Most of the market structure debate in 2017 was dominated by four subjects: MIFID II, Cat Delays/Cybersecurity, the Access Fee Pilot, and Bitcoin/ICOs. Yesterday we detailed how those subjects dominated the market structure discussion throughout the past year. Today we offer up our market structure predictions for 2018. Over the past eight years our prediction success has varied substantially – from 2/10 correct to 9/10 correct. As we are data-driven (at least as much as the dark-pool-toxicity-data used by many bulge dark pools), and as we believe in using robust data methodology, we will throw out the 2/10 result (more…)

This year was once again filled with many market structure issues that kept us busy.  As we often do, we tried to counter balance some of the usual spin that you might have been hearing from other industry participants with our take on the issue.  Below is a brief summary of some of the topics that we followed this year:  1) Regulatory MiFID II – Starting next Wednesday, the European rule known as MiFID II is expected to change the way business is done in some parts of the equity market. We won’t rehash all the details here since there have been numerous articles and broker (more…)