April 17, 2025
- The European Commission asks market participants and national authorities whether the EU's trading venues are ready to implement a US-style order-protection rule. The decision to introduce such a rule would probably happen by early 2029.
- The EU's widely disliked double-volume caps on dark trading will be abolished on September 29th. Sadly for many firms, a single-volume cap will take their place on October 9th.
- Big xyt announces it will compete with EuroCTP, a joint venture between the EU's stock exchanges, for the right to operate the EU's consolidated tape for equities and ETPs.
- Optiver will become a systematic internaliser for its direct bilateral trades with asset managers, removing the market maker's activity from the off-book, on-exchange segment of the market.
- Market Structure Partners admits to making mistakes with its analysis of exchanges' market-data fees. And then doubles down on its conclusion that regulators must intervene.
- Vanguard is a fan of Euronext's plan to consolidate its ETP listings at Euronext Amsterdam, but the exchange's connected project to open parallel RFQ books is encountering resistance.
- Additional listings in the US provide more liquidity, but not necessarily higher valuations, according to the FT. Companies may be choosing the US to avoid financial transaction taxes in Europe.
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