12 Days of Trading 2019

12 Days of Trading – Day 2 of 12: Alternative Closing Mechanisms

MiFID I opened the door to exchange competition in Europe. Whilst the central limit order books of the exchanges have seen their monopolies challenged, one area has remained the domain of the primary exchanges. However, with increasing focus on closing auctions driven by passive investing and ETFs, it is...

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12 Days of Trading – Day 1 of 12: Impact on Liquidity for the LSE Stock

Liquidity on lit order books is driven by pre-trade transparency. Therefore, tighter spreads or deeper visible liquidity can lead to market share growth on one venue at the expense of another. Alternative mechanisms also play their part in particular circumstances. Take the example here where major news on two occasions throughout the year caused...

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