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...
12 Days of Trading – Day 7 of 12: Making the right choices… and other tips for passive fund management
Fund managers and traders following the S&P 500 Index face a challenge when they frantically throw out the junk to make way for the new kid on the block. The company that sells fewer than 1% of total vehicles globally finds itself with a valuation equal to the largest nine...
12 Days of Trading – Day 6 of 12: What is Santa’s company vehicle this year?
Our image of the 21st Century Santa depicts a carbon neutral delivery of presents from technology-driven sources, prompting the question: Who will be the winner from the festive shopping season this year? With an ever decreasing number of retailers surviving on the high street, everyone is looking online for stocking...
12 Days of Trading – Day 5 of 12: Should the trading day start later?
A key topic in the market this year has been whether the trading day should begin later in the morning, a move endorsed by many as a way to concentrate liquidity, especially in the earlier part of the day. We can use the daily volume curves to measure whether...
12 Days of Trading – Day 4 of 12: They might be giants
As it’s nearly Christmas, it will soon be time to wrap up the volumes-related theme we have been following these first few episodes of the 12 Days of Trading. First though, let's take a look at how the monsters of European trading fared in 2020. The first chart was inspired...
