Fragmentation of Liquidity
ATMonitor
Commentary
September 2011 Issue
Fragmentation of Liquidity
www.atmonitor.co.uk
Fragmentation of Liquidity
ATMonitor Commentary
Foreword
This is not an academic paper on theoretical discussions but rather a series of practical questions and answers that members of MyATMonitor have asked and industry experts answered. Our primary goal is to bring knowledge that will be useful to traders on the buy side. In fact, this philosophy is well reflected in the very heart of MyATMonitor, a reliable, independent and trusted peer-group network of and for buy-side only institutional traders.
This publication has been compiled from ongoing Q&A activity on the MyATMonitor Expert Panels. At the time of publication, the Expert Panels on MyATMonitor are Dark Pools, Commission Sharing Arrangements,
EMS/OMS Relationships, Fragmentation of Liquidity, