If you are benchmarking against the Official Close, how are you ensuring you have an independent view of which stocks, how much, and if anything is trading at the closing price on another venue?
Demand for the official close as a benchmark has led to the introduction of alternative closing mechanisms by MTFs to challenge the predominant position of Exchanges. We began examining this area in more detail last year, and as new players have come to the table, we have been enhancing the scope of our radar.
The ability to track the evolution of market innovation continues to be a feature of our Liquidity Cockpit. We have now included the latest Trading At Last venue and plan to add more analysis of how traders look to benchmark against the close.
To sign up for a free trial of the Liquidity Cockpit, click here.