In case you missed it, here’s the top five stories from thet-
radenews.com over the last quarter
Bloomberg tops buy-side OMS and EMS most used list
Bloomberg has topped a list of third-party order and execution man-
agement systems used by the buy-side. A report from Greenwich As-
sociates revealed Bloomberg’s EMS - Bloomberg EMSX -was the most
used amongst buy-side traders, followed by Instinet and I TG. Its OMS
- Bloomberg AIM - was also the most used by buy-siders, followed by
Charles River’s system and then EZE Software.
Interactive Brokers suffers $22m market making loss
The market making business at Interactive Brokers made a $22 mil-
lion loss in the first quarter this year, as the firm moves forward with
winding down its options market making services. The wind down
is expected to cost the company an estimated one-time cost of $25
million, which includes severance and other closure costs.
Best execution reporting scaled back for 2018
Best execution reporting under MiFID II has been scaled back for
the first year of implementation, as investment firms may not have
access to “full and granular data”. ESMA’s latest Q&A explained
investment firms are expected to report on best execution efforts in
the first quarter of 2018.
No more MiFID II delays says ESMA chief
ESMA has pledged there will be no further delay on the implementa-
tion of MiFID II. Speaking during the FIA IDX conference in London,
ESMA’s Steven Maijoor eased concerns that the regulation would
face further delay. “Contrary to some recent coverage and commen-
tary, MiFID 2/MiFIR will come into effect on 3 January 2018, there will
be no further delay in its implementation. One delay has been enough
for all concerned,” said Maijoor.
Nordea appoints new head of equities trading
Nordea Asset Management has named its new head of equities
trading, following Per Moeller’s decision to retire from the industry.
Rolf Mølkjaer will join Nordea as head of equities trading on 1 June
this year, following six years with Nykredit Asset Management in the
made aware of banks plotting to
network SIs together.
“It’s disappointing with less than
a year to go, to be told how some
market players are seeking ways
around the rules, seemingly using
grey areas to avoid giving investors
the best price,” she said.
ESMA urged the European Commission to adopt delegated acts to
close the loophole in the SI regime
under MiFID II.
Chair at ESMA, Steven Mai-
joor, explained in a letter to the
Commission: “Certain investment
firms, that currently operate bro-
ker-crossing networks, might be
seeking to circumvent the MiFID
II requirements by setting up
networks of interconnected SIs and
ESMA has since clarified the
rules around the use of SIs under
MiFID II and formally stated SIs
operating similar to a trading ven-
ue must seek authorisation.
Banks will need authorisation
if an SI has an arrangement with
clients which go beyond a bilateral
interaction or on a regular basis, if
it doesn’t undertake risk-facing activity, or if third-party buying and
selling interests are executed OTC.