We’ll discuss how smart order routers have evolved over three generations since their first appearance in 2007, and why we can expect to see the birth of the fourth generation in 2016.
MiFID II will lead to yet another leap in requirements, both in terms of performance and functionality. The next generation SORs will have to cope with a major shift in market complexity.
The Double Volume Caps introduced with MiFID II are likely to shift liquidity to venues with alternative trading models such as continuous/periodic auctions (such as BATS) and Large in Scale (LIS) venues (such as Turquoise Block Discovery). Some of these new models are already in operation, if yet on a limited scale. As always, new market models rely on networks effects, meaning that they must get a critical mass of users in order to be successful. It is likely that MiFID II will be the catalyst that makes them take flight.
Execution In March 2018, Itiviti and ULLINK completed a merger to build a global technology force in the capital markets industry. With extensive and complementary expertise, each company brings a unique heritage and product offering to the table that, when combined, create a new world leader in multi-asset trading and financial infrastructure solutions. May 3, 2018
Execution In the final video in this OMS-EMS series, Lars Wiberg, VP Strategic Research Trading and Trade Execution, discusses innovation in the order and execution management and outlines the most pressing challenges facing firms post-MiFID II. Go to Solutions April 4, 2018
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
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