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 orders, including ‘child’ or ‘grandchild’ for firms to compete. This guide gives an orders derived from them, as well as excellent overview of the impacts of MiFID all executions and any modifications II on the trading landscape, highlighting to create a single, coherent record, or the diversity of new liquidity sources and ‘biography’, of each order. market models. There is no doubt that the role of technology in modern trading Firms are discovering that the new operations is more important than ever. trading and regulatory regime demands a consistent approach to connectivity, messaging and data management. To industrialise their response – in other words, to comply in a streamlined, consistent and scalable way – firms are now considering putting in place a centralised connectivity and messaging
Directory of MiFID II Electronic Trading Venues 20188 9 42 Financial Services
Trading venue category under Instruments traded: Bonds, deposits, MiFID II: MTF derivatives, electricity, gas and carbon allowances on exchanges across the Czech Republic Country of Domicile: Europe, but also with products traded Owner(s): 42 Financial Services on the OTC market Primary target audience: Buy- and Location of Primary Matching sell-side financial institutions Engine/Platform: Prague Business model: 42 Financial Services Operating philosophy / mission provides intermediary broking services statement: With a focus on innovative to the investment community, offering and flexibility, 42 Financial Services anonymity, competitive execution emphasises strong client relationships. and liquidity in a range of financial instruments focused on the CEE Rastislav Zivor, CEO region. Management: Telephone: +420 233 084 201 Main features: The main business Email: [email protected] of an inter-dealer broker is to provide Web address: 42financialservices.org access to over-the-counter and/or exchange-traded pools of liquidity, across a full range of asset classes and their associated derivatives. The primary function of a broker is to act as an intermediary through which other wholesale market participants can conclude transactions by the matching of their trading needs with third party wholesale market participants having reciprocal interests. 42 Financial Services uses voice broking and/or electronic networks to bring these buyers and sellers together, facilitating price discovery and receiving a commission upon completed transactions. Venue launch date: 2016
10 Directory of MiFID II Electronic Trading Venues 2018 360 Treasury Systems AG
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: 360T can provide rapid response to clients’ needs triggered Germany Country of Domicile: by trends or changing market Owner(s): Deutsche Boerse Group requirements. 360T maintains constant dialogue with all types of market Primary target audience: Corporates, buy- and sell-side financial participants, technology vendors, institutions consultants and other relevant organizations. Business model: 360T operates and constantly refines an autonomous, Carlo Koelzer, CEO proprietary technology and can Management: +49 69 900 289 0 therefore ensure short product Telephone: [email protected] development cycles. Email: Web address: 360t.com Main features: 360T offers FX trading solutions and straight-through- processing (STP) across the entire trading workflow with leading industry partners. More than 200 international and regional liquidity providers are connected to 360T’s TEX platform, securing global liquidity and extremely competitive prices across all regular and exotic currencies. Venue launch date: 2017 Instruments traded: OTC financial instruments, particularly foreign exchange (FX) and short-term money market products, as well as FX and interest-rate derivatives Location of Primary Matching Engine/Platform: Deutsche Boerse data centre, Eschborn, Germany
Directory of MiFID II Electronic Trading Venues 2018 11 Aquis Exchange
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Aquis Exchange does not allow any aggressive, non-client, UK Country of Domicile: proprietary trading. Members who wish Owner(s): Aquis Exchange to trade on a proprietary basis are only able to post orders. Aquis Exchange Primary target audience: Buy- and sell-side financial institutions uses its own trading technology, developed in-house and available Business model: Aquis Exchange is for licensing to third parties via the an independent, pan-European cash company’s software division, Aquis equities trading venue. Its lit order Technologies. book allows institutional traders to trade the top stocks from 14 European Alasdair Haynes CEO countries. Management: Telephone: +44 (0)203 597 6329 Main features: Unique subscription- Email: [email protected] based pricing model for pan-European Web address: www.aquis.eu equities trading. Lit order book with no aggressive proprietary trading. Lower toxicity and signalling risk than other trading venues in Europe. Aquis Exchange has also developed the Market at Close (MaC) order type, allowing members to enter orders at the closing price of the market-of- listing end-of-day auction. Venue launch date: 2013 Instruments traded: Pan-European cash equities Location of Primary Matching Engine/Platform: Equinix LD4 data centre, Slough, UK
12 Directory of MiFID II Electronic Trading Venues 2018 Arraco Global Markets
Trading venue category under Location of Primary Matching MiFID II: OTF Engine/Platform: London Country of Domicile: UK Operating philosophy / mission Arraco Global Markets has Arraco Global Markets Ltd statement: Owner(s): forged itself a position amongst the Primary target audience: Buy- and elite of the world’s Interdealer Brokers sell-side financial institutions as a developer of new market liquidity and innovator of existing markets. Business model: Arraco is an interdealer broker specialising in the matching buyers and sellers in Management: Tom Roberts, William wholesale European energy markets, Rigby, Co-Founders via voice and electronic networks. Telephone: +44 207 858 9026 [email protected] Arraco Global Email: Main features: arraco.co.uk Markets is a non-clearing partner of Web address: the Chicago Mercantile Exchange, OMIP, the European Energy Exchange, MEFF, Intercontinental Exchange, Nasdaq Europe and HUDEX. Arraco was founded on the the principle of honesty, integrity and best execution for its clients, and strives to provide best-of-breed service and technology across over-the-counter, illiquid markets in standard futures terms and expiries. Arraco works with over 100 organisations across the European power markets, including major European utilities, commodity trading houses, some smaller banks and several North American fund managers that are active in European power markets. Venue launch date: 2017 Instruments traded: wholesale European energy markets
Directory of MiFID II Electronic Trading Venues 2018 13 BGC Partners MTFs
Also known as: GFI Brokers MTF, GFI Location of Primary Matching Securities MTF Engine/Platform: Canary Wharf, London Trading venue category under MiFID II: MTF Operating philosophy / mission Built upon the foundation UK statement: Country of Domicile: of cutting edge technology and Owner(s): BGC Partners exceptional talent, BGC Partners is a pioneering global brokerage company Primary target audience: Buy-side financial institutions serving the financial services and real estate markets. they are agile and Business model: Built upon the dynamic in their approach, delivering foundation of cutting edge technology world-class products to their diverse and exceptional talent, BGC Partners customer base on a daily basis. is a pioneering global brokerage company serving the financial services NA and real estate markets. Management: Telephone: +44 (0)20 7894 7700 Main features: They offer multiple Email: [email protected] means of execution, including a hybrid Web address: bgcpartners.com voice and electronic broking model for pre-trade, trade and post-trade services. their bespoke solutions cater to the needs of their clients through fast to market, flexible systems. The scalability of their business is easily transferable across different regions and products. These capabilities are expertly supported by BGC Trader, their multi-asset, integrated voice and electronic price execution platform for the inter-bank and broker community. Venue launch date: 2013 Instruments traded: European equities
14 Directory of MiFID II Electronic Trading Venues 2018 BGC Partners OTFs
Also known as: BGC Brokers OTF, Instruments traded: Bonds, and GFI Brokers OTF, GFI Securities OTF, securitised, interest rate, equity, Sunrise Brokers OTF, Aurel BGC SAS commodity and foreign exchange derivatives Trading venue category under MiFID II: OTF Location of Primary Matching Canary Wharf, UK Engine/Platform: Country of Domicile: London Owner(s): BGC Partners Operating philosophy / mission Primary target audience: Buy- and statement: They are agile and sell-side financial institutions dynamic in their approach, delivering world-class products to their diverse Business model: Built upon the foundation of cutting edge technology customer base on a daily basis. and exceptional talent, BGC Partners is a pioneering global brokerage Management: NA company serving the financial services Telephone: +44 (0)20 7894 7700 and real estate markets. Email: [email protected] bgcpartners.com/ They offer multiple Web address: Main features: disclaimers/mifid-ii/bgc/ means of execution, including a hybrid voice and electronic broking model for pre-trade, trade and post-trade services. their bespoke solutions cater to the needs of their clients through fast to market, flexible systems. The scalability of their business is easily transferable across different regions and products. These capabilities are expertly supported by BGC Trader, their multi-asset, integrated voice and electronic price execution platform for the inter-bank and broker community. Venue launch date: 2017
Directory of MiFID II Electronic Trading Venues 2018 15 Borsa Italiana
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: It organises and manages the domestic stock market along Italy Country of Domicile: with Italian and international brokers Owner(s): London Stock Exchange through fully electronic trading system. Group Among its leading tasks, Borsa Italiana supervises listed companies, defining Primary target audience: Buy- and sell-side financial institutions rules for admission and listings and supervising transaction activities. Business model: Borsa Italiana is a regulated market for a range of Raffaele Jerusalmi, Italian equities and equity derivatives Management: CEO instruments. Telephone: + 44 (0) 20 7797 1222 Main features: Transparency of the Email: [email protected] price formation mechanism. Disclosure Web address: borsaitaliana. of pre- and post-trading information. it/obbligazioni/obbligazioni/ Real-time monitoring of correct obbligazioni.en.htm course of trading. Speed of execution of transactions. Pricing policy with constant attention to the needs of the various market players. Venue launch date: 2011 Instruments traded: Equities, small and medium high-growth companies, derivatives, ETFs and bonds Location of Primary Matching Engine/Platform: Milan
16 Directory of MiFID II Electronic Trading Venues 2018 Cboe Europe
Trading venue category under Location of Primary Matching MiFID II: RM Engine/Platform: Equinix LD4 data centre, Slough, UK Country of Domicile: UK Chicago Board Options Operating philosophy / mission Owner(s): The Cboe platform is Exchange statement: internally developed by a dedicated Primary target audience: Sell-side team of market and technology financial institutions professionals to cater to the needs of the European trading community. Business model: A Recognised Investment Exchange (RIE) in the UK, Cboe’s innovative market model Cboe Europe Equities (Cboe) operates simplifies cross-border equities trading the largest pan-European equities with access to services for each stage exchange by market share and value of trading – all through one network traded. Investors of all types across connection. Europe rely upon Cboe to execute their trading activities. Management: Mark Hemsley, CEO; Dave Howson, COO, Cboe Europe Liquidity in more Main features: +1 (312) 786-7123 than 4,500 equities across 15 Telephone: [email protected] major European markets, as well Email: markets.cboe.com/ as exchange traded products and Web address: europe/equities/overview Depository Receipts. A flexible post- trade model that helps customers manage their costs by allowing choice. Competitively priced pan-European equities market data. Efficient, cost- effective pan-European trade reporting services. Unrivalled support, including sophisticated real-time monitoring of latency, trading activity, network connectivity and risk management. Venue launch date: 2017 Instruments traded: European equities
Directory of MiFID II Electronic Trading Venues 2018 17 China Europe International Exchange (CEINEX)
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: CEINEX gives global investors enhanced opportunities to Germany Country of Domicile: trade RMB and China in international Owner(s): Shanghai Stock Exchange, markets. Deutsche Boerse and China Financial Futures Exchange Management: Chen Han, CEO Primary target audience: Sell side Telephone: +49 (0) 69 2474 15966 financial institutions Email: [email protected] Web address: www.ceinex.com Business model: The first dedicated trading venue for China- and RMB- related investment products in international markets Main features: Extensive knowledge in trading and settlement of China-and RMB-related and global investment products. New opportunities to invest in China via high-quality products. Strong political backing and governmental endorsement. Established presence in the European regulatory environment. Venue launch date: 2013 Location of Primary Matching Engine/Platform: Deutsche Boerse data centre, Eschborn, Germany Instruments traded: ETFs, bonds, D-shares and ETF derivatives
18 Directory of MiFID II Electronic Trading Venues 2018 Creditex
Trading venue category under Operating philosophy / mission MiFID II: OTF statement: Creditex pioneered electronic CDS trading more than a UK Country of Domicile: decade ago with the introduction of Owner(s): Intercontinental Exchange its RealTime execution platform for (ICE) interdealer trade execution in credit. In 2015 Creditex expanded into serving Primary target audience: Buy- and sell-side financial institutions the bond market, through the launch of ICE Credit Trade, a leading electronic Business model: Creditex is an platform for trading investment grade electronic venue for trading credit and high yield corporate bonds. default swaps (CDSs) and corporate bonds. Management: NA Main features: Creditex provides Telephone: +44 20 7065 7745 comprehensive straight-through Email: [email protected] processing (STP) services for electronic Web address: www.theice.com/ trading via the ICE Link STP Service, service/creditex offering clients the benefits of ICE Link’s market-standard connectivity and the expertise of their dedicated integration and STP support team. The net effect for Creditex’s clients is a higher level of service, reduced development cost and a faster time to market. Venue launch date: 2017 Location of Primary Matching Engine/Platform: ICE data centre, Basildon, UK Instruments traded: Credit default swaps and investment-grade and high- yield corporate bonds
Directory of MiFID II Electronic Trading Venues 2018 19 Deutsche Borse Xetra
Trading venue category under which apply equally for all trading MiFID II: Regulated Market participants. Independent market surveillance is made up of the Trading Germany Country of Domicile: Surveillance Office (HÜSt), the Exchange Owner(s): Deutsche Boerse Supervisory Authority attached to the Hessian Ministry of Economic Primary target audience: Sell-side financial institutions Affairs, Transportation, and Regional Development, and the Federal Financial Business model: Xetra is the reference Supervisory Authority (BaFin). market for exchange trading in German securities. Venue launch date: 2007 Shares and Main features: Given the high turnover Instruments traded: (liquidity) on the Xetra trading venue, exchange-traded funds (ETFs) orders for securities are executed swiftly Location of Primary Matching and at prices in line with the market. Engine/Platform: Deutsche Boerse Moreover, this principle is supported data centre, Eschborn, Germany by Designated Sponsors who post binding purchase and selling prices Operating philosophy / mission With Xetra and Börse (quotes) on a continuous basis and statement: Frankfurt, Deutsche Boerse Cash thus ensure additional liquidity and Market, which is a business division of fair prices. As all the exchange trading Deutsche Boerse Group, operates two is transacted electronically, there of the largest cash markets in Europe. can be partial execution of orders on With a share in turnover of more than the Xetra trading venue. However, 85%, it is the largest of Germany’s banks and online brokers do not face seven stock exchanges. More than 90 additional transaction costs for same- per cent of all trading in shares at all day partial executions and therefore German exchanges and about 30 per most of them do not bill their clients cent of trading in ETFs in Europe is additionally for partial executions. With transacted through Xetra. a view to improving the continuity of prices and to avoid mistrades, several protective mechanisms are in place for Management: Theodor Weimer, CEO the Xetra trading venue. These include Telephone: +49 (0) 69-211-1 18 00 volatility interruption, market order Email: [email protected] interruption, and liquidity interruption Web address: xetra.com/xetra-en measures. Trading on the Xetra trading Dowgate MTF venue is governed by clear rules,
20 Directory of MiFID II Electronic Trading Venues 2018 Dowgate MTF
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Dowgate’s highly focused corporate broking team advises a UK Country of Domicile: select group of high-quality small Owner(s): King & Shaxson Ltd. growth companies on accessing institutional investors, wealth Primary target audience: Sell-side financial institutions managers and retail through its private-client stockbroking business. Business model: Advisory, broking and research to private and public David Poutney, companies requiring growth capital. Management: Executive Chairman Main features: Clients can deal on Telephone: +44 (0)1293 517744 an execution-only basis or receive Email: [email protected] investment advice while still retaining Web address: control of the decision-making process dowgatecapitalstockbrokers.co.uk for all transactions for their portfolio. Dowgate’s investment professionals can provide comprehensive advice on global markets and a broad range of financial instruments and opportunities. Execution-only clients make their own investment decisions but have access to Dowgate brokers and dealers to ensure trades are executed as fast and as efficiently as possible. Venue launch date: 2015 Location of Primary Matching Engine/Platform: London Instruments traded: UK-listed shares, shares quoted on major overseas exchanges, exchange-traded funds (ETFs), corporate bonds, UK gilts and investment funds
Directory of MiFID II Electronic Trading Venues 2018 21 EBS MTF
Trading venue category under Instruments traded: Spot FX, Non- MiFID II: MTF Deliverable Forwards (NDFs) and precious metals Country of Domicile: UK Location of Primary Matching Owner(s): NEX Markets Engine/Platform: Equinix LD4 data Primary target audience: Buy- and centre, Slough, UK sell-side financial institutions Operating philosophy / mission Business model: NEX Markets is statement: Through the EBS, a leading electronic marketplace BrokerTec and NEX suite of trading that has operated at the heart of the platforms and services, they deliver institutional foreign exchange and solutions to the widest range of fixed income trading community for financial and professional institutions, over twenty years. including banks, hedge funds, asset managers, professional trading firms Main features: The reference price in core currencies. Exceptional liquidity and corporations around the world. and depth for all major currencies, precious metals and NDFs. Access to Management: Seth Johnson, CEO global counterparties and an orderly Telephone: +44 (0) 20 7818 9774 market. Regional data centres and Email: [email protected] matching engines in London, New Web address: nexmarkets.com/ York and Tokyo. Increased certainty products-and-services/market- of trade. Orderly, efficient and fair regulation/rulebooks/ebs access to prices for all participants. Increased efficiency and improved risk management. All matches are final. Supporting natural interest. Effective straight through processing (STP) solutions. Security of a proprietary network. Support for CLS pairs. Anonymous trading opportunities. EBS Prime trading through the pre- screened credit of an EBS Prime Bank. Venue launch date: 2009
22 Directory of MiFID II Electronic Trading Venues 2018 e-MID Repo
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: It is the reference marketplace to trade liquidity in Italy Country of Domicile: Europe. The market was established Owner(s): NEX Markets as “MID – Mercato Interbancario dei Depositi” in 1990 as the result of the Primary target audience: Buy- and sell-side financial institutions joint initiative of the Bank of Italy and the Italian banking community. They Business model: e-MID has been aimed at making the circulation of offering multilateral trading for two liquidity more efficient. decades. It was the first electronic market for interbank deposits and Giuseppe Attanà, Overnight Indexed Swaps. Management: President Main features: The integration of Telephone: +39 02 30 345 300 repos is an important pillar for the Email: [email protected] building of the e-MID Money Market Web address: e-mid.it/emidrepouk. Hub: a single liquidity pool to cover html the whole span of money market borrowing and lending. Venue launch date: 2011 Instruments traded: Repos and buy- and-sell backs Location of Primary Matching Engine/Platform: Milan
Directory of MiFID II Electronic Trading Venues 2018 23 e-MIDER
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: In a money-market industry increasingly focused Italy Country of Domicile: on achieving balance between Owner(s): NEX Markets liquidity, counterparty and rate risk management, a derivative market like Primary target audience: Buy and sell side e-MIDER is the natural complement to the e-MID deposit market. Business model: e-MIDER is the first electronic organised market for Giuseppe Attanà, overnight indexed swaps. Management: President Main features: e-MIDER’s is an Telephone: +39 02 30 345 300 efficient trading environment that, Email: [email protected] thanks to powerful functionalities Web address: www.e-mid.it/e-mider- such as Request for Quote and other mtf.html functions boost flexibility and liquidity, narrow spreads and allow continuity in quotation. Members include 85 firms from 29 European countries and the US. Venue launch date: 2008 Location of Primary Matching Engine/Platform: Milan Instruments traded: Overnight indexed swaps
24 Directory of MiFID II Electronic Trading Venues 2018 Equiduct
Trading venue category under impact. Equiduct’s Premium Best MiFID II: MTF Execution service sources fragmented liquidity from across Europe, allowing UK Country of Domicile: brokers to meet their Best Execution Owner(s): Boerse Berlin obligations by trading against the pan-European consolidated order Primary target audience: Buy- and sell-side financial institutions book. Key features include: the best executable price backed by Liquidity Business model: Equiduct’s unique Providers, the highest likelihood of trading model combines a vanilla execution, and proof of best execution. central limit order book HybridBook with premium Retail (PartnerEx) Venue launch date: 2007 and Institutional (SpotVBBO) Best Instruments traded: Pan-European Execution services, to deliver an all equities in one trading solution for retail and institutional investors. Location of Primary Matching Engine/Platform: Interxion LON-1 Main features: HybridBook is a data centre, Brick Lane, London lit central limit order book with a difference, offering: continuous Operating philosophy / mission Equiduct’s diverse trading with opening and closing statement: model offers clients more than the sessions, the merging of retail and average stock exchange. Not only institutional flow by the inclusion of does Equiduct provide an electronic retail limit orders, and pan-European Lit Order Book trading Europe’s most stock coverage offering trading in over liquid instruments, but uniquely it also 1,750 instruments. Using Equiduct’s utilises the fragmented liquidity across proprietary VBBO Best Execution Europe to deliver a premium Best price discovery, SpotVBBO allows Execution service. institutions to trade on a lit, regulated market with designated counterparties under a best execution guarantee. This Management: Artur Fischer, CEO enables you to: access institutional Telephone: +44 (0)20 3595 1500 liquidity and elect your counterparties, Email: [email protected] trade on a lit, regulated market, have a Web address: equiduct.com larger clip size – trade the total volume available at the EBBO or deeper across Europe’s lit books in a single shape, and avoid automatic order book
Directory of MiFID II Electronic Trading Venues 2018 25 Eurex
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: Eurex is one of the world’s leading derivatives exchanges UK Country of Domicile: offering a broad range of international Owner(s): Deutsche Boerse benchmark products, operating the most liquid fixed income markets in Primary target audience: Buy- and sell-side financial institutions the world and featuring open and low- cost electronic access. With market Business model: Eurex Exchange is an participants connected from 700 international exchange which primarily locations worldwide, trading volume offers trading in European based at Eurex exceeds 1.5 billion contracts derivatives. a year. Main features: All transactions executed on Eurex Exchange are Management: Thomas Book, CEO cleared through Eurex Clearing, which Telephone: +44-207-8 62-72 56 functions as a central counterparty Email: [email protected] (CCP) for multi-asset class clearing Web address: eurexchange.com of the above-mentioned exchange- traded product range as well as over- the-counter traded products. Venue launch date: 2007 Instruments traded: Derivatives, futures and options Location of Primary Matching Engine/Platform: Deutsche Boerse data centre, Eschborn, Germany
26 Directory of MiFID II Electronic Trading Venues 2018 Euronext Amsterdam
Trading venue category under teams and deep inside knowledge MiFID II: Regulated Market of local marketplaces and European financial markets, reinforced by a Netherlands Country of Domicile: harmonised set of market rules and Owner(s): Euronext integrated technology. Primary target audience: Sell-side Venue launch date: 1607 (as the financial institutions Amsterdam Stock Exchange) Business model: Euronext Instruments traded: Equities, bonds, Amsterdam began in 1607 as the ETFs, ETVs, warrants, certificates and Amsterdam stock exchange and is structured notes the oldest exchange in the world. It is currently a subsidiary of Euronext. Its Location of Primary Matching Euronext’s Data flagship index is the AEX Index, which Engine/Platform: Centre (DC), Basildon, UK reflects the performance of the 25 most actively traded shares listed on Operating philosophy / mission Euronext Amsterdam, and is the most statement: Euronext’s ambition is widely used indicator of the Dutch to serve the economy by bringing stock market economy. together buyers and sellers in venues that are transparent, efficient and Listing and trading Main features: reliable. on regulated markets, facilitating the exchange of capital, risk and goods by organising supply and demand to Management: Maurice van Tilburg, meet the needs of their customers and CEO users. The breadth of these markets Telephone: +31 (0) 20 721 4488 offers opportunities for innovation that Email: [email protected] meets changing industry needs, solves Web address: euronext.com/en/ problems, fuels new business activity regulation/amsterdam and finances economic growth. their comprehensive portfolio of products, facilities and platforms covers the full range of market services, including the provision of market information, the development and operation of IT systems, and facilitating access to settlement and clearing facilities. they pride ourselves on their cross-border
Directory of MiFID II Electronic Trading Venues 2018 27 Euronext Brussels
Trading venue category under Venue launch date: 2007 MiFID II: Regulated Market Instruments traded: Equities, bonds, Country of Domicile: Belgium ETFs, ETVs, warrants, certificates and structured notes Owner(s): Euronext Sell-side Location of Primary Matching Primary target audience: Euronext’s Data financial institutions Engine/Platform: Centre (DC), Basildon, UK Business model: The Brussels Stock Exchange was absorbed into Euronext Operating philosophy / mission Euronext’s ambition is NV, the first pan-European exchange statement: to serve the economy by bringing for equities and derivatives, with together buyers and sellers in venues common trading and clearing of all that are transparent, efficient and products. reliable. Main features: Listing and trading on regulated markets, facilitating the Vincent Van Dessel, exchange of capital, risk and goods Management: CEO and Chairman by organising supply and demand to +32 2 620 15 50 meet the needs of their customers and Telephone: [email protected] users. The breadth of these markets Email: euronext.com/en/ offers opportunities for innovation that Web address: regulation/brussels meets changing industry needs, solves problems, fuels new business activity and finances economic growth. their comprehensive portfolio of products, facilities and platforms covers the full range of market services, including the provision of market information, the development and operation of IT systems, and facilitating access to settlement and clearing facilities. they pride ourselves on their cross-border teams and deep inside knowledge of local marketplaces and European financial markets, reinforced by a harmonised set of market rules and integrated technology.
