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The rebundling conundrum

The TRADE

As Mifid II was introduced at the start of 2018, these fees were separated due to various industry concerns surrounding spending on duplicative or low-quality research. At the time, a significant concern for asset managers was the possibility that access to, and quality of, research would be diminished.

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People Moves Monday: Matrix Executions, Broadridge and CLSA

The TRADE

Former director at Cboe Global Markets, Michael Sparacino, has left the exchange operator after less than two years to re-join agency only broker-dealer Matrix Executions. He re-joined the agency only broker-dealer after also previously serving as a director for almost three years from 2019 to 2022.

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Joint trade associations highlight equity, fixed income and market data concerns ahead of upcoming Mifir review

The TRADE

EU asset managers, banks and brokers are urging policy markets not to succumb to pressure that could potentially lead to suboptimal outcomes in the Markets in Financial Instruments Directive (Mifid/r) review.

Trading 59
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The SEC’s equities overhaul: Necessary plumbing changes or a liquidity drain?

The TRADE

From an EU perspective, the European Securities and Markets Authority (ESMA) re-addressed its tick size regime in 2018 to combat concerns that Brexit will leave trading venues in the EU at a competitive disadvantage. According to 606 reports gathered by the SEC, Citadel Securities forked out $2.6

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An evolving service provider landscape

The TRADE

Coalition Greenwich points out that from 2018 to 2022 the number of outsourced trading providers grew from fewer than 10 to more than 40. Over the past 12 months, Tourmaline has also tapped rival BTIG and hired from Vantage Capital Markets and Liquidnet. They also still retain some of the largest client bases in the market.

Trading 64
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Goldman Sachs on equities execution: Tacking with the wind

The TRADE

“If I look at who the biggest players in the European markets were 10 years ago it’s very different to who they are today,” says Bobby Molavi, head of EMEA execution services and European primary distribution for equity capital markets at Goldman Sachs. When it comes to algos, VWAP is most dominant in the quantitative space.

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Eyes on a new prize: How outsourced trading has taken off and why the attention is now turning to larger managers

The TRADE

The pandemic marked a seminal moment across the capital markets, effectively drawing a line between the old world and the new. Coalition Greenwich points out that from 2018 to 2022 the number of outsourced trading providers grew from fewer than 10 to more than 40. The number now – in 2023 – is said to be well over 50.

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