Views on the integrity of global capital markets

Market Structure


Australian Equity Markets: Structural Reform Continues

The Australian Securities and Investments Commission (ASIC) recently closed its consultation on the Australian equity market structure. The Commission is now considering how best to tackle a range of market structure issues, such as algorithmic and high-frequency trading (HFT), dark pools, price transparency, and liquidity fragmentation.

Interview: Transparency Reform in Bond Markets

Rhodri Preece, CFA, director of capital markets policy, and James Allen, CFA, head of capital markets policy, discuss the state of transparency in bond markets and the potential for increased transparency in Europe under revisions to the… READ MORE ›

NYSE Retail Liquidity Program: If You Can’t Beat ’em, Join ’em …

That’s seemingly the thrust of the NYSE’s plans to establish a “retail liquidity program.” Frustrated with its loss of market share to broker/dealer internalizers and other non-displayed trading centers, the exchange seems to want to play the internalization game… READ MORE ›

Bringing Transparency to the Bond Market

Recently, the European Commission commenced its overhaul of securities markets regulation with the publication of the eagerly-awaited revised Markets in Financial Instruments Directive, dubbed “MiFID 2”. Nearly a year in the making, the legislative package puts transparency at… READ MORE ›

Tackling the Dark Side in Canada …

In recent weeks, Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published their regulatory approach to dark liquidity (a.k.a. non-displayed orders) in Canadian equity markets. The announcement came off the back of an earlier… READ MORE ›

Dark Pools in Asia Pacific — Watch This Space

Dark pools have been back in the news in Asia recently. An article by Asian Investor (subscription required) on 17 August noted there is an increasing trading volume of small-cap stocks in Australia, Hong Kong, and Japan in… READ MORE ›

High-Frequency Trading: Tame the Beast, or Will the Beast Devour Itself?

High-frequency trading has been back in the news and amongst the thoughts of policymakers over the past weeks, with the publication of a speech by Bank of England Executive Director Andrew Haldane on the ‘Race to Zero’… READ MORE ›

Duct Tape and Circuit Breakers

For those of us who were around back in 1987 (the year I received my CFA charter, I might add, boastfully), the circumstances of the “flash crash” of 6 May 2010 were in some ways a modern equivalent to… READ MORE ›

Looking Beyond Listings

Rumor has it that animosity at the top is behind NYSE Euronext Inc.’s rejection of Nasdaq OMX Group’s enhanced takeover bid, though a potential antitrust review would provide a more understandable pretext for refusal. If and when things ever… READ MORE ›

Exchange Merger Mania

The frenzy of merger-related activity in the exchanges business shows no sign of abating. Last week, it was the turn of first BATS Global Markets and then NASDAQ/IntercontinentalExchange (ICE) to enter the fray — BATS with the announcement that… READ MORE ›

Market Fragmentation: Even the Playing Field

Traditional exchange markets in Europe have been buffeted in recent years by regulatory changes and new advances in trading technology. Market fragmentation has been the result, in which trading concentrated on traditional exchanges has given way to a new… READ MORE ›



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