Resume the subject of negotiations and, in particular, the trading models adopted by firms and their trasformazone within MiFID.
There are, in general, three types of models:
-driven units (facilities where the meeting takes place orders through the intersection of providing member and market maker orders that "exposes" the price). Orders must reach to hit quotas and can not be exposed on the book. Examples of this type of markets are the SSO (bilateral). In a MiFID internalisers discharge these properties.
order-driven (facilities where the meeting takes place via the trade-matching che SONO esposte cioè gli ordini possono essere limitati). Esempi di mercati di questa tipologia possono essere la maggior parte dei mercati gestiti da Borsa Italiana –MTA-.In un’ottica MiFid sono mercati multilaterali in quanto gli “attori”sono tutti i dealers.
-ibrid driven (strutture dove l’incontro avviene in maniera mista tra dealer che possono esporre gli ordini limitati o meno e possono anche colpire le quote esposte e infine le quote stesse sono esposte da specialist in funzioni di market-maker).Esempi di mercati di questo tipo sono il segmento Expandi classe 2 di Borsa Italiana, il Nyse e il Tlx(dove i market makers sono due e tutti gli altri sono aderenti diretti).
E’ fuori di dubbio che un SSO on pre MiFID, which is a quote-driven and is sure to become bilateral internaliser for MiFID.
pause to deal with a hybrid structure for trading as may be to a bank that wants to dedicate an entire section to the intersection of trading through auction method, the client orders on shares of the bank itself that are not quoted on any market (branded), but that can be entered in a partnership there is a limit order specialist (own account of the bank or an external specialist) who share price bid / offer in asta.Il this is: according to the MiFID a system of this type (hybrid) is considered bilateral (nternalizzatore) or multilateral (MTF)? Il dibattito è aperto.......
LIQUIDNET EUROPE
Liquidnet Europe Limited is the Multilateral Trading Facilities of the international group that deals with Liquidnet, within MiFID, to provide an electronic trading platform for investors able to interact effectively (in full compliance with the "best execution" ) with all the equity markets europei.La technology platform was introduced in Europe in November 2002, members of the circuit (members) are institutional clients (mainly North American and European asset managers). The feature of the marketplace is to bring flows of most operators worldwide directly from the exchanges or trading venues in a more differentiated Instant eliminating the problems of telephone access and "monocontribuito." platform Liquidnet is the most widely used in numerical terms, in the post-trading equity worldwide (source: "Operational Performance of Brokers"). Multilateral trading facilities
Mic code LIQUA
Website http://www.liquidnet.com
Country code GB - Authority FSA
Tools negotiations through Liquidnet platform.
important initiative by the association of market intermediaries bonds (ICMA) within MiFID: It will, in short, made operational portal- www.bond marketprice.com on the speech "price transparency on the bonds." We go into detail, the site will cover prices and negotiations carried out between members of ICMA (over 400 international brokers) and only cover emissions and most liquid exchange between 15.ooo million and € (thus the amount that could be categorized as "retail"). The type of bond will be on emissions at a fixed rate, variable and convertible securities and supranational government, corporate and financial issuers. The data will be public and free web-based and will cover all closing prices, and minimum and maximum volumes dela day in practice will be information about transparency on bond only post-trade . E 'will be equally clear that the reference price and the sample, albeit significant, of a universe of trading over the counter "so widespread can not be taken as a means" base " and binding on subsequent bargaining. To optimize the transparency should be introduced also the visibility pre trade, we still very much welcomed this initiative as a "wake on" basic principles of MiFID.
CHI - X
Chi-X (www.chi-x. com) is the market of alternative actions (MTF) established by the broker Instinet (global agency broker) in order to propose a competitive market to regulated markets. The strengths are almost 8000 listed pan-European action, speed of execution (almost 10 times faster than conventional circuits), low cost (almost 10 times cheaper than bags). The post-trading service to participants is the responsibility of Fortis Bank Global Clearing
Multilateral trading facilities
Mic code CHIX
Website http://www.chi-x.com/
popular tools: Stocks
In early November 2007 n .8273 shares (the DAX-Germany-all, and all Aex25 AexMidcap25-Holland, all the FTSE100-Uk-, 37 shares of the CAC40-France-)
Trading hours continuous trading
8:00 to 16:25 UK time for Holland
8:00 to 16:35 UK time for the UK and Germany
Type
Order driven trading book orders with anonymous
Example of financial instruments listed
ING (ING Group NV) code ING.I
ISIN NL0000303600 Cap: U.S. $ 5,523,292,000
Day 20/11/2007 n.trades 1330; volume 1,427,009 shares, equivalent 35,580,288