28 Directory of MiFID II Electronic Trading Venues 2018 Euronext Dublin
Trading venue category under Instruments traded: Equities, bonds, MiFID II: Regulated Market ETFs, ETVs, warrants, certificates and structured notes Country of Domicile: Ireland Location of Primary Matching Owner(s): Euronext Engine/Platform: Euronext’s Data Primary target audience: Sell-side Centre (DC), Basildon, UK financial institutions Operating philosophy / mission Business model: Euronext Dublin is statement: Euronext’s ambition is Ireland’s main stock exchange, having to serve the economy by bringing been acquired by Euronext in 2017. together buyers and sellers in venues that are transparent, efficient and Main features: Listing and trading on regulated markets, facilitating the reliable. exchange of capital, risk and goods by organising supply and demand to Management: Deirdre Somers, CEO meet the needs of their customers and Telephone: +353 1 6174266 users. The breadth of these markets Email: [email protected] offers opportunities for innovation that Web address: ise.ie meets changing industry needs, solves problems, fuels new business activity and finances economic growth. their comprehensive portfolio of products, facilities and platforms covers the full range of market services, including the provision of market information, the development and operation of IT systems, and facilitating access to settlement and clearing facilities. they pride ourselves on their cross-border teams and deep inside knowledge of local marketplaces and European financial markets, reinforced by a harmonised set of market rules and integrated technology. Venue launch date: 1793 (as Irish Stock Exchange)
Directory of MiFID II Electronic Trading Venues 2018 29 Euronext Lisbon
Trading venue category under Instruments traded: Equities, bonds, MiFID II: Regulated Market ETFs, ETVs, warrants, certificates and structured notes Country of Domicile: Portugal Location of Primary Matching Owner(s): Euronext Engine/Platform: Euronext’s Data Primary target audience: Sell-side Centre (DC), Basildon, UK financial institutions Operating philosophy / mission Business model: Euronext Lisbon is a statement: Euronext’s ambition is Portugal’s main stock exchange, part to serve the economy by bringing of Euronext’s pan-European exchange together buyers and sellers in venues group. that are transparent, efficient and reliable. Main features: Listing and trading on regulated markets, facilitating the exchange of capital, risk and goods Management: Paulo Rodrigues Da by organising supply and demand to Silva meet the needs of their customers and Telephone: +351 210 600 614 users. The breadth of these markets Email: [email protected] offers opportunities for innovation that Web address: euronext.com/en/ meets changing industry needs, solves regulation/lisbon problems, fuels new business activity and finances economic growth. their comprehensive portfolio of products, facilities and platforms covers the full range of market services, including the provision of market information, the development and operation of IT systems, and facilitating access to settlement and clearing facilities. they pride ourselves on their cross-border teams and deep inside knowledge of local marketplaces and European financial markets, reinforced by a harmonised set of market rules and integrated technology. Venue launch date: 2012
30 Directory of MiFID II Electronic Trading Venues 2018 Euronext Paris
Trading venue category under Instruments traded: Equities, bonds, MiFID II: Regulated Market ETFs, ETVs, warrants, certificates and structured notes Country of Domicile: France Location of Primary Matching Owner(s): Euronext Engine/Platform: Euronext’s Data Primary target audience: Sell-side Centre (DC), Basildon, UK financial institutions Operating philosophy / mission Business model: NYSE Euronext statement: Euronext’s ambition is Paris is the Paris exchange arm of the to serve the economy by bringing Euronext group of companies. together buyers and sellers in venues that are transparent, efficient and Main features: Listing and trading on regulated markets, facilitating the reliable. exchange of capital, risk and goods by organising supply and demand to Management: Antony Attia meet the needs of their customers and Telephone: +33 (0)1 70 48 24 43 users. The breadth of these markets Email: [email protected] offers opportunities for innovation that Web address: euronext.com/en/ meets changing industry needs, solves regulation/paris problems, fuels new business activity and finances economic growth. their comprehensive portfolio of products, facilities and platforms covers the full range of market services, including the provision of market information, the development and operation of IT systems, and facilitating access to settlement and clearing facilities. they pride ourselves on their cross-border teams and deep inside knowledge of local marketplaces and European financial markets, reinforced by a harmonised set of market rules and integrated technology. Venue launch date: NA
Directory of MiFID II Electronic Trading Venues 2018 31 Euronext Synapse
Trading venue category under MiFID II: process – and a name give up after MTF matching to perform bilateral settlement. The model also includes Euronext’s UK Country of Domicile: standard set of services: membership, Owner(s): Euronext market surveillance, publication and reporting, MiFID II compliance. FCA Primary target audience: Buy- and sell- side financial institutions regulated MTF. Fast track membership process is available for Euronext members. Business model: Euronext signed a partnership with Algomi to link the Venue launch date: 2017 strengths of a market incumbent with those Instruments traded: Pan-European of a Fintech. corporate bonds Main features: Euronext is the MTF Location of Primary Matching operator; Algomi is the MTF technical Engine/Platform: Euronext’s Data service provider. At launch, the focus is Centre (DC), Basildon, UK on large sizes of illiquid corporate and financial bonds to benefit from the MiFID Operating philosophy / mission To create a new ecosystem II Large-in-Scale (LIS) waiver. No pre-trade statement: with interconnected market participants. transparency, and post-trade transparency Combining Euronext’s experience operating in line with MiFID II LIS post-trade waiver. fair and orderly markets and Algomi’s A straightforward and confidential trading innovation and award-winning technology, process The model includes features this new MTF – Euronext Synapse - covering the whole value chain: For connects pools of liquidity and market customers to send their indications of participants within a new anonymous inter- interest to their respective bank that will dealer centralised market place. It links execute what can be internalised in their banks and their customers together for own pool of liquidity. For banks to flag their liquidity, execution and reporting services active ISINs and send to Euronext Synapse with the appropriate level of protection for IOI flows that cannot be internalised. fixed income markets. Euronext Synapse scan IOI inventories and data signals to all connected participants and propose potential counterparties to Management: Stéphane Boujnah, CEO join an auction on the same bond. With Telephone: +33 (0)1 70 48 24 41 different types of auctions (bilateral, private, Email: [email protected] public) always held in a fully confidential Web address: euronext.com/synapse and anonymous environment. With a secured bilateral negotiation and execution
32 Directory of MiFID II Electronic Trading Venues 2018 EuroTLX
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: EuroTLX supports electronic trading of a wide range of Italy Country of Domicile: financial instruments with a high level Owner(s): EuroTLX of transparency. Liquidity is provided through a mechanism of competitive Primary target audience: Professional and non-professional and continuous auction and by the investors trading in retail size. presence of at least one Liquidity Provider during trading hours for each Business model: EuroTLX offers financial instrument. The market is retail trading in equities, fixed-income quote- and order-driven; investors securities and other investment can post either market or limit orders. products. Orders and quotes are prioritised by Main features: Wide range price and time. EuroTLX has been of fixed income securities and included in the Best Execution policies certificates tradable by institutional of many Italian brokers, which has and non-professional investors. boosted trading volumes and market Liquidity guaranteed by the mixed value. microstructure, quote- and order- driven (Liquidity Providers and Management: Pietro Poletto, CEO Brokers), and by the participation Telephone: +39 02 3030 141 of all the main Italian retail banking Email: [email protected] networks and TOLs (the intermediaries Web address: www.eurotlx.com/en that allow customers to trade financial instruments using the Internet). Highly competitive prices, granted by the market microstructure. Pre- and post- trade transparency. Venue launch date: 2008 Location of Primary Matching Engine/Platform: NA Instruments traded: Equities and government, corporate and banking bonds
Directory of MiFID II Electronic Trading Venues 2018 33 Extramot
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: The new segment was created to offer to corporates, UK Country of Domicile: especially SMEs, a national, flexible Owner(s): Borsa Italiana / London and cost effective market through Stock Exchange Group which to take opportunities and tax benefits arising from the new Primary target audience: Buy- and sell-side financial institutions regulatory framework. ExtraMOT is the Business model: Patrizia Grieco, multilateral trading facility, regulated Management: Chairman by Borsa Italiana, for the trading of + 44 (0) 20 7797 1222 corporate bonds of Italian and non- Telephone: [email protected] Italian issuers already listed on other Email: lseg.com/areas- regulated markets of the European Web address: expertise/our-markets/borsa-italiana/ Union, branded bank bonds and debt fixed-income-markets/extramot securities issued by Italian SMEs. Main features: Created in response to the requirement of intermediaries and investors to be able to trade Eurobonds within an electronic and automated market which, using the same technological platform and the same controls as the MOT, could guarantee transparency and efficiency in the price formation mechanism (as opposed to the opacity that frequently characterises the Over-The-Counter or non-regulated markets). Venue launch date: 2009 Instruments traded: Corporate bonds, bank bonds and debt securities Location of Primary Matching Engine/Platform: LSE data centre, City of London
34 Directory of MiFID II Electronic Trading Venues 2018 Griffin Markets
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Committed to providing low-cost and high-integrity execution UK Country of Domicile: services, Griffin was founded with Owner(s): Griffin Markets the vision to increase choice and competition to the market and use Primary target audience: Energy trading firms. technology to improve the trading experience. The business was jointly Business model: Griffin is an energy- established by Chief Executive focused OTC trading platform that was Officer, Andrew Stephens, who was set up in 2011 by a group of leading responsible for introducing the European energy trading specialists. electronic trading to the energy Main features: Griffin operates a markets in 1999, and Simon Davidson, hybrid OTC trading platform. As part a former managing director of of its commitment to reducing trading Spectron, who has more than 15 costs, Griffin offers a competitive years’ experience in energy trading rebate scheme to those who trade technology. Griffin is founded on a through its electronic platform. philosophy of reducing trading costs, bringing choice and competition to the Venue launch date: 2015 market and operating with the highest Location of Primary Matching levels of integrity. Engine/Platform: London Instruments traded: Natural gas, Management: Andrew Stephens, power, financial coal and options Chairman; Simon Davidson, CEO Telephone: +44 (0) 20 7808 4240 Email: [email protected] Web address: www.griffinmarkets. com
Directory of MiFID II Electronic Trading Venues 2018 35 HSBC Credit Place
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: HSBC leverages its significant global emerging markets UK Country of Domicile: presence to offer a suite of credit Owner(s): HSBC services, which includes traditional and secondary trading products. Primary target audience: Buy-side financial institutions Niall Cameron, Global Trading platform Management: Business model: Head of Credit for corporate bonds with a focus on +44 20 7991 8096 boosting liquidity available buy-side Telephone: [email protected] institutions. Email: Web address: gbm.hsbc.com/ Main features: HSBC quotes live solutions/markets/credit bid and offer prices on 2,500 bonds; participants can trade on these prices or enter their own bids and offers. Venue launch date: 2014 Instruments traded: Bonds, loans, securitised products, credit derivatives and credit financing solutions across the range of G10 and emerging markets currencies. Location of Primary Matching Engine/Platform: London
