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 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