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The Thursday T+1 trading conundrum

The TRADE

The shift to T+1 in the US can largely be described as a success – affirmation rates remain comfortably high, fail rates have stayed reasonably low and FX trades don’t appear to have shifted to bilateral settlement as feared. A few bps matter,” said Jim Goldie, EMEA head of capital markets, ETFs and indexed strategies, Invesco.

Trading 57
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BlackRock and Citadel Securities back new Texas-based challenger exchange

The TRADE

First reported by Wall Street Journal, TXSE is aiming for a launch at the start of 2025 and host its first listing in 2026. The TRADE understands that BlackRock has taken a minority investment. The post BlackRock and Citadel Securities back new Texas-based challenger exchange appeared first on The TRADE.

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European Council and Parliament reach milestone Mifid compromise on consolidated tape and PFOF

The TRADE

Thursday’s agreement will see the establishment of a real-time EU-level consolidated tape for “different kinds of assets” traded in the EU. Data from “all trading platforms” will be included in consolidated tapes. Key information such as the price of instruments and the volume and time of transactions will be included.

Trading 73
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US same day settlement ‘not a good idea’ despite technological advancement

The TRADE

The firm’s most recent report refers to previous research in its ‘data automation: the workflow efficiency game-changer’ studywhich found that less than one third of those surveyed believed that capital markets professionals are prepared for the T+1 go-live date. Bilateral exposure to another counterparty can last years.

Trading 70
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The TRADE predictions series 2024: Regulation – Mifid/Mifir?

The TRADE

Eric Heliene, head of buy-side trading desk, Groupama Asset Management  The intensification of financial regulation is a fundamental trend transforming the asset management ecosystem.  While the EU has agreed to a real-time pre- and post-trade consolidated tape (CT) for equities – the devil will be in the detail.

Trading 62
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European Parliament’s approval of Mifid/Mifir revisions a starting gun for change

The TRADE

For a member state where PFOF is currently allowed, they will continue to be able to offer this until 30 June 2026, after which it will be phased out. In addition, ESMA is set to assess the effectiveness of a CT for shares by 30 June 2026, which includes consideration of the potential to add additional features to the equity pre-trade tape.

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Recent EU consolidated tape compromise is a ‘missed opportunity’, says AFME

The TRADE

Following last week’s agreement, a real-time EU-level consolidated tape for a range of assets traded in the EU will be established, including key information such as the price of instruments and the volume and time of transactions. Data from all trading platforms will be included in the consolidated tape. told The TRADE.

Trading 73