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DIRECTORY OF MIFID II ELECTRONIC TRADING VENUES 2018 CONNECT. TRADE. COMPLY. UL BRIDGE Industrialising MiFID II Compliance with a Central Connectivity Hub ULLINK’s UL BRIDGE gives firms the agility, scale and reliability they need to centralise and standardise trade data management workflows. By ensuring consistency of interaction with market participants, trading-related internal systems, databases, and regulatory reporting mechanisms, firms can take a more industrialised approach to comply with the MiFID II directive. For more information on our full range of solutions and services, visit our website www.ullink.com or contact us at [email protected]. Contents Your Guide to the Post-MiFID II Electronic Execution Venue Landscape Welcome to the inaugural edition of they’ll need to publish quotes to market A-Team’s Directory of MiFID II Electronic and match orders competitively. Execution Venues. As with many of our Once the new regime fully kicks in, in other handbooks and directories, our September, we’ll have a clearer picture of aim is to provide a single point of access the SI segment, and it’s our plan to add SIs to understanding a newly complex to this directory’s coverage in the autumn. market segment. In this case, the hope is In this current iteration, you’ll find profiles to add clarity to the EU execution venue of more than 70 venue operators and their landscape as it reacts to the new market respective trading platforms, offering a structure introduced on January 3 as handy guide to the current state of the MiFID II was implemented. European venue landscape. Although MiFID I heralded significant We’ll be publishing a companion directory change through the introduction of in the summer that will list the various Multilateral Trading Facilities (MTFs), MiFID data feeds operated by these new venues, II builds on its predecessor by encouraging as well as listing the various Approved new venues in the form of MTFs and Publication Arrangements (APAs) and so-called Organised Trading Facilities Approved Reporting Mechanisms (ARMs), (OTFs), the latter adding transparency the vehicles for providing transparency to heretofore over-the-counter markets across these new marketplaces. dominated by voice broking and interdealer brokers. We hope you find this directory useful. We are keen to hear your feedback, so This guide is published as the marketplace we can improve future editions and add continues to adapt to the incoming useful content where appropriate. This regime of Systematic Internalisers (SIs), edition is a work in progress – providing a which essentially formalises the role of snapshot of the fast-changing market at firms executing client orders from internal a point in time. We will work to make it as inventory and comes into full effect in comprehensive as possible going forward. September 2018. Until then, firms are trying to understand whether they need Andrew Delaney (or want) to become SIs, and make the Chief Content Officer investment in technology capabilities A-Team Group Directory of MiFID II Electronic Trading Venues 2018 3 Contents Introduction 3 Foreword by Richard Bentley, Itiviti-ULLINK 7 Electronic Trading Venue Profiles 10 42 Financial Services Euronext Amsterdam LSE Derivatives Market SEND 360 Treasury Systems AG Euronext Brussels LSEG MTS SIGMA X MTF Aquis Exchange Euronext Dublin LSEG Trading After Hours SIX Swiss Exchange Arraco Global Markets Euronext Lisbon (TAH) Sunrise Brokers BGC Partners MTFs Euronext Paris LSEG Turquoise Thomson Reuters BGC Partners OTFs Euronext Synapse Louis Capital Markets Forwards Matching LLP Borsa Italiana EuroTLX Thomson Reuters FXall MarketAxess Europe Cboe Europe Extramot Thomson Reuters Nasdaq Copenhagen Tradeweb China Europe Griffin Markets Nasdaq FirstNorth TP ICAP MTFs International Exchange HSBC Credit Place (CEINEX) Nasdaq Helsinki TP ICAP OTFs ICE Futures Europe/LIFFE Creditex Nasdaq Iceland Tradition Trade-X Instinet BlockMatch Deutsche Borse Xetra Latibex Nasdaq Stockholm Treasury BondSpot Dowgate MTF Liquidnet Europe NEX Exchange UBS MTF EBS MTF LMAX Exchange Nordic Growth Market Vantage Capital Markets E-mid REPO London Metal Exchange Oslo Børs - Merkur Virtual Auction Global e-MIDER Market, Millennium London Stock Exchange (Main) Market, Oslo Equiduct Group (LSEG) Connect Eurex LSEG AIM SENAF Editor Editor, RegTech Tracker Group Marketing Manager Design Andrew Delaney Lauren McAughtry Claire Snelling Victoria Wren [email protected] [email protected] [email protected] [email protected] Research Assistant Sales Social Media Manager James Moulange James Blanche Jamie Icenogle Postal Address [email protected] [email protected] [email protected] Church Farmhouse Old Salisbury Road Jo Webb Sales & Marketing