This proposition has been heavily criticized for going too far. The ability to trade non-displayed liquidity is important when aiming to reduce implicit execution costs. Furthermore, there is still no clarity on how the DVCs will work in practice. This paper shows examples of, and focus on the Negotiated Trade Waiver, a model of trade reporting commonly used in Sweden, Finland, Denmark, the UK and some continental exchanges. Faced with the reality of the Double Volume Caps, market participants must choose a path forward. While the effects of the DVCs are not yet known, it is clear that investment firms now have several theoretical and practical options.
This paper aims to analyze and explain each of these options.
Execution This is the second part in a series that explores the past, present and future of Order Management Systems (OMS) and the closely related Execution Management Systems (EMS). We cover these trading tools mainly from a sell-side perspective. As financial markets change, new demands on trading technology appear. This includes the functional requirements of the […] February 27, 2018
Risk & Compliance Jim Northey, Senior Vice President Strategy and Research at Itiviti, explores the topic of regulation in a post-globalization environment. In the wake of Brexit and the US election, are we moving away from unified regulatory equivalence to regulatory arbitrage, with single countries taking advantage of regulatory changes to attract market share? February 5, 2018
Execution What sets Itiviti solutions and technology apart from the rest? Itiviti staff explain in their own words. Go to Itiviti solutions January 9, 2018
Risk & Compliance Johannes Frey-Skött, VP Apps Engineering at Itiviti, discusses the data collection and retention challenges presented by MiFID II and tackled by Itiviti Analyst – winner of “Best New Technology Product – Regulatory Reporting” at the FOW International Awards 2017.* MiFID II has far-reaching and multi-faceted implications for European market participants, but if one were to […] December 21, 2017
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