A gentle reader, it raises interesting questions about the market for Eurobonds, his questions public in full and open "debate" with our point of view:
"MiFID will have on costs and regulations of many words authorities, but as> you set the rules under the Eurobonds market? How can I verify best execution in this market dominated by market makers? They are bound to reports by Italian operators? And those who work abroad? What specific legislation on the matter? "
A first vision of this problem was developed by www . Mifidnews.blogspot.com recently with an article dated November 10 "Best execution and the OTC market." To this I must add that an important "trading venues" adopted national a strategy (that is having success) like this:
-internaliser became systematic over most of Eurobonds ensuring best execution in this way: it is connected via a Bloomberg-many venues that are not classified as systematic - and to all possible markets MTF (EuroTLX, Italian handbag, tlxetc ....) and also has an order routing that can instantly analyze and compare all these data showing HOW you can instantly be best to quote (or bid or offer). A Then the trading venues is able to provide best execution "real" title on the market.
We believe this process has three limitations:
1)La trading venues deve dimostrare tutto questo (e pare ci riesce)
2)i prezzi su bloomberg NON sono fermi per cui non sono una garanzia assoluta per la best execution
3)il cliente finale ha un servizio molto simile a prima della MiFid in termini di trasparenza in quanto NON è visibile su un sito nè immediatamente fruibile lo "sviluppo" pre e post trade della negoziazione;ricordiamo che per il settore obbligazionariola trasparenza è derogata "in capo"all'internalizzatore (o all'Mtf)che può,come in questo caso, non fornirla alla clientela.
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