07 TRADING VENUES
10 Four misconceptions about SIs
that will trip you up – Sponsored by
Pershing’s head of trading, Michael Horan,
highlights four misconceptions around MiFID II’s
systematic internaliser regime the buy-side need to
be aware of.
12 misSIon imposSIble
MiFID II’s systematic internaliser regime has been
forced into the spotlight as market participants
stand in fear of its impact.
16 Where does the trade land? –
Sponsored by Tradeweb
Where will you be trading OTC derivatives once
MiFID II comes into force in January 2018? Asks
Marcus Schüler, managing director, head of
regulatory affairs and market structure, Tradeweb.
19 Dark pool caps to hit the less liquid
Limiting dark trading options will see trading in less
liquid stocks taking the biggest impact.
22 MiFID II & liquidity: Perfect storm or
storm in a teacup? – Sponsored by ITG
How will buy-siders source liquidity effectively when
new dark trading rules come into force, asks Duncan
Higgins, head of electronic products, EMEA at ITG.
24 Smaller tick sizes, bigger problems
One solution to the fragmented markets created by
MiFID I is to force the market to adopt a consistent
tick-size regime. But this could have other
consequences for market participants, writes John
26 Empowering the buy-side –
Sponsored by London Stock Exchange
MiFID II will require innovation that empowers the
buy-side with choices, according to the London
Stock Exchange Group.
29 BEST EXECUTION
32 What is best execution and how
can firms achieve it? – Sponsored by
Gareth Coltman, head of European product
management at MarketAxess Europe explains best
execution requirements and the best solutions
allowing market participants to meet them.
34 Execution: Impossible
Can best execution be truly be achieved under
38 Broker wheel of fortune
The algo wheel has burst onto the scene promising
to help the buy-side assess, monitor and justify
algorithm and broker choices to regulators. The
TRADE investigates how the tool works and asks
what all of the fuss is about.
42 TCA: Beyond equities
MiFID II will include fixed income, FX and alternative
investment products in its best execution remit,
what challenges await the buy-side and how can
48 RTS 28: More to compliance than
meets the eye – Sponsored by IHS
RTS 28 is at risk of becoming a logistical headache
for investment firms for multiple reasons, according
to John Jannes, director, trading services, IHS Markit.
50 Reporting overload
MiFID II adds a range of new pre- and post-trade reporting requirements, meaning current
approaches taken by firms for meeting their
transaction reporting obligations may no longer be