[ THOUGHT LEADERSHIP | THE SWISS STOCK EXCHANGE]
very complicated for users to
obtain a consistent and actionable
view in real-time. It is even
difficult to get a consistent ex-post
view over the various liquidity
pools for individual assets.
Moreover, the costs to investment
firms of having to subscribe to
data-feeds providing access to real-
time data from multiple trading
venues is much higher than simply
procuring the information from
one single exchange. According to
consulting firm Oxera, fees levied
by securities exchanges for their
real-time market data account
for about 15% of the overall data
procurement costs for investment
firms.
Even though the previous broker
crossing networks had flaws,
transparency or lack thereof
continues to be an ongoing
problem under MiFID II, due to
the poor quality of reported OTC/
SI data. We’re also mindful of some
weaknesses in the Regulatory
Technical Standards (RTS) 25 that
prescribes bespoke timestamping
granularity requirements and
accuracy standards for different
types of trade executions.
This deficiency makes proper
sequencing of price updates
impossible.
The Swiss Stock Exchange has
implemented measures to ensure
compliance with MiFID/MiFIR
regulations. It re-engineered its
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