36 Directory of MiFID II Electronic Trading Venues 2018 ICE Futures Europe/LIFFE
Trading venue category under Instruments traded: Futures and MiFID II: Regulated Market options contracts for crude oil, interest rates, equity derivatives, natural UK Country of Domicile: gas, power, coal, emissions and soft Owner(s): Intercontinental Exchange commodities. (ICE) Location of Primary Matching Primary target audience: Sell-side Engine/Platform: Intercontinental financial institutions Exchange’s ICE European Liquidity Centre (EULC), Basildon, UK Business model: ICE Futures Europe (formerly the London International Operating philosophy / mission Financial Futures & Options Exchange statement: ICE is helping shape the [LIFFE]) is a pan-European futures and future of markets around the world. options trading venue. Whether you’re hedging against the future cost of jet fuel, petrol or Main features: The first exchange to offer electronic access to energy gas prices at the pump, a change in markets, ICE Futures Europe is now interest rates or the cost of electricity, home to 50% of the world’s crude their markets provide a cost-efficient and refined oil futures trading. Brent way to support your objectives. crude and Gasoil, the leading global benchmark for crude and refined oil, Management: Lord Hague, Chairman; trade in the liquid, transparent market. Stuart Williams, President They offer the most comprehensive Telephone: +44 (0) 20 7382 8205 coverage of sovereign and inter-bank Email: [email protected] yield curves in Europe, in addition to Web address: theice.com/futures- the dollar-denominated Eurodollar europe and GCF Repo futures. ICE Futures Europe provides interest rate futures and options contracts from short-term to medium and long-term interest rates. Venue launch date: 2015 (LIFFE: 1982)
Directory of MiFID II Electronic Trading Venues 2018 37 Instinet BlockMatch
Trading venue category under Venue launch date: 2009 MiFID II: MTF Instruments traded: Pan-European Country of Domicile: UK equities Owner(s): Instinet Location of Primary Matching Interxion LON-1 Buy- and Engine/Platform: Primary target audience: data centre, Brick Lane, London sell-side financial institutions BlockMatch is a Operating philosophy / mission Business model: BlockMatch is designed continuous dark MTF that allows statement: to be conducive to natural, block clients to match on its bid, offer or liquidity, providing the option to mid-point order books, each of which advertise a willingness to trade references Instinet’s Consolidated through IOIs and RFQs. Access to EBBO (European Best Bid and Offer). BlockMatch is available from Instinet’s Main features: BlockMatch offers a Newport 3 EMS suite of algorithms, reference price system at the midpoint by direct connections through their within the current bid and offer prices European SmartRouter, most third- of the market of reference. Participants party EMS or OMS systems, or via direct benefit from Price Reference Waiver FIX connection. (PRW) and Large in Scale (LIS) pre- trade transparency waivers with Richard Parsons, CEO orders therefore not made public on a Management: of Instinet Europe pre-trade basis. BlockMatch supports +44 20 7154 7171 equity requests for quotes, which are Telephone: [email protected] bilateral and executable exclusively Email: blockmatch.com by the requestor. Users can send RFQs Web address: or respond with quotes. Users can use either limit prices or bid, offer or midpoint pegs. BlockMatch RFQ enables the decision of how many and which counterparties are included in each Request for Quote process, and whether users want to be known or anonymous. It is possible to automate the RFQ process by custom algorithmic trading. Unambiguous post-trade reports are published immediately.
38 Directory of MiFID II Electronic Trading Venues 2018 Latibex
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Latibex offeres European investors a single point of access Spain Country of Domicile: for trading Latin American shares Owner(s): BME Group in a single currency, with a single platform for trading and settlement. Primary target audience: Buy- and sell-side financial institutions Latibex offers lower-cost trading and settlement in Latin American stocks Business model: Latibex is the when compared to local markets. only international market for Latin American securities. Management: Jesús González Nieto- Main features: Latibex is a trading Márquez, Market Development Director and settlement platform for euro- Telephone: +(34) 91 709 50 00 denominated trading in Latin Email: [email protected] American securities. Trading takes Web address: latibex.com/ing/home. place on SIBE, Spanish electronic htm trading system, with T+3 settlement. Latibex is connected to the primary markets under agreements between Iberclear and Latin American custodians or their agents. Spanish and Latin American brokers are able to use the platform, with specialists offering two-way quotes at all times. Venue launch date: 2007 Instruments traded: Latin American shares. Location of Primary Matching Engine/Platform: Madrid
Directory of MiFID II Electronic Trading Venues 2018 39 Liquidnet Europe
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Liquidnet’s priority is to minimize the administrative time UK Country of Domicile: Members spend managing and Owner(s): Liquidnet Holdings reconciling their trading activity and commission payments, while also Primary target audience: Buy-side financial institutions minimizing the burden of broker commitments. Business model: Liquidnet is a global institutional trading network used by Seth Merrin, CEO more than 870 of the world’s top asset Management: +1 646 674 2248 managers, with more than $15 trillion Telephone: [email protected] of equity assets globally, to execute Email: liquidnet.com their trades in size. Web address: Main features: Liquidnet’s commission management drives efficiency, enables better decision- making, and enhances performance.. Liquidnet allows Members to aggregate, manage, and analyze all of their commissions across brokers, currencies, and asset classes. For certain trades on Liquidnet, Members are able to identify another broker to which their commission is credited so no performance opportunity needs to be missed. Venue launch date: 2009 Instruments traded: Equities and fixed income. Location of Primary Matching Engine/Platform: NA
40 Directory of MiFID II Electronic Trading Venues 2018 LMAX Exchange
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: As a FCA-regulated MTF for trading FX, metals, commodities UK Country of Domicile: and indices, LMAX Exchange operates a Owner(s): LMAX Exchange Group central limit order book with streaming firm-only liquidity provided by top-tier Primary target audience: Buy- and sell-side financial institutions global financial institutions. LMAX Exchange Business model: David Mercer, CEO offers a transparent, neutral level Management: +44 20 3192 2555 playing field to all market participants, Telephone: [email protected] including funds, banks, proprietary Email: lmax.com/exchange trading firms, brokerages and asset Web address: managers. Main features: No ‘last look’ rejections and anonymous execution. Governed by public rulebook with all members treated equally. Real-time, full order book market and trade data. Robust, scalable ultra-low latency technology. Bilateral clearing model. Venue launch date: 2010 Instruments traded: Spot FX, metals and indices Location of Primary Matching Engine/Platform: West London
Directory of MiFID II Electronic Trading Venues 2018 41 London Metal Exchange
Trading venue category under Location of Primary Matching MiFID II: Regulated Market Engine/Platform: Interxion LON-1 data centre, Brick Lane, London Country of Domicile: UK Hong Kong Exchanges & Operating philosophy / mission Owner(s): A member of HKEX Group, Clearing (HKEx) statement: the LME brings together participants Primary target audience: Sell-side from the physical industry and the financial institutions financial community to create a robust and regulated market where there Business model: The LME is the world’s largest market in options and is always a buyer and a seller, where futures contracts on base and other there is always a price and where there metals. is always the opportunity to transfer or take on risk – 24 hours a day. Investors Main features: To trade contracts in value the LME as a vibrant futures copper, tin, or any other metal listed exchange but also for its close links on the LME, one has to trade through to industry. The possibility of physical an LME member. Purchasers of delivery via the world-wide network of contracts, which are then left to reach LME-approved warehouses makes it maturity, will receive a warrant for a the perfect hedging venue for industry specific LME approved warehouse to and provides a reference price they take delivery of the metal if required. trust. Each day the LME issues detailed figures on how many tonnes of each Brian Bender, metal is in its warehouses, which Management: Chairman helps producers and consumers make + 44 (0) 20 7797 1222 correct business decisions. Telephone: Email: [email protected] Venue launch date: 2007 Web address: lme.com Instruments traded: Futures and options contracts for aluminium, aluminium alloy, NASAAC (North American Special Aluminium Alloy), cobalt, copper, lead, molybdenum, nickel, steel billet, steel rebar, steel scrap, tin and zinc.
42 Directory of MiFID II Electronic Trading Venues 2018 London Stock Exchange Group (LSEG)
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: Integrity and trust are at the core of what they do. As a Group UK Country of Domicile: they have, from the outset, operated Owner(s): London Stock Exchange under the banner of ‘my word is my Group bond’. That overriding principle is still relevant today as a provider of trusted, Primary target audience: Sell-side financial institutions reliable, independent and user neutral services. they recognise the role they Business model: London Stock play in international markets. This role Exchange operates one of the world’s encapsulates not only commercial oldest stock exchanges, as well as a and performance objectives but also smaller Alternative Investments Market environmental, social and governance (AIM), a derivatives market and the (ESG) responsibilities. Turquoise MTF. Main features: Aside from its various Management: David Schwimmer, CEO execution venues, LSEG provides high- (from August 2018) performance technology solutions, Telephone: + 44 (0) 20 7797 1222 including trading, market surveillance Email: info@londonstockexchange. and post trade systems for over com 40 organisations and exchanges. Web address: londonstockexchange. Additional services include financial com/home/homepage.htm information, network connectivity and hosting.. Venue launch date: 1571 (as Royal Exchange) Instruments traded: Equities, fixed income and exchange-traded funds. Location of Primary Matching Engine/Platform: LSE data centre, City of London
Directory of MiFID II Electronic Trading Venues 2018 43 LSEG AIM
Trading venue category under Location of Primary Matching MiFID II: Regulated Market Engine/Platform: LSE data centre, City of London Country of Domicile: UK London Stock Exchange Operating philosophy / mission Owner(s): AIM continues to help Group statement: smaller and growing companies raise Primary target audience: Buy- and the capital they need for expansion. sell-side financial institutions Business model: AIM is a submarket Management: Marcus Stuttard, Head of the London Stock Exchange that of AIM allows smaller, less-viable companies Telephone: + 44 (0) 20 7797 1222 to float shares with a more flexible Email: info@londonstockexchange. regulatory system than is applicable to com the main market. Web address: londonstockexchange. com/companies-and-advisors/aim/ Aside from granting Main features: aim/aim.htm leeway in regard to regulatory compliance, the Exchange also mandates continuous oversight and advice by the issuer’s underwriter, referred to as a Nominated Adviser (Nomad). The role of Nomads is central to AIM’s regulatory model, as these entities play the role of gatekeepers, advisers and regulators of AIM companies. In advising each firm as to which rules should be complied with and the manner in which existing requirements should be met, Nomads provide the essential service of allowing firms to abide by tailor-made regulation, reducing regulatory costs in the process. Venue launch date: 1995 Instruments traded: Small growth companies.
