Complexity
& Uncertainty
the Challenge of Managing Regulatory Change
“While MIFID II brings opportunities
to improve efficiency, transparency
and best execution practice, there
are still a number of unknown key
factors that could have significant
unintended consequences and
impact the market in a negative
way.”
James Baugh
Head of European Equites Market Structure
“Liquidity is likely to differentiate
in a greater way moving forward:
Principal liquidity as defined
under the SI regime should not be
confused with the liquidity provided
by Electronic liquidity providers or
market makers whom themselves
will be registered as Systematic
Internalisers. Those firms will
likely trade in smaller sizes and
unwind business over a shorter
time horizon and may be more
suited to smaller sized, short- term
directional aggressive flows.”
“The new environment is creating
new opportunities for large brokers
to support their buy-side clients to
source high quality liquidity with
minimum market impact. However
regulatory requirements may result
in more consolidation which may
not be beneficial to the overall
market community over the long
term.”
David Haldane
Head Of European Equites, Citigroup Global
Markets
Sam Baig
Head of European Electronic Trading
18
www.buysideintel.com
Autumn 2017