Tag: US Equities

Where next for settlement cycles?

There was an interesting discussion at the Global Custody Forum yesterday, where I chaired a panel session on settlement cycles. While the migration to T+2 in Europe has gone extremely smoothly, there is now a difference between settlement periods in

Posted in Clearing & Settlement, CSD, Operations & Operational Efficiency Tagged with: , , ,

The European Market in US Shares

Both the Turquoise and NYSE Arca Europe MTFs have announced new markets in US shares during European hours. Will these ventures work when attempts in the past have been unsuccessful?

Well perhaps. But liquidity on the MTFs could be thin until New York opens.

A further question is whether the clearing service offered by EuroCCP is enough for traders to regard the European MTFs as part of the same trading space as the US. Or is it necessary to go a step further and make European trading fully fungible with US trading through a single clearing process?

Posted in CCP, Clearing & Settlement, Exchanges Tagged with: , , , , ,

Farewell, ECNs

The news that Direct Edge has received approval to convert its two ECNs into exchanges brings the number of ECNs in the US down to three, accounting for only 1% of market volume. This is a remarkable turnaround from the days

Posted in Exchanges Tagged with: ,

Trading in Europe and America: a long way to catch up?

Trading volumes in Europe are far, far below those in the US. Are they going to catch up?

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