44 Directory of MiFID II Electronic Trading Venues 2018 LSE Derivatives Market (LSEDM)
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: UK Derivatives including futures and options on FTSE 100, UK Country of Domicile: Single Stocks as well as FTSE 100 Owner(s): London Stock Exchange weekly options. LSEDM and Oslo Børs Group work together to operate a linked order book for Norwegian derivatives, the Primary target audience: Sell-side financial institutions only fully fungible equity derivatives market in Europe. Business model: London Stock Exchange Derivatives Market (LSEDM) Andy Ross develops innovative products across Management: + 44 (0) 20 7797 1222 emerging and developed markets. Telephone: Email: market.operations@ Main features: Members benefit from tradeturquoise.com cross-margining across geographies Web address: lseg.com/markets- and product types all through one products-and-services/our-markets/ clearer, LCH Clearnet Limited. london-stock-exchange/derivatives Venue launch date: NA Instruments traded: Equity and interest rate derivatives. Location of Primary Matching Engine/Platform: LSE data centre, City of London
Directory of MiFID II Electronic Trading Venues 2018 45 LSEG MTS
Trading venue category under major European clearing houses and MiFID II: Regulated Market central securities depositories (CSDs). Country of Domicile: UK Venue launch date: 1988 Owner(s): Borsa Italiana/London Instruments traded: Equities, cash Stock Exchange Group repos, money market instruments and credit Primary target audience: Buy- and sell-side financial institutions Location of Primary Matching LSEG data centre, MTS is an electronic Engine/Platform: Business model: City of London fixed income trading market, with over 500 unique counterparties and average Operating philosophy / mission daily volumes exceeding €100 billion. statement: To connect all market participants, including issuers, primary Flexibility one Main features: dealers, market makers and investors. single trading platform combines MTS platforms are used daily by a very different market models (interdealer, wide number of diverse counterparties, D2C); products (cash and repo); ensuring optimum liquidity for all and functionalities (click and trade, participants. request for quote, etc.). Scalability modularity of components allows for both horizontal and vertical Management: Fabrizio Testa, CEO scalability. Seamless integration open Telephone: + 44 (0) 20 7797 1222 architecture enables integration with Email: [email protected] ISV solutions and existing internal Web address: mtsmarkets.com systems. MTS provides market participants with standard reference GUIs. Members can implement more sophisticated solutions (e.g. custom GUIs, auto-quotes applications) or integrate MTS trading functionality within their existing applications (e.g. deal-capture for risk management systems). The most effective and rapid way of communicating with the MTS markets is to use the SDP native protocol; FIX protocol connectivity is also supported. MTS is linked to all the
46 Directory of MiFID II Electronic Trading Venues 2018 LSEG Trading After Hours (TAH)
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: A selection of the most liquid shares traded on MTA (including UK Country of Domicile: MTA International) are admitted to Owner(s): London Stock Exchange trading on TAH. The trading hours for Group TAH are 18.00 – 20.30 in continuous trading. Immediately after the Primary target audience: Buy- and sell-side financial institutions, retail conclusion of contracts on the market, investors Borsa Italiana shall send to the daily trade-checking and correction services Business model: TAH (Trading After the data on the contracts in view of Hours) is the multilateral trading their settlement via the settlement facility of Borsa Italiana dedicated to services. trading ‘after hours’, open to both retail and professional investors. Management: Chris Corrado, CIO, Main features: A selection of the most LSEG liquid shares traded on MTA (including Telephone: + 44 (0) 20 7797 1222 MTA International) are admitted to Email: [email protected] trading on TAH. The trading hours for Web address: lseg.com/areas- TAH are 18.00 – 20.30 in continuous expertise/our-markets/borsa-italiana/ trading. equities-markets/trading/tah Venue launch date: 2000 Instruments traded: Italian shares Location of Primary Matching Engine/Platform: LSEG data centre, City of London
Directory of MiFID II Electronic Trading Venues 2018 47 LSEG Turquoise
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: With a single connection, members can trade shares, depository UK Country of Domicile: receipts, ETFs, and European Rights Owner(s): London Stock Exchange Issues of 19 European countries Group with an Open Access model that allows members to choose among Primary target audience: Buy- and sell-side financial institutions 3 interoperable CCPs to clear these trades. Members include banks, Business model: Turquoise is the brokers, specialist trading firms and European multilateral trading facility retail intermediaries. majority owned by London Stock Exchange Group in partnership with Robert Barnes, CEO the user community. Management: Telephone: + 44 (0) 20 7797 1222 Main features: Offers an integrated Email: [email protected] book with hidden order functionality, a Web address: lseg.com/areas- mid-point price referencing dark book expertise/our-markets/turquoise and a dark aggregation service, TQ LENS. Single point of entry for those already connected to or hosted at the London Stock Exchange. Venue launch date: 2008 Instruments traded: European and US cash equities, including ETFs and ADRs. Location of Primary Matching Engine/Platform: LSEG data centre, City of London
48 Directory of MiFID II Electronic Trading Venues 2018 Louis Capital Markets LLP
Trading venue category under Operating philosophy / mission MiFID II: OTF statement: Their team of sales and trading professionals are based in UK Country of Domicile: various locations offering global and Owner(s): Louis Capital Markets LLP local coverage. Primary target audience: Buy- and sell-side financial institutions, and Management: Michael Benhamou, corporates CEO +44 (0) 207 936 1700 Louis Capital Telephone: Business model: [email protected] Markets (LCM) is a global financial Email: www.louiscapital.com broker offering services in a wide range Web address: of asset classes. Main features: Electronic broking and liquidity access, as well as macroeconomic research, stock picking strategies, value-added sales and trading. Venue launch date: 2017 Location of Primary Matching Engine/Platform: London Instruments traded: Equity derivatives, commodities, foreign exchange, electronic broking, cash equity, fixed income and corporate finance
Directory of MiFID II Electronic Trading Venues 2018 49 MarketAxess Europe
Trading venue category under Instruments traded: Corporate MiFID II: MTF bonds and other types of fixed-income securities Country of Domicile: UK Location of Primary Matching Owner(s): MarketAxess Holdings Engine/Platform: London Primary target audience: Buy- and sell-side financial institutions Operating philosophy / mission statement: MarketAxess strives to Business model: MarketAxess is an employ its advanced technology, electronic trading platform for global market insight, comprehensive credit products. data and post trade services toward continuously evolving its platform – Main features: MarketAxess’s patented request-for-quote (RFQ) creating more liquid, transparent and technology enables institutional efficient ways for clients to trade. market participants around the world to request and receive simultaneous, Management: Richard McVey, CEO competitive and executable bids Telephone: +44 207 709 3100 or offers from multiple global and Email: [email protected] regional dealers and other liquidity Web address: marketaxess.com providers, with 1,300 investor and broker-dealer firms actively using the MarketAxess trading platform. Straight Through Processing (STP) tools allow clients to create, negotiate and execute orders, deliver trade allocations to dealer counterparties and receive allocation acknowledgements – all with seamless front-to-back office system integration. While STP connectivity can help investor clients to realize the full benefits of electronic trading, MarketAxess also offers API (application program interface) solutions to the dealer community. Venue launch date: 2000
50 Directory of MiFID II Electronic Trading Venues 2018 Nasdaq Copenhagen
Trading venue category under Instruments traded: Equities, MiFID II: Regulated Market options, fixed income, derivatives, commodities, futures and structured Denmark Country of Domicile: products Owner(s): Nasdaq Location of Primary Matching Primary target audience: Sell-side Engine/Platform: Digiplex Stockholm financial institutions 1, Sweden Business model: Nasdaq Operating philosophy / mission Copenhagen is an international statement: Through its diverse marketplace for Danish securities, and portfolio of solutions, Nasdaq enables one of the Nasdaq Nordic exchanges. customers to plan, optimize and execute their business vision, using Main features: The Nordic exchanges offer trading in Nordic securities proven technologies that provide such as cash equities and depository transparency and insight for navigating receipts, warrants, convertibles, rights, today’s global capital markets. fund units and ETFs. Members of the Nasdaq Nordic exchanges execute Management: Adena T. Friedman, trades through the liquidity in the CEO & President central trading system INET (auto Telephone: +45 33 77 04 30 matching). Members may also enter Email: [email protected] into bilateral transactions outside Web address: nasdaqomxnordic.com/ of INET on condition that they are news/marketnotices/copenhagen reported to the relevant order book in INET to maintain a transparent market. Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via a single gateway. Venue launch date: 1808
Directory of MiFID II Electronic Trading Venues 2018 51 Nasdaq FirstNorth
Trading venue category under Venue launch date: 2005 MiFID II: MTF Instruments traded: Equities, Country of Domicile: Finland options, fixed income, derivatives, commodities, futures and structured Nasdaq Owner(s): products Primary target audience: Buy- and sell-side financial institutions Location of Primary Matching Engine/Platform: Digiplex Stockholm Business model: Nasdaq First North 1, Sweden is a multilateral trading facility (MTF), also known as an Alternative Market, Operating philosophy / mission Through its diverse operated by the different exchanges statement: portfolio of solutions, Nasdaq enables within Nasdaq. customers to plan, optimize and Main features: The Nordic exchanges execute their business vision, using offer trading in Nordic securities proven technologies that provide such as cash equities and depository transparency and insight for navigating receipts, warrants, convertibles, rights, today’s global capital markets. fund units and ETFs. Members of the Nasdaq Nordic exchanges execute Adena T. Friedman, trades through the liquidity in the Management: CEO & President central trading system INET (auto +371 6 721 2431 matching). Members may also enter Telephone: [email protected] into bilateral transactions outside Email: nasdaqbaltic.com/en/ of INET on condition that they are Web address: products-services/trading-2/market- reported to the relevant order book in structure INET to maintain a transparent market. Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via a single gateway.
52 Directory of MiFID II Electronic Trading Venues 2018 Nasdaq Helsinki
Trading venue category under Instruments traded: Equities, MiFID II: Regulated Market options, fixed income, derivatives, commodities, futures and structured Finland Country of Domicile: products Owner(s): Nasdaq Location of Primary Matching Primary target audience: Sell-side Engine/Platform: Digiplex Stockholm financial institutions 1, Sweden Business model: Finland’s main Operating philosophy / mission stock exchange is currently owned by statement: Through its diverse Nasdaq. portfolio of solutions, Nasdaq enables customers to plan, optimize and Main features: The Nordic exchanges offer trading in Nordic securities execute their business vision, using such as cash equities and depository proven technologies that provide receipts, warrants, convertibles, rights, transparency and insight for navigating fund units and ETFs. Members of the today’s global capital markets. Nasdaq Nordic exchanges execute trades through the liquidity in the Management: Adena T. Friedman, central trading system INET (auto CEO & President matching). Members may also enter Telephone: +358 9 6166 7274 into bilateral transactions outside Email: [email protected] of INET on condition that they are Web address: nasdaqomxnordic.com/ reported to the relevant order book in news/marketnotices/helsinki INET to maintain a transparent market. Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via a single gateway. Venue launch date: 1912
Directory of MiFID II Electronic Trading Venues 2018 53 Nasdaq Iceland
Trading venue category under Venue launch date: 1985 MiFID II: Regulated Market Instruments traded: Equities, Country of Domicile: Iceland options, fixed income, derivatives, commodities, futures and structured Nasdaq Owner(s): products Primary target audience: Buy- and sell-side financial institutions Location of Primary Matching Engine/Platform: Digiplex Stockholm Business model: The Iceland Stock 1, Sweden Exchange was originally established as a joint venture of several banks and Operating philosophy / mission Through its diverse brokerage firms on the initiative of the statement: portfolio of solutions, Nasdaq enables central bank, with a wide variety of customers to plan, optimize and firms now listed. execute their business vision, using Main features: The Nordic exchanges proven technologies that provide offer trading in Nordic securities transparency and insight for navigating such as cash equities and depository today’s global capital markets. receipts, warrants, convertibles, rights, fund units and ETFs. Members of the Adena T. Friedman, Nasdaq Nordic exchanges execute Management: CEO & President trades through the liquidity in the +354 525 2844 central trading system INET (auto Telephone: [email protected] matching). Members may also enter Email: nasdaqomxnordic.com/ into bilateral transactions outside Web address: news/marketnotices/iceland of INET on condition that they are reported to the relevant order book in INET to maintain a transparent market. Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via a single gateway.
