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Destinations of Choice Mapping the New Equity Trading Landscape Opening up the Market

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Destinations of Choice Mapping the New Equity Trading Landscape Opening up the Market Market Commentary & Insights Destinations of Choice Mapping the New Equity Trading Landscape Opening Up the Market MiFID II is transforming the European equity For a buy-side firm, the trading options are trading landscape, resulting in unprecedented not limited to traditional multilateral venues choice for participants. To remain competitive, such as dark pools operating within central buy-side firms looking to optimise order limit order books (“CLOBs”). Indeed, bilateral performance and meet more stringent best protocols such as SIs and requests-for-quote execution requirements need to be aware (“RFQs”), as well as the increasing use of of the growing range of options now at their conditional trading via Indications of Interest disposal. (“IOIs”), are at the forefront of this new, more open marketplace. The choices start with selecting the optimal type of venue: should your order be routed to Broker dealers also have a choice to make, a Regulated Market (“RM”) or a multilateral as they cannot run an MTF and an SI within trading facility (“MTF”)—regulated the same legal entity. trading venues required to provide non- discriminatory access—or, directly to a AROUND THE BLOCK Systematic Internaliser (“SI”)? RMs and MTFs are able to cross buyers and sellers and may The diversification in trading choices responds benefit from pre-trade transparency waivers. to a clear (though not necessarily loud) SIs, on the other hand, must trade on risk investor need. Buy-side firms, especially the but benefit from being able to price improve larger ones, have an ongoing requirement to relative to their published quotes as well as efficiently and quietly manage trillions of euros keep their quotes private when they deal above in assets. As a result, much of their business is standard market size (SMS). conducted in Large in Scale (LIS)—or block— orders. This enables them to process what may be the equivalent of many days’ worth of trading volume in a particular security. VISUALISING ORDER MANAGEMENT CONTROL UNDER MIFID II The buy-side now has more accountability for best execution, but a significant portion of venue routing decisions still rests with brokers. But for Large Blocks CONDITIONAL order types and interactions under the MiFID II OTC regime—conditional orders, including RFQs—the buy-side will have more direct control. LIS Venues Bilateral RFQ RFQ ORDER BOOK Dark CLOB Systematic Internalisers >SMS ORDER SIZE Auctions SI Multilateral RFQ Systematic Internalisers <SMS Lit CLOB Small Blocks COUNTERPARTY Bilateral Multilateral 2 DESTINATIONS OF CHOICE Fragmentation = Competition = Choice = Complexity Those familiar with the evolution of CLEARING THE WAY algorithmic trading over the last decade We should not forget that while execution is know well that the trend had previously been important, the total cost of trading extends a reduction in order size, since that is how across the investment lifecycle, including execution algorithms achieved their liquidity clearing and settlement. Under MiFID II, all capture and price efficiency. Under the trading venues (RMs and MTFs) are required emerging landscape, blocks again represent to open up to any central counterparty a compelling portion of the marketplace, (“CCP”) that requests it. Central clearing has both because of the efficacy of getting orders a number of cost, credit, and efficiency benefits done in a single execution and because they that are making it increasingly attractive to are exempted from the dark pool volume many institutional investors. caps under MiFID II/MiFIR (which do not apply to orders above LIS, RFQ venues or SI Ultimately, the choice of how to trade will transactions). depend on the specific situation of the client. The good news is that there are now more While algo trading will remain popular as a choices than ever to address what has become method of working large orders in the wider a complex web of trading venues, buy-side market, some of the newer trading venues offer requirements, and sell-side provision and the advantages of conditional access, pre-trade facilitation. price and counterparty transparency, and tailored liquidity. This provides even greater potential for discreetly finding and executing a block—and thus reducing market impact. SELECT EUROPEAN EQUITY BLOCK TRADING VENUES & OPERATORS Periodic Conditional Dark CLOB Quote-driven IOIs RFQ Bilateral Auctions orders Instinet X X X X X Blockmatch ITG POSIT X X X Liquidnet X X CBOE1 X X X Turquoise2 X X X UBS MTF X Sigma-X X X LIS on LSE X order book Nasdaq Nordic X X Euronext Block X X X Equiduct X X 1. Includes CBOE LIS in partnership with BIDS. 2. Includes Turquoise Plato Block Discovery. DESTINATIONS OF CHOICE 3 Fragmentation = Competition = Choice = Complexity Over the past decade, a myriad of trading VENUE CHOICES venues have sprung up, increasing the range Execution choices are growing, but in the of options for investment firms. This is background a consistent push from European