Operations Stapleford, Salisbury A-Team Group [email protected] Support Chief Executive Officer Wiltshire, SP3 4LN Marketing Operations Manager Jane King +44-(0)20 8090 2055 Angela Wilbraham Leigh Hill [email protected] [email protected] [email protected] [email protected] Client Services Manager www.a-teamgroup.com President & Chief Director of Event Operations Ron Wilbraham www.datamanagementreview.com Content Officer Jeri-Anne McKeon [email protected] www.intelligenttradingtechnology.com Andrew P. Delaney [email protected] [email protected] Production Manager Events Content Manager Sharon Wilbraham Editorial Lorna Van Zyl [email protected] Sarah Underwood [email protected] [email protected] Directory of MiFID II Electronic Trading Venues 2018 5 Foreword Meeting the Connectivity Challenges of Today’s Markets By Richard Bentley, Chief Commercial and recertification programme in 2017, Officer, Itiviti-ULLINK requiring all market participants to deploy new, certified market access gateways. The trading landscape is changing. New The tightening of transparency rules rules, new business models and new under MIFID II has also radically affected trading venues present challenges, but the trading models managed by market also offer opportunities. Every market operators and investment firms. The participant has to respond to these demise of Broker Crossing Networks evolving circumstances and those firms and caps on dark trading will result in with ambition and agile technology will more fragmentation and increase the best be positioned to take advantage. number of venues and execution models. Now, more so than ever, connectivity is a Participants need to handle revised key factor that governs how quickly firms market APIs for existing trading venues can respond, whether by linking to new upgraded for MiFID II – whether Regulated venues to trade, supporting new order Markets, Multilateral Trading Facilities types and market models, or connecting (MTFs) or Systematic Internalisers (SIs) – multiple internal and external systems to and to secure and maintain connections meet new regulatory requirements around to new venues that are emerging to offer reporting and controls. Large-in-Scale, Continuous Auction and other specialist order types under the new Looking outward, the Markets in Financial regime. The need for connectivity to new Instruments Directive (MiFID) II has liquidity pools will reinforce the central far reaching impacts on the trading role of smart order routers, which will have infrastructure deployed by market to evolve in line with the shift in market participants. This is particularly true in the structure. area of market connectivity for electronic trading, where new requirements MiFID II is having a transformative effect required additional information to be beyond the need to enhance exchange passed with electronic orders and related gateways, but also to handle post-trade message flows. As a result, every major regulations around trade and transaction European exchange listing MiFID II eligible reporting. As part of their post-trade risk instruments undertook a major upgrade management processes, firms now need Directory of MiFID II Electronic Trading Venues 20188 7 Foreword (continued) to ensure internal Order Management platform, or hub, that spans the entire Systems (OMS) records match those of breadth of their trading business, across the venue or broker. This requires post- many of the inputs and outputs to the trade ‘drop copy’ connectivity to trading trading technology stack. Such a hub venues or counterparties, and the need to centralises the collection, normalisation normalise trade data to facilitate internal and validation of data to feed internal reconciliation and validation. Firms must and external requirements – effectively also be able to handle post-trade and decoupling downstream processes from transaction reporting to the new Approved front office trading systems. Architecturally, Publication Arrangements (APAs) and this represents a big shift in approach to IT Approved Reporting Mechanisms (ARMs). infrastructure for market participants, but the benefits in terms of increased flexibility Facing inwards, MiFID II promotes the and agility are stark. need for connectivity to data repositories, trading systems and other sources of There is little doubt that MiFID II will information, including real-time or spark further changes to EU market intraday data required for best execution infrastructure in much the same way and other reporting obligations. For order that RegNMS changed the US landscape, record keeping purposes, firms must resulting in increased fragmentation bring together information on all client and new technology-led opportunities
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