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BlackRock and Citadel Securities back new Texas-based challenger exchange

The TRADE

Designed to rival the likes of incumbent exchanges Nasdaq and NYSE in the US, Texas Stock Exchange (TXSE) has raised $120 million from around a dozen investors including BlackRock and Citadel Securities in a funding round closed in May. The TRADE understands that BlackRock has taken a minority investment.

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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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Retail boost is driving volumes off-exchange, Liquidnet finds

The TRADE

Retail traders typically follow equity performance closely – a trend dating back to 2021. According to Liquidnet’s review, pressure put on equities throughout the course of this year has presented retail traders with a number of “valleys” that offer large percentage gains on specific stocks. billion worth of purchasing.

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EU and UK regulators reveal updated plans for bond tape frameworks

The TRADE

” ESMA has confirmed that it plans to award to a single entity the right to operate as a CTP for five years, with one authorised for each asset class: bonds, equity (shares and ETFs) and OTC derivatives (or relevant subclasses).

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Tick sizes, transparency and fee caps: A look at the SEC’s rule amendments

The TRADE

According to the watchdog, the changes have been designed with a mind to reduce transaction costs and improve market quality for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors. “A The reforms are pro-investors. They are pro-capital formation.”

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

The TRADE

A consolidated tape will be of considerable benefit to the capital markets industry, promoting transparency and ultimately helping to boost growth in European equities. This agreement marks consensus on the structure of the consolidated tape, and sets a much-needed timetable for development.

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

The TRADE

“AFME in particular regrets that the determination to create an ambitious, real-time equity consolidated tape with sufficient pre-trade information has been lost through the negotiations,” said Adam Farkas, chief executive of AFME. A decision that has been largely welcomed by participants. told The TRADE.