Ulrich Nogel - It’s all about Liquidity - Europe Cash Equity Trading Trends
Level 39
Wednesday, January 15, 2020 - 06:30 PM
Until: Wednesday, January 15, 2020 - 08:30 PM
(Adjusted for timezone: Europe/London)
Categories
Abstract (doors open at 6:30pm and the talk will start at 7:00pm - please allow time to get your visitor pass from the reception of One Canada Square for Level39)
While the trading of cash equities was historically concentrated on the national exchanges as primary markets the EU Market of Financial Instruments Directive (MiFID, 2007) intended to break this monopoly and spur further competition amongst trading venues. This has led to a rise of alternative trading venues and a fragmentation of liquidity. With an update of this regulation with MiFID2/MiFIR (2018) the policy makers tried to limit some unintended side effects, e.g. increasing trading volumes on dark pools and so called Broker Crossing Networks (BCNs).
In this talk we will give an overview of the regulatory background and the recent trends and developments in European cash equity trading post MiFID2. We will present some recent analysis based on liquidity data from the big xyt Liquidity Cockpit.
In particular we will cover the following:
- Post MiFID2 Landscape
- Fragmentation by Trading Venue
- Primary Market vs MTF
- Reverse MiFID – Swexit ?
- More competition - lower Transaction Costs (Equity Spreads) ?
- Fragmentation by Trading Mechanism
- Rise of the Closing Auction?
- Periodic Auctions - The Future of Lit Trading?
- Large in Scale (LIS) Trading
- OTC - still alive?
£15
Bio
Dr. Ulrich Noegel has over 15 years' consulting experience with a special focus on pricing, risk management and particular clearing of derivatives under special consideration of regulatory requirements including the IT implementation.
He is Co-founder (Analytics) at big-xyt, an innovative provider of big data analytics that will help the finance community to tackle the challenges in the new regulatory environment related to big data management and automated trading. Leading all the firms' activities in providing solutions arising from new requirements (e.g. trade reporting or best execution under MiFID2/MiFIR).
With his strong connection to academia he is further responsible for the big xyt research hub with the aim to connect academia and industry for the new challenges in the new regulatory environment.
He recently turned research interest towards financial market's micro-structure modelling with special focus of FX markets and optimizing trade execution. With a PhD in theoretical Quantum Optics he is of course very excited about the opportunities the recent development in Quantum Computing can bring to financial services.
Ulrich published various papers on different topics in quantitative finance and is a frequent speaker on academic and industry conferences.
Additionally, Ulrich is the Regional Director Frankfurt and Member of the Global Council of Professional Risk Managers' International Association (PRMIA).
While the trading of cash equities was historically concentrated on the national exchanges as primary markets the EU Market of Financial Instruments Directive (MiFID, 2007) intended to break this monopoly and spur further competition amongst trading venues. This has led to a rise of alternative trading venues and a fragmentation of liquidity. With an update of this regulation with MiFID2/MiFIR (2018) the policy makers tried to limit some unintended side effects, e.g. increasing trading volumes on dark pools and so called Broker Crossing Networks (BCNs).
In this talk we will give an overview of the regulatory background and the recent trends and developments in European cash equity trading post MiFID2. We will present some recent analysis based on liquidity data from the big xyt Liquidity Cockpit.
In particular we will cover the following:
- Post MiFID2 Landscape
- Fragmentation by Trading Venue
- Primary Market vs MTF
- Reverse MiFID – Swexit ?
- More competition - lower Transaction Costs (Equity Spreads) ?
- Fragmentation by Trading Mechanism
- Rise of the Closing Auction?
- Periodic Auctions - The Future of Lit Trading?
- Large in Scale (LIS) Trading
- OTC - still alive?
£15
Bio
Dr. Ulrich Noegel has over 15 years' consulting experience with a special focus on pricing, risk management and particular clearing of derivatives under special consideration of regulatory requirements including the IT implementation.
He is Co-founder (Analytics) at big-xyt, an innovative provider of big data analytics that will help the finance community to tackle the challenges in the new regulatory environment related to big data management and automated trading. Leading all the firms' activities in providing solutions arising from new requirements (e.g. trade reporting or best execution under MiFID2/MiFIR).
With his strong connection to academia he is further responsible for the big xyt research hub with the aim to connect academia and industry for the new challenges in the new regulatory environment.
He recently turned research interest towards financial market's micro-structure modelling with special focus of FX markets and optimizing trade execution. With a PhD in theoretical Quantum Optics he is of course very excited about the opportunities the recent development in Quantum Computing can bring to financial services.
Ulrich published various papers on different topics in quantitative finance and is a frequent speaker on academic and industry conferences.
Additionally, Ulrich is the Regional Director Frankfurt and Member of the Global Council of Professional Risk Managers' International Association (PRMIA).