TAG, as an independent best execution measurement specialist, has met almost all participants: regulated markets, new MTFs, brokers, buysides, and data feed providers and regulators, and welcomes the opportunity to bring its vision of this newly fragmented landscape.


www.tagaudit.com

Claire Vincent-Silk, Investit talks to Best Execution About the future of the buyside dealer and on how fund management companies are tackling the issues of unbundling, MiFID and new trading platforms.

Market fragmentation >> Europe is fragmenting but will MiFID really deliver the goods.


(photo: Brian Carr, NYFIX Millennium)

Rob Flatley, Deutsche Bank, talks to Best Execution about the autobahn Equity electronic trading platform which encompasses direct market access and algorithmic trading.

Features

It may have seemed like a long time coming, but Turquoise is finally up and running. Expectations are running high but Eli Lederman believes the trading platform can fulfil them. He talks to Best Execution about the reasons he joined and his hopes for the future.

Asia >> With some of the world’s strongest performing economies in the region, Asia is well positioned for growth. It is no surprise then, to see that stock exchanges with global aspirations are looking at ways to make a foothold.

(photo: John Fildes, Instinet)

Trading systems >> Foreign Exchange - The focus of MiFID may be on equity trading, but we explore how the regulation is impacting foreign exchange.


(photo: Harrell Smith, Portware)

Lead story

Opinion shaper interviews

Compliance & regulation >> Mutual recognition between the US and European Union sounds good in theory but translating it into a working framework is no easy task.


(photo: Burcak Inel, FESE.)

Market infrastructure >> Overcoming the interoperability hurdles between derivatives exchanges and clearing houses is no easy task

(photo: Laurent Jacquemin, GL Trade)

Data management >> As more orders are pumped through the networks, latency has become a

hot topic. Shaving microseconds, though, is only one factor in winning over traders’ hearts and minds. 

(photo: Lee Hodgkinson, SWX.)

Cover story - Turquoise

Viewpoint

How dark is my pool? >>

“It seems that dark pools are all the fashion these days, but what is actually happening here in Europe?”

Jerry Lees of CA Cheuvreux gives his own personal viewpoint.

To download an article click on the photo

Asking the right questions >> Richard Balarkas, chief executive of Instinet Europe Limited considers the potential impact that changing market structure would have on market volumes.

MiFID >> Kyle Zasky, managing director at Knight Capital Group unveils the silver lining in fragmentation

Analysis - provided by TAG

Fragmentation >> In the first of a new feature, Pablo Garmon, European business development manager, TAG (Transaction Auditing Group, Inc.) Europe, presents some of their market analysis, and maps out a few of the difficulties facing the European trading community.
http://www.financial-i.com/download_redirect.asp?articleID=290&articePath=/uploads/BeST03_TAGAnalysis-1.pdf
Fragmentation >> Liquidity fragmentation and quality of execution. An analysis of European market fragmentation for the second quarter of 2008 (June-August).
http://www.financial-i.com/download_redirect.asp?articleID=290&articePath=/uploads/BeST03_TAGAnalysis-2.pdf