Bond Platforms Form Lobby Group to Tackle MiFID II – The Trade
October 14, 2016 \ 6 Comments
Full Article: The Trade
EDMA said it will work with its members to develop collective views on regulatory developments impacting the electronic fixed-income trading sector. It has set out principles to guide its activity, which include ensuring open access and fair, transparent markets, diversity of electronic trading protocols and equivalent regulatory treatment of all electronic trading platforms.
This should come as no surprise. During the Dodd Frank legislative period when the (then) five largest interdealer brokers came together to form the WMBAA, the pundits pushed back suggesting that they couldn’t effectively promote the industry better than the multinational banks with much deeper pockets. They proved them wrong and were viewed as firms who knew how to operate markets and execute trades. The Dodd Frank Act benefitted from the efforts of that small group and their talented counsellors in DC. I think this is a great development and frankly am surprised it took this long to develop, although… Read more »
I wish there was a bit more detail, but certainly interesting. It makes solid business sense to try this given the shifting regulatory landscape in Europe. A few thoughts -Hey, the electronic platforms are definitely feeling their oats! -“Open access and fair, effective and appropriately transparent markets”. OK, given these platforms history and models that is definitely a new twist. -Your new EMTA comes fully equipped with BrokerTec Europe, MarketAxess Europe, MTS Group and -Tradeweb Europe. (Bloomberg not included). Is this Ty Cobb in Field of Dreams? “Ty Cobb wanted to play, but we couldn’t stand the son of a… Read more »
While not a surprise that FI electronic trading venues want to have clarity on what is expected of them to operate within the confines of Mifid II, does anyone else find this quote strange from Mr. Bullen, “….EDMA members who together operate and run an essential component of European Financial markets….”? What exactly are they ‘running’? They exist in only that they provide a service that market participants find useful. They are ‘running’ nothing. And while MTS and TradeWeb are significant electronic conduits in the FI e-trading space, they are mostly in the rates space. Somehow MarketAxess finagles their way… Read more »
Who is David Bullen? Does anyone else find it odd that the article states that he has been appointed to lead this whole initiative but provides no detail about him?
David Bullen was formerly head of FI ebusiness (or something similar to that) at Citigroup. He has been consulting for various initiatives since leaving Citi 3/4 years agi and has been diligent in following theEuropean regulatory space and presenting/chairing/moderating at most industry events. Probably seen as more Rates than Credit and more Sell than Buy-side, he is probably an acceptable choice for this task if not a little bit too London-centric. One of his difficulties will be grasping any real means from 4 of the most bottom lined obsessed firms in the world … maybe that’s what this us about… Read more »
On paper a good initiative but can’t help to be disappointed in how late the participants have come to the table, what Btec Europe is supposed to be contributing to this initiative with a sub 1% marketshare, why Bloomberg isn’t there, why none of the new initiatives have been invited (arguably bringing to the table the less innovative firms in the industry!!!!), why no idbs and why only London based initiatives….so the hidden cynical side of me is thinking ‘marketing gimmick’.
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