54 Directory of MiFID II Electronic Trading Venues 2018 Nasdaq Stockholm
Trading venue category under Instruments traded: Equities, MiFID II: Regulated Market options, fixed income, derivatives, commodities, futures and structured Sweden Country of Domicile: products Owner(s): Nasdaq Location of Primary Matching Primary target audience: Buy- and Engine/Platform: Digiplex Stockholm sell-side financial institutions 1, Sweden Business model: Nasdaq Stockholm Operating philosophy / mission is the primary stock exchange of the statement: Through its diverse Nordic countries. portfolio of solutions, Nasdaq enables customers to plan, optimize and Main features: The Nordic exchanges offer trading in Nordic securities execute their business vision, using such as cash equities and depository proven technologies that provide receipts, warrants, convertibles, rights, transparency and insight for navigating fund units and ETFs. Members of the today’s global capital markets. Nasdaq Nordic exchanges execute trades through the liquidity in the Management: Adena T. Friedman, central trading system INET (auto CEO & President matching). Members may also enter Telephone: +46 8 405 6852 into bilateral transactions outside Email: [email protected] of INET on condition that they are Web address: nasdaqomxnordic.com/ reported to the relevant order book in news/marketnotices/stockholm INET to maintain a transparent market. Nasdaq Nordic offers easy access to trading Nordic shares including Oslo at other venues by means of the Nasdaq Nordic Smart Order Router. The order routing service is integrated in the INET Nordic trading system and available for the Nordic trading community, enabling access to the fragmented liquidity in Europe via a single gateway. Venue launch date: 1863
Directory of MiFID II Electronic Trading Venues 2018 55 NEX Exchange
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: NEX Exchange’s regulatory framework is specifically designed to UK Country of Domicile: meet the needs of smaller companies. Owner(s): NEX Markets The admission criteria and ongoing obligations are as simple as possible Primary target audience: Buy- and sell-side financial institutions to allow management to focus on running their business and generating Business model: The NEX Exchange returns for shareholders, whilst still is a marketplace for early-stage, protecting investors. entrepreneurial companies seeking access to growth capital. Management: Patrick Birley, CEO Main features: Competitive Telephone: +44 (0) 20 7818 9774 admission costs, (up to 75% less than Email: [email protected] competitive offerings), broad range of Web address: nexexchange.com/ Brokers and Market Makers offering prices-markets/our-markets effective trade execution. Venue launch date: 2008 Location of Matching Engine/ Platform: London Instruments traded: Ordinary shares, preference shares, debt instruments, convertible debt and warrants
56 Directory of MiFID II Electronic Trading Venues 2018 Nordic Growth Market
Trading venue category under Venue launch date: 1984 MiFID II: MTF Instruments traded: Shares and Country of Domicile: Sweden exchange-traded products Owner(s): Nordic Growth Market Location of Primary Matching Engine/Platform: Stockholm Primary target audience: Buy-side financial institutions Operating philosophy / mission NGM is a meeting place NGM is a regulated statement: Business model: where issuers can meet the investors. exchange licensed by the Financial A fundamental condition for effective Supervisory Authority. they deliver trading between those two is a trading, exchange technology and reliable, flexible and secure trading public company services in all of the system. NGM offer world-leading Nordic countries. exchange techniques. Until then the Main features: Sold Out Buy Back Swedish exchange market had been (SOBB) – new order status for sold- monopolized but with their license the out securities. Only the Market Maker monopoly was over. The license also can buy back the security. Investors meant that their founder’s vision had will only be able to sell the security become reality; they could now build to the market maker. NGM introduces a Nordic customer-oriented exchange the new safe-guard (SOBB) in order to and bring competition to the market. prevent clients from trading at unfair The plan was to develop and grow prices. On NDX, execution occur at together with their customers and the most advantageous price for the to be proactive about new trading customer against the market maker. opportunities. This is applicable in cases of: multi- day orders, severe rate fluctuations, Michael Völter, and temporary absence from market Management: Chairman maker. Get back the residual value +46 8 566 390 00 immediately in a knock-out product. Telephone: [email protected] For knock-out products with a residual Email: ngm.se/nordic_mtf/ value, issuers can now choose to buy Web address: listing/?lang=en back the product during the current trading day. This means that investors have the option of receiving the residual value immediately, instead of having to wait ten trading days.
Directory of MiFID II Electronic Trading Venues 2018 57 Oslo Børs - Merkur Market
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Merkur Market is one of five marketplaces operated by Norway Country of Domicile: Oslo Bors, including its Millennium Owner(s): Oslo Børs Exchange main market, Oslo Axess, Nordic ABM and the Oslo Connect MTF. Primary target audience: Sell-side financial institutions Market surveillance, quality assured processes and consistent application Business model: Merkur Market is an of the regulatory framework ensures electronic trading platform operated that the marketplace offers a secure by Oslo Børs, the only regulated and reliable environment for all market for securities trading in participants. Norway. Main features: Efficient and secure Management: Bente A. Landsnes, CEO trading, market surveillance, quality Telephone: +47 22 34 17 40 assured processes and consistent Email: [email protected] application of the regulatory Web address: www.oslobors.no/ framework, combine to ensure that ob_eng/Oslo-Boers/Trading the marketplace offers a secure and reliable environment for all participants. Venue launch date: 2016 Location of Matching Engine/ Platform: Oslo Instruments traded: Shares, equity certificates
58 Directory of MiFID II Electronic Trading Venues 2018 Oslo Børs - Millennium Market (Main Market)
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: Millennium Market is one of five marketplaces operated by Oslo Norway Country of Domicile: Børs, including the Merkur Market Owner(s): Oslo Børs and Oslo Connect MTFs, and the Oslo Axess and Nordic ABM markets. Primary target audience: Sell-side financial institutions Market surveillance, quality assured processes and consistent application Business model: Milennium Market of the regulatory framework ensures is an electronic trading platform that the marketplace offers a secure operated by Oslo Børs, the only and reliable environment for all regulated market for securities trading participants. in Norway. Main features: Efficient and secure Management: Bente A. Landsnes, CEO trading, market surveillance, quality Telephone: +47 22 34 17 40 assured processes and consistent Email: [email protected] application of the regulatory Web address: www.oslobors.no/ framework, combine to ensure that ob_eng/Oslo-Boers/Trading the marketplace offers a secure and reliable environment for all participants. Venue launch date: 2009 Location of Matching Engine/ Platform: Oslo Instruments traded: Shares, equity certificates, fixed income products, derivatives, ETFs, ETNs and warrants
Directory of MiFID II Electronic Trading Venues 2018 59 Oslo Børs - Oslo Connect
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Oslo Connect is one of five marketplaces operated by Norway Country of Domicile: Oslo Børs including its Millennium Owner(s): Oslo Børs Exchange main market, the Merkur Market MTF, and the Oslo Axess Primary target audience: Sell-side financial institutions and Nordic ABM markets. Market surveillance, quality assured processes Business model: Oslo Connect is an and consistent application of the electronic trading platform operated regulatory framework ensures that by Oslo Børs, the only regulated the marketplace offers a secure market for securities trading in and reliable environment for all Norway. participants. Main features: Efficient and secure trading, market surveillance, quality Management: Jesper von Zweigbergk, assured processes and consistent SVP Derivatives, Oslo Børs application of the regulatory Telephone: +47 22 34 17 40 framework, combine to ensure that Email: [email protected] the marketplace offers a secure Web address: www.oslobors.no/ and reliable environment for all ob_eng/Oslo-Boers/Trading participants. Venue launch date: 2016 Location of Matching Engine/ Platform: Oslo Instruments traded: OTC derivatives
60 Directory of MiFID II Electronic Trading Venues 2018 SENAF
Trading venue category under Instruments traded: Spanish public MiFID II: MTF debt, reverse repos and specific securities registered on AIAF Country of Domicile: Spain Location of Primary Matching Owner(s): BME Group Engine/Platform: Madrid Primary target audience: Buy- and sell-side financial institutions Operating philosophy / mission statement: Companies benefit from Business model: SENAF (Sistema an efficient public process and gain Electrónico de Negociación de Activos access to the deep pool of capital Financieros) is BME’s electronic trading of major Swiss and international platform for Spanish securities. investors and high visibility. The self- regulatory regime enables particularly Main features: SENAF is automatically connected to Iberclear’s clearing and market-oriented framework conditions settlement system and Meffclear, the for listing and trading in their highly central counterparty. The platform liquid segments of Equities, Bonds, supports trading of bonds, debentures ETFs, ETPs, Sponsored Funds, and spot or maturity treasury bills. Sponsored Foreign Shares and Switches are the simultaneous Structured Products. purchase/sale of one security and sale/purchase of another security, Management: Javier Hernani Burzaco, allowing different issues to be traded CEO on the SENAF bonds, debentures, Telephone: (+34) 91 589 14 07 strips and treasury notes platform. Email: [email protected] Reverse repo transactions involve two Web address: bmerf.es/ing/aspx/ related sales/purchases of bonds, Portadas/HomeSENAF.aspx debentures or treasury bills issued by the Spanish Treasury, which are entered into at the same time but with different settlement times. Negotiation on the multilateral trading facility is anonymous, a priori and a posteriori, which guarantees the confidentiality of their members’ actions in the market. Venue launch date: 1999
Directory of MiFID II Electronic Trading Venues 2018 61 SEND
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: SEND represents part of Spanish market operator BME’s Spain Country of Domicile: strategy of diversification, manifested Owner(s): BME Group through six business units covering: Equities, Fixed Income, Derivatives, Primary target audience: Buy- and sell-side financial institutions Clearing, Settlement and Market Data and Value-Added Services. Business model: SEND is part of BME’s Corporate Debt market, AIAF. Julio Alcántara It offers electronic trading in fixed Management: (34) 91 589 14 07 income securities to retail investors. Telephone: Email: [email protected] Main features: SEND has succeeded Web address: aiaf.es/ing/aspx/ in narrowing bid/offer spreads, Portadas/Home/SEND.aspx thereby making its prices a public and accessible reference for the market and private investors. With this objective reference for fixed income asset prices, investors have access to more information, disclosed directly through various channels. Venue launch date: 2010 Instruments traded: Bonds and debentures, subordinated bonds, tax credit bonds, covered bonds and commercial paper Location of Primary Matching Engine/Platform: Madrid
62 Directory of MiFID II Electronic Trading Venues 2018 SIGMA X MTF .1
