European Equities Market Microstructure Survey Q1 2021
Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. Following a desolate second half in 2020 and despite ongoing Covid-19 and Brexit-related uncertainty, the first quarter of 2021 saw a return to some kind of normality in market volumes. View the complete report here. ***** All the...
Wales to introduce independent stock exchange
Academics from Brains Trust predict market launch will quench investors’ thirst for trading to stay local. (Special note: this was an April Fool's Day post) Flushed with success from the Six Nations Championship a new stock market is being proposed for Welsh investment in Welsh companies. Behind the initiative is the recently...
Microbites #3 – Dark Trading in Europe
The big xyt Microbites series is for those who are unfamiliar with the European market structure or need a refresher. In this third episode we look at dark trading in Europe and the unique rules that limit the activity. We recommend that you read the previous episodes if you are unfamiliar...
Swiss movement – the pendulum swings
Those of you who keep a close eye on market microstructure will be well aware of a dress rehearsal for “non equivalence” in July 2018 when all Swiss trading was banned on competing venues. Overnight the primary SIX exchange was responsible for 98.8% of turnover in the top 20...
Microbites #2 – What and Who Are MTFs?
In our second episode on the European market structure landscape, we describe the grandly named “Multilateral Trading Facilities” (MTFs) and compare them to the better known national stock exchanges. View the article here.
MTF migration to EU venues… what happened after Brexit?
There was always bound to be some post Brexit ‘fallout’. Unsurprisingly there was plenty of market commentary last week, however we wanted to wait for the dust to settle before we made any of our own observations. You will find it reassuring to know that your suspicions are correct. We...
European Equities Market Microstructure Survey 2020
In 2020, we took to trading from our bedrooms, garden sheds and conservatories, learned how to download several hundred video conferencing packages, set up a home-school on the kitchen table, and went to work in our pyjamas. As we couldn’t go out on New Year’s Eve to watch the fireworks,...
12 Days of Trading – Day 12 of 12: Santa sees everything… can you?
As our 12 Days of Trading campaign 2020 draws to a close, we know you like a festive finale. A global view of equity data allows us to zoom in on specific regions or individual markets. So, just like Santa, you can see everything. In another demonstration of how...
12 Days of Trading – Day 11 of 12: easyJet shares hit a snowstorm
It’s been a turbulent year for the airlines, and just as the arrival of vaccines seemed to clear away some of the clouds, they’ve been hit by a blizzard of travel restrictions. In today’s 12 Days of Trading post we look at easyJet, a UK travel sector mid cap...
12 Days of Trading – Day 10 of 12: I’m always touched by your presence, Elon
There may be several arguments about inclusion rules and timing and certainly when a stock with a Price /Earnings ratio of 1260 joins an index where the average P/E is 36 it is likely to cause waves rather than ripples. We knew it was going to be big...but this exceeded...
12 Days of Trading – Day 9 of 12: Everybody’s equal in the market……aren’t they?
It would be remiss of us not to comment on some observations on market quality as a result of the macro surprises experienced this year. There was a lovely correlation between volatility/uncertainty and market quality during 2020. “Lovely” to behold, but unfortunately, expensive for many end investors. It would seem...
12 Days of Trading – Day 8 of 12: Well this is a nice surprise… look what we’ve discovered!
Having a team of super smart data scientists who use a consistent methodology on a well curated data set can bring enormous benefits when exploring new ideas. The deployment of new business logic to discover fresh insights can be applied historically as well as going forwards. This provides immediate...
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