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Market Structure News Digest

July 30, 2020

• Cboe’s bid to launch intraday periodic auctions in US equities

• With market participants and regulators busy gilding the equity-market-structure lily, big banks post record trading profits in far-less-efficient fixed-income markets

• EU regulators delay an antitrust ruling on London Stock Exchange Group’s proposed takeover of data giant Refinitiv

• Nasdaq seeks regulatory approval for a new, Early Market-On-Close order type

• With retail trading surging during the pandemic, Cboe plans a mini-VIX futures contract

• A former ECN attorney plans a new US exchange focused on small-company capital formation

• Politicians on both sides of the Atlantic, starved for revenue amid the pandemic’s economic toll, turn to financial transaction taxes as a potential answer

• The EU, as part of a regulatory relaxation designed to aid pandemic recovery, partially lifts MiFID II rules that unbundled investment-research payments from trading commissions

• In contrast with the recent trend toward greater transparency in equity markets, the SEC proposes a rollback of the so-called 13F ownership-disclosure regime

• Even as unique, pandemic-driven market conditions wreak havoc with predictive models, financial firms double down on their artificial-intelligence investments

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