Trading venue category under Location of Primary Matching MiFID II: MTF Engine/Platform: Intercontinental Exchange’s ICE European Liquidity UK Country of Domicile: Centre (EULC), Basildon, UK. Owner(s): Goldman Sachs Operating philosophy / mission Primary target audience: Buy- and statement: Goldman Sachs are sell-side financial institutions committed to providing a safe trading environment. Within Goldman Business model: SIGMA X is a multilateral trading facility that Sachs International, SIGMA X MTF enables access to superior liquidity, is operated under a separate while providing opportunities for governance structure from that of improved execution quality within a other businesses. Any order from safe trading environment. Goldman Sachs International is treated identically to that of other participants. Main features: SIGMA X MTF provides Furthermore, they have allied with clients with deeper liquidity on the Euronext to create a transparent basis of non-discretionary crossing structure. All surveillance and market with flow from external participants operations will be conducted by and the Goldman Sachs International Euronext’s team of regulated market franchise. It is is completely dark – no staff. The CCP model also provides pre-trade information about orders is the additional benefit of reducing ever conveyed to other participants. counterparty risk and decreasing The MTF is the first non-displayed settlement costs. venue to offer trading on three touch points: the bid, the mid and the offer Paul Brennan, Head of of the PBBO. Trading on the bid and Management: Operations offer books affords the opportunity + 44 207 051 4710 to capture the full spread at one of Telephone: [email protected] the lowest trading fees in Europe. Email: gset.gs.com/ Additionally, larger orders are Web address: Sigmaxmtf/overview prioritised by the matching algorithm allowing for blockier executions and improved execution quality. Venue launch date: 2006 Instruments traded: European equities
Directory of MiFID II Electronic Trading Venues 2018 63 SIX Swiss Exchange
Trading venue category under Operating philosophy / mission MiFID II: Regulated Market statement: Companies benefit from an efficient public process and gain Switzerland Country of Domicile: access to the deep pool of capital Owner(s): SIX Swiss Exchange of major Swiss and international investors and high visibility. The self- Primary target audience: Buy- and sell-side financial institutions regulatory regime enables particularly market-oriented framework conditions Business model: SIX Swiss Exchange for listing and trading in their highly offers trading of Swiss securities and liquid segments of Equities, Bonds, connect companies from around the ETFs, ETPs, Sponsored Funds, world with international investors and Sponsored Foreign Shares and trading participants. Structured Products. Main features: SIX Swiss Exchange executes all orders through a single, Management: Jos Dijsselhof, CEO central order book. Execution of the Telephone: +41 58 399 2979 orders is on a price/time priority basis. Email: [email protected] SIX Swiss Exchange publishes all Web address: six-swiss-exchange. market-related information to ensure com/participants/trading/bond_ that all securities trading processes are market_en.html transparent. So that trading remains liquid and the market can keep moving, participants are subject to a relative duty to trade on the Exchange. SIX Swiss Exchange ensures in terms of order entry or the dissemination of information to the same conditions. Venue launch date: 1850 Instruments traded: Shares, bonds, ETFs and ETPs Location of Primary Matching Engine/Platform: Zurich
64 Directory of MiFID II Electronic Trading Venues 2018 Sunrise Brokers
Trading venue category under MiFID II: OTF Country of Domicile: UK Owner(s): Sunrise Brokers Primary target audience: Buy- and sell-side financial institutions Business model: Sunrise Brokers supports trading in listed and OTC derivative products. Main features: Sunrise Brokers OTF provides dealers with price discovery and liquidity in equity and OTC derivatives. Venue launch date: 1991 Instruments traded: Cash equities, commodities, credit, equity derivatives and foreign exchange Location of Primary Matching Engine/Platform: London Operating philosophy / mission statement: Sunrise offers broking services across a broad range of derivatives with specialization in exotic and vanilla equity derivative instruments.
Management: Claude Amar, CEO Telephone: +44 (0) 20 7034 9800 Email: [email protected] Web address: sunrisebrokers.com
Directory of MiFID II Electronic Trading Venues 2018 65 Thomson Reuters Forwards Matching
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Achieve best execution on a regulated platform incorporating UK Country of Domicile: pre-trade checks for price, size and Owner(s): Thomson Reuters volatility. Primary target audience: Buy-side financial institutions Management: Neill Penney, Global Head of Trading, Thomson Reuters Forwards Matching Business model: +44(0) 207 542 2215 is an FX swap central limit order book Telephone: [email protected] (CLOB). Email: Web address: financial. Main features: Leverage one platform thomsonreuters.com/en/products/ for trading FX spot, forwards, swaps, trading-capabilities/foreign-exchange- NDFs and options electronically with markets/mtf-multilateral-trading- MTF, SEF and off-venue execution. facility.html Trade via FXall RFQ or Matching central limit order book. Access deep liquidity from over 160 banks and 1,700 clients. Streamlined workflows are possible with pre- and post-trade STP. Venue launch date: 2010 Instruments traded: Foreign exchange products Location of Primary Matching Engine/Platform: Thomson Reuters Technical Centre, Docklands, London
66 Directory of MiFID II Electronic Trading Venues 2018 Thomson Reuters FXall
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: With over 2,300 institutional clients and 180 leading FX UK Country of Domicile: banks and alternative market makers, Owner(s): Thomson Reuters FXall offers clients access to deep liquidity with choice in execution, end- Primary target audience: Buy- and sell-side financial institutions to-end workflow management and straight-through processing – covering Business model: Thomson the entire transaction lifecycle. Reuters FXall is a dealer-to-client FX marketplace offering anonymous Neill Penney, Global electronic order matching system for Management: Head of Trading, Thomson Reuters deep liquidity in over 80 currency pairs. Telephone: +44(0) 207 542 2215 Main features: Access deep liquidity Email: [email protected] in all market conditions with streaming Web address: financial. prices in over 500 currency pairs. thomsonreuters.com/en/products/ Streamline trade workflows with trading-capabilities/foreign-exchange- OMS/TMS integration and straight- markets/fxall-electronic-trading- through processing. Demonstrate best platform.html execution with post-trade reporting and transaction cost analysis. Comply with MiFID II and Dodd-Frank execution requirements for FX derivatives. Venue launch date: 2000 Instruments traded: FX spot, forwards, swaps, non-deliverable forwards (NDFs) and options Location of Primary Matching Engine/Platform: Thomson Reuters Technical Centre, Docklands, London
Directory of MiFID II Electronic Trading Venues 2018 67 Thomson Reuters Tradeweb
Trading venue category under tools needed to deliver low latency MiFID II: OTF and stability have been adhered to and deployed. This ensures that their UK Country of Domicile: trade execution, trade processing Owner(s): Thomson Reuters and a and settlement applications, and bank group including JP Morgan, Citi, proprietary algorithms specifically Goldman Sachs, Deutsche Bank, Credit designed to automate the flow of Suisse, Bank of America Merrill Lynch trading activity around the world and Barclays remain current. In-house technology presence also enables Tradeweb Primary target audience: Buy- and sell-side financial institutions to work directly with clients for easy integration of third-party and Business model: Tradeweb operates proprietary systems. a global web-based electronic network of banks, asset managers, central Venue launch date: 1998 banks, pension funds and insurance Instruments traded: Fixed income companies to buy and sell government products and derivatives bonds and other fixed income and derivative instruments. This client- Location of Primary Matching Thomson Reuters to-dealer business is one of three Engine/Platform: Docklands Technical Centre, London Tradeweb Markets divisions serving institutional investors in 22 markets, 15 Operating philosophy / mission currencies, and more than 50 countries statement: Tradeweb’s focus has around the globe. been to enhance the efficiency and transparency of the markets through Tradeweb pioneered Main features: the application of technology without the use of the competitive request-for- significantly disrupting the business quote, and has developed numerous models of the world’s major financial other trading protocols including institutions. streaming quotes, and inventory- based, and order book-style trading. Tradeweb’s architecture was designed Management: Lee Olesky, CEO to be component-based to ensure Telephone: +44(0) 20 3749 3316 flexibility in developing products and Email: [email protected] supporting various market structures. Web address: tradeweb.com Tradeweb’s applications are developed principally in house, ensuring that the latest design, methodologies, and
68 Directory of MiFID II Electronic Trading Venues 2018 TP ICAP MTFs
Also known as: TP ICAP Europe MTF, TP data requirements will vary per asset ICAP Global Derivatives, TP ICAP iSWAP, class. When doing business with TP TP ICAP Securities MTF, TP ICAP WCLK ICAP in a multilateral environment, the arranging activity is expected to be Trading venue category under either on a trading venue or under its MTF MiFID II: rules. The scope of the OTC markets is Country of Domicile: UK being restricted by the MiFID II rules. However, certain transactions (such as Owner(s): TP ICAP spot FX or commodities transactions) Primary target audience: Buy- and will continue to be arranged in the OTC sell-side financial institutions markets. Business model: TP ICAP Europe Venue launch date: TP ICAP iSWAP: MTF, TP ICAP Global Derivatives, TP 2010; TP ICAP Global Derivatives: 2017; ICAP iSWAP, TP ICAP Securities MTF TP ICAP Europe MTF, TP ICAP Securities and TP ICAP WCLK are trading venues MTF, TP ICAP WCLK: 2018. operated by TP ICAP and collectively permitted to trade a variety of asset Instruments traded: TP ICAP Europe classes, including corporate and MTF: Corporate bonds and securitised government bonds, and interest rate debt, government bonds and interest and equity derivatives. rate derivatives; TP ICAP Global Derivatives: Fixed floating swaps, Main features: Clients are able to basis swaps, forward rate agreements interact with brokers and trading (FRA), overnight index swapS (OIS) , platforms in a similar manner to non-deliverable swaps and interest before MiFID II. The trading venues rate options; TP ICAP iSWAP: Interest will support all MiFID II asset classes rate derivatives; TP ICAP Securities currently traded and new products. MTF: Corporate bonds and securitised Provided that a firm is onboarded as a debt, government bonds and money venue user/participant for the relevant market instruments; TP ICAP WCLK: trading venue, then (subject to the Credit derivatives, cash equity, equity rules of the trading venue) it is possible derivatives, ETFs, FX derivatives, to place interests and orders on government bonds, corporate bonds, behalf of clients. However, the person interest rate derivatives and money submitting the interest is responsible market derivatives. for interaction with the trading venue and any resulting transaction. The Location of Primary Matching booking, reporting and individual Engine/Platform: London
Directory of MiFID II Electronic Trading Venues 2018 69 TP ICAP MTFs (cont.)
Operating philosophy / mission statement: Operating through its core businesses, Tullett Prebon, ICAP, PVM, Mirexa Capital, Tullett Prebon Information, ICAP Information Services and PVM Data Services, TP ICAP strives to create strong networks in person and through technology. By engaging with clients, and providing innovative products and services, TP ICAP enables customers to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.
