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Private Banking and Wealth Management Survey 2010:
Country risk 2010:

Country risk 2010:

Bi-annual Country risk survey monitoring political and economic stability of 186 countries

January 2009

MTFs: A strategy more complicated

by Peter Koh

The proliferation of alternative trading venues in Europe has vastly complicated the task of achieving best execution.




According to a new study on trading behaviour in the post-Mifid environment by pan-European brokerage CA Cheuvreux, the increase in the number of new trading destinations has had a profound impact on optimal trading strategies, as the particular market structure rules of trading venues and their different trading participants have directly affected the intra-day behaviour of stocks.

According to Cheuvreux, new MTFs increase the relative liquidity difference between continuous order book trading and fixing auctions because they mainly target continuous order book trading liquidity. Fixing auctions...


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