enabling participants to exercise greater governments is aiming to move the majority choice as they try to accurately and efficiently of trading onto venues, a trend that began manage their increasingly sophisticated in the aftermath of the 2008 financial crisis. trading workflow. But it’s not making As a result, the share trading obligation trading any easier, particularly as the cost means that all trading in MiFID governed of regulatory compliance and continuous shares must take place on regulated markets, technology investment stacks up against MTFs, SIs or equivalent third-country an increasingly competitive environment. trading venues. All participants need new sets of tools The RM or MTF has the advantage of non- and fresh ways of thinking to thrive in an discretionary (a.k.a. “deterministic”) trading, expanding, automated, high-speed trading and is subject to Open and Fair Access rules, ecosystem. Indeed, executing with the stealth, opening up the liquidity of many participants. speed, and efficiency needed to minimise However, for some firms, especially larger information leakage and market disruption ones, it may be advantageous to use a broker has become mission-critical. As a result, dealer’s SI, as this provides access to discreet, investment firms need to be able to “virtually” bilateral trading against the SI’s principal manage multiple conditional venues, IOIs, SIs, book. But the choices don’t stop there. and RFQ opportunities in one integrated real- time trader cockpit. VENUE CHOICES UNDER MIFID II Venue Type Organisation Securities Listing Operation Designed for the IPO and initial Rigorous process for adding Non-discretionary trading sys- listing of securities. Also per- new securities; must ensure tem with open and fair access form secondary market trading that there is sufficient liquidity needing to be applied to mem- Regulated Market and currently the market of with market making agree- bership, market data, trading reference for many calculations, ments. fees and co-location. e.g. closing price. Secondary market trading only Must ensure that there is Non-discretionary trading sys- unless registered as an SME. sufficient information about a tem with open and fair access Multilateral Trading Facility Growth market for small/micro- security to admit it to trading; needing to be applied to mem- cap stocks. available to the public. bership, market data, trading fees and co-location. Secondary market trading only Must ensure that there is Non-discretionary access rules Organised Trading of non-equity securities. sufficient information about but operator has discretion Facility a security to admit it to trading. over matching. Over-the-counter principal All MiFID securities can be SI can choose their counterpar- trading of client orders operat- quoted but SI has to register in ties with some restrictions. Systematic Internaliser ed by a MiFID firm with some each security with its regulator. pre-trade transparency.* Not a trading venue. Trades All. Very limited for shares and must be reported to an APA. listed derivatives under MiFIR Over-the-Counter trading obligations. *Pre-trade transparency is limited to when an SI wishes to deal below Standard Market Size (SMS) with quotes and trades being made public via an APA. 4 DESTINATIONS OF CHOICE Fragmentation = Competition = Choice = Complexity While the SI enables bilateral, negotiated TO SEE OR NOT TO SEE: trading, MTFs play a valuable role as market PRE-TRADE PRICE TRANSPARENCY WAIVERS venues, enabling buy-side firms to choose Pre-trade transparency rules require SIs, RMs between traditional central limit order book and MTFs to publish (“display”) in real-time (“CLOB”) trading, periodic auctions, RFQ, current orders and quotes relating to shares. and quote-driven models. It is important to But there are a number of waivers that allow note that like SIs, both the RFQ and quote- participants to negotiate and execute trades driven venue models are bilateral trading in a way that limits pre-trade exposure, and protocols that allow trades to be negotiated as a result, the risks of market impact. between counterparties. In addition to the emergence of RFQs, conditional functionality is playing an increasingly important role in the market (see “Your Trading Choices”). PRE-TRADE WAIVER TYPES Negotiated Trade Waiver LIS Order Waiver Trade negotiated bilaterally away from a trading venue and brought onto the venue for confirmation Orders (including quotes and actionable IOIs) above using a negotiated trade system. LIS do not need to be made pre-trade transparent. Can apply to price reference waiver and negotiated • Price forming trade systems as well as orders and quotes in • Liquid shares–must occur within the order CLOB, quote-driven and RFQ systems. book or quotes of the venue (subject to the double volume cap) Price Reference Waiver • Illiquid share–must occur within a reasonable price of the last trade on the venue Applies to a price reference waiver system. All trading must take place at the midpoint of the • Not subject to the current market price primary market or the most relevant market for • VWAP/TWAP–trade is executed at a the security in liquidity terms.
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