Management: Frits Vogels, CEO, TP ICAP EMEA (TP ICAP Europe MTF, TP ICAP Securities MTF); Nicolas Breteau, CEO, TP ICAP Global Broking (TP ICAP Global Derivatives, TP ICAP WCLK); Don McClumpha, CEO (TP ICAP iSWAP). Telephone: +44 (0) 20 7200 7524 Email: [email protected] Web address: icap.com/what-we-do/ electronic-markets, tullettprebon.com/ mifidii
70 Directory of MiFID II Electronic Trading Venues 2018 TP ICAP OTFs
Also known as: TP ICAP (ICAP) submitting the interest is responsible Securities OTF, TP ICAP (Tullett) for interaction with the trading venue Securities OTF, TP ICAP Energy, TP and any resulting transaction. The ICAP Europe OTF, TP ICAP Institutional booking, reporting and individual data Services, TP ICAP PVM Oil Futures requirements will vary per asset class. When doing business with TP ICAP in a Trading venue category under multilateral environment, the arranging OTF MiFID II: activity is expected to be either on a Country of Domicile: UK trading venue or under its rules. The scope of the OTC markets is being Owner(s): TP ICAP restricted by the MiFID II rules. However, Primary target audience: Buy- and certain transactions (such as spot FX or sell-side financial institutions commodities transactions) will continue Business model: TP ICAP (ICAP) to be arranged in the OTC markets. Securities OTF, TP ICAP (Tullett) Venue launch date: TP ICAP PVM Oil Securities OTF, TP ICAP Energy, Futures: 1988; TP ICAP (ICAP) Securities TP ICAP Europe OTF, TP ICAP OTF, TP ICAP (Tullett) Securities OTF, Institutional Services and TP ICAP TP ICAP Europe OTF, TP ICAP Energy, PVM Oil Futures are trading venues TP ICAP Institutional Services: 2018. operated by TP ICAP and collectively permitted to trade a variety of asset Instruments traded: TP ICAP (ICAP) classes, including credit derivatives, Securities OTF: Credit derivatives, government and corporate bonds, equity derivatives, FX derivatives, oil products, interest rate derivatives, government bonds, corporate bonds, securitised debt and swaps. interest rate derivatives and money market instruments; TP ICAP (Tullett) Main features: Clients are able to Securities OTF: Government bonds, interact with brokers and trading corporate bonds, securitised debt and platforms in a similar manner to before equities; TP ICAP Energy: Crude oil MiFID II. The trading venues will support and oil products, biofuels, agriculture all MiFID II asset classes currently traded and softs, base and precious metals, and new products. Provided that a firm iron ore, electricity, natural gas, coal, is onboarded as a venue user/participant emissions, freight, weather derivatives for the relevant trading venue, then and physical products; TP ICAP Europe (subject to the rules of the trading venue) OTF: Government bonds and interest it is possible to place interests and orders rate derivatives; TP ICAP Institutional on behalf of clients. However, the person Services: Government bonds,
Directory of MiFID II Electronic Trading Venues 2018 71 TP ICAP OTFs (cont.)
corporate bonds and securitised debt; Institutional Services; Simon Andrews, TP ICAP PVM Oil Futures: OTC swaps, CEO, TP ICAP PVM Oil Futures. forwards, and physical crude oil and Telephone: +44 (0) 20 7200 7524 refined products, and WTI, Brent and Email: [email protected] gasoil futures contracts. Web address: icap.com/what-we-do/ our-mifid-ii-venues, tullettprebon. Location of Primary Matching com/mifidii, pvmoil.co.uk Engine/Platform: London Operating philosophy / mission statement: Operating through its core businesses, Tullett Prebon, ICAP, PVM, Mirexa Capital, Tullett Prebon Information, ICAP Information Services and PVM Data Services, TP ICAP strives to create strong networks in person and through technology. By engaging with clients, and providing innovative products and services, TP ICAP enables customers to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.
Management: Andrew Polydor, CEO, TP ICAP Energy and Commodities (TP ICAP (Tullett) Securities OTF, TP ICAP Energy); Frits Vogels, CEO, TP ICAP EMEA (TP ICAP (ICAP) Securities OTF, TP ICAP Europe OTF); Sam Ruiz, CEO, TP ICAP
72 Directory of MiFID II Electronic Trading Venues 2018 Tradition Trade-X
Trading venue category under Operating philosophy / mission MiFID II: OTF statement: CFT facilitates transactions between financial UK Country of Domicile: institutions and other professional Owner(s): Cie. Financière Tradition traders in the capital markets. These transactions vary in scale and Primary target audience: Buy- and sell-side financial institutions liquidity, from the simplest to the most sophisticated, the most liquid to the Business model: Cie. Financière most illiquid. Key to CFT’s success Tradition (CFT) is one of the world’s has been its ability to understand the top interdealer broking firms, with a evolving needs of its clients, together presence in 28 countries. with strong capabilities in derivatives Main features: CFT provides a point markets. of contact for institutional clients seeking to buy or sell financial or non- Management: Patrick Combes, CEO financial products. Its chief functions Telephone: +33 1 56 43 70 20 are : to ensure market liquidity and Email: [email protected] respond rapidly to its clients’ needs, Web address: tradition.com and to respect the confidential nature of its clients’ transactions. The broker receives a commission on each client transaction. The professionalism of its clients’ demands sophisticated expertise on the part of the broker in order to meet integrally its clients’ needs. This expertise entails: perfect knowledge of financial markets, a good understanding of its clients’ needs and objectives, and providing superior quality, high value added service. Venue launch date: 1995 Instruments traded: Capital markets, energy, commodities, equities, fixed income and foreign exchange Location of Primary Matching Engine/Platform: London Directory of MiFID II Electronic Trading Venues 2018 73 Treasury BondSpot
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: The main objective of the scheme is to reduce the cost of public Poland Country of Domicile: debt service through the improvement Owner(s): BondSpot/Warsaw Stock of liquidity, transparency, and Exchange effectiveness of the treasury securities market. Primary target audience: Buy- and sell-side financial institutions Agnieszka Gontarek, BondSpot operates Management: Business model: CEO a number of execution venues, +48 22 537 74 11 including the Treasury BondSpot Telephone: [email protected] Poland MTF, for trading in treasury Email: bondspot.pl/ securities, which was created in Web address: TBSPoland_Overview_en conjunction with MTS SpA of Italy and previously known as MTS Poland Market. Main features: The Primary Dealer system creates new principles of trading in treasury securities. Primary Dealers have an exclusive right to purchase treasury securities on the primary market with an intention for their future resale among others on Treasury BondSpot Poland. Venue launch date: 2004 Instruments traded: Polish fixed rate, floating rate and zero coupon bonds, treasury bills and inflation-linked bonds Location of Primary Matching Engine/Platform: Warsaw
74 Directory of MiFID II Electronic Trading Venues 2018 UBS MTF
Trading venue category under MiFID phase for the relevant instrument. UBS II: MTF MTF applies well-formed market checks to all orders to ensure that the executed UK Country of Domicile: price from the most relevant market for an Owner(s): UBS instrument is the best price at the time of the trade. The CCP model delivers benefits Primary target audience: Buy- and sell- side financial institutions by assisting in mitigating counterparty risk and contributing to reduced settlement Business model: UBS MTF is a non- costs. UBS MTF currently offers clearing displayed multilateral trading facility via SIX x-clear, EuroCCP and LCH.Clearnet. operated by UBS, offering significant and UBS MTF participants must be a member diverse liquidity to members. (GCM, ICM or NCM using a GCM) of one of Main features: UBS MTF features a the Central Clearing Counterparties (CCP) central counterparty (CCP) model, to help selected by UBS MTF. Their settlement manage settlement costs and potential cycle mirrors the settlement cycle of the counterparty risks. They implement an primary market. objective membership access and order Venue launch date: 2010 prioritization policy. Executions completed in UBS MTF are reported post trade in real Instruments traded: Equities, ETFs and time to the Bats Trade Reporting Service Depositary Receipts from 16 European (operated by Cboe Europe). UBS MTF is markets segregated and operates as an external Location of Primary Matching Engine/ venue that pools European liquidity and Platform: Equinix LD4 data centre, matches orders on a non-discretionary Slough, UK basis. To ensure UBS MTF adheres to a rigorous confidentiality standard, it Operating philosophy / mission UBS MTF incorporates the operates with its own management team. statement: principles the firm advocates world-wide, As a 100 percent non-displayed liquidity including efficiency, fair access and client pool, there is no pre-trade signaling risk choice. or display of any kind. UBS MTF offers mid-point, bid and offer matching based on the price of the primary market. UBS Management: Richard Semark, CEO MTF matches orders according to price/ Telephone: +44 207 567 8000 time priority. All orders must be either Email: [email protected] IOC (immediate or cancel) or day orders. Web address: ubs.com/global/en/ Orders only match on UBS MTF when the investment-bank/multilateral-trading- primary market is in a continuous trading facility/home.html
Directory of MiFID II Electronic Trading Venues 2018 75 Vantage Capital Markets
Trading venue category under Operating philosophy / mission MiFID II: OTF statement: VCM delivers its world- class brokerage service to its extensive UK Country of Domicile: client base of institutional clients Owner(s): Vantage Capital Markets including leading investment banks, (VCM) commercial banks, asset managers, hedge funds and corporations. Primary target audience: Buy- and sell-side financial institutions Roderick Wurfbain, They offer wholesale Management: Business model: CEO brokerage and execution of cash and +44 (0)20 3107 5000 derivative products across a full range Telephone: [email protected] of asset classes. Email: Web address: vcmllp.com Main features: VCM offers an extensive range of specialised products, including fixed income and rates, equity derivatives, commodity and energy derivatives, cash equities and foreign exchange. VCM offers optimal price discovery, drawing on its market expertise and far-reaching network to source the best available liquidity. Venue launch date: 2004 Instruments traded: Equities, fixed income and rates, commodities, energy and foreign exchange Location of Primary Matching Engine/Platform: London
76 Directory of MiFID II Electronic Trading Venues 2018 Virtual Auction Global
Trading venue category under Operating philosophy / mission MiFID II: MTF statement: Their team is united by a passion to revolutionise the UK Country of Domicile: global trading system and to fix Owner(s): Virtual Auction Global and future-proof all that’s broken in the international bond markets. Its Primary target audience: Buy-side financial institutions desire to fix the global trading system is matched by its round-the-clock Business model: Virtual Auction charitable commitments. Global is the result of decades of financial markets experience Nicholas James, CEO and expertise, underpinned by a Management: +44 (0) 20 7050 0824 fierce commitment to deliver full Telephone: [email protected] transparency to the marketplace. Email: Web address: virtualauctionglobal. Main features: The Virtual Auction com/market-data/ Global platform delivers pre- and post-trade transparency, giving access to all available information regarding potential costs, risks and returns. When a trade is placed through the platform, the trader is only ever facing Virtual Auction Global, which provides total anonymity and protection. Automated trade confirmations removes the intensity of voice-based settlements, enabling trading under no external pressure or duress. Venue launch date: 2016 Instruments traded: International bond markets Location of Primary Matching Engine/Platform: London
Directory of MiFID II Electronic Trading Venues 2018 77 WHAT’S COMING UP Upcoming webinars Best Practice for trade surveillance May 8th CONNECT. Data Management for CAT reporting May 17th Market leading Best practice timestamping and clock synchronisation May 22nd connectivity solutions How to maximise data sources created by MiFID II May 24th delivered through NYFIX, Trade reconstruction: a data and technology-led approach May 31st one of the broadest, Managing market data feeds in the post MiFID II world June 5th deepest and most reliable The challenges of managing data for networks in the industry. regulatory compliance and business performance June 7th Innovation in trading architecture June 14th Solving the data management challenges of FRTB June 19th
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TRADE. Innovative, modular, cross-asset class trading solutions delivered as EMPOWERING configurable enterprise solutions and fully GLOBAL CAPITAL managed services. MARKETS
ULLINK and Itiviti have formed a market-leading global provider of multi-asset trading technology and financial infrastructure solutions for buy-side and sell-side market participants, including NYFIX, one of the industry’s largest FIX-based trading communities.
Top-tier trading firms, banks, brokers, exchanges and institutional investors rely on our technology, solutions and expertise to streamline their daily operations, connect to their desired markets, and trade when and where they want. All while being able to comply with global regulation.
For more information, please visit www.ullink.com or www.itiviti.com.