Tag: MiFID

“Access rights” in clearing and settlement – are they worth anything?

There is a high level of interest currently in “access rights” in market infrastructures – that is, the right of of one infrastructure to provide a service to its customers based on the service provided by another infrastructure, for example,

Posted in Capital Markets, CCP, Clearing & Settlement, CSD, Exchanges Tagged with: , ,

What is the “RR”?

In recent years the MTFs have significantly changed the way equities are traded in Europe. Volumes negotiated in the main MTFs (Chi-X, Turquoise, Bats) are now on average close to 20% of the total volume for the main European financial

Posted in Exchanges, Rules & Regulation Tagged with: , , , , ,

Is the stock exchange an endangered species?

When MiFID opened up European trading so that the incumbent stock exchanges faced competition from nimble new entrants in the form of MTFs, there was excited speculation that the old would rapidly lose out to the new. In fact the revolution has been less than overwhelming.

Posted in CCP, Exchanges Tagged with: , , , ,