A Metric in Need of a Standard A Webinar Discussion Tuesday, 29 May 20121
  • European Market Quality: A Metric in Need of a Standard  Panelists:  Lee Hodgkinson, Head of European Sales & Relationship Management, European Cash Markets, NYSE Euronext  Duncan Higgins, Director, Head of Electronic Sales, ITG  Moderator:  Laurie Berke, Principal, TABB Group2
  • How Much Discretion Does Your Broker Have to Trade in the Dark? None 23% Complete 32% Some 45%3 Source: TABB Group, European Equity Trading 2011
  • European Market Quality: A Metric in Need of a Standard  How is “market quality” defined in European equities markets today?  What are the metrics currently used to compare the quality of liquidity across venues?  What are the factors that may influence market liquidity across venues?  Pricing, rebates, speed4
  • What Criteria do You Use to Decide How and Where to Trade in the Dark? Venue Analysis 34% Order Specifics 29% Broker Discretion 24% All Orders Sweep 13% Dark Pools Large Orders / Inline 5% with Allocation5 Source: TABB Group, European Equity Trading 2011
  • European Market Quality: A Metric in Need of a Standard  Does TCA and benchmarking provide insight into the character of liquidity?  What is the state of the art in venue analysis today? What are the brokers doing to develop a methodology?  FIX Tag 30  What can the venues do to increase transparency into the characteristics of their liquidity?6
  • What Would You Like to See From MiFID II? Participants by Region 89% 79% 67% 67% 58% 39% 37% 36% 33% 25% 25% 21% 16% 16% 17% 17% 17% 11% UK Continent Nordic Consolidated Tape+ Greater Transparency Keep Delayed Post-Trade Reporting Firmer Dark Pool Rules Greater regulation for Toxic HFT Reduce Complexity7 Source: TABB Group, European Equity Trading 2011
  • European Market Quality: A Metric in Need of a Standard  How does a buy-side trader who is trading both high- touch & low-touch determine which venues are best suited for a particular order?  Does MiFID II and the proposed consolidated tape adequately address issues of transparency into liquidity characteristics?8
  • European Market Quality: A Metric in Need of a Standard Q&A9
  • European Market Quality: A Metric in Need of a Standard  Panelists:  Lee Hodgkinson, Head of European Sales & Relationship Management, European Cash Markets, NYSE Euronext  Duncan Higgins, Director, Head of Electronic Sales, ITG  Moderator:  Laurie Berke, Principal, TABB Group10
  • European Market Quality: A Metric in Need of a Standard A Webinar Discussion Tuesday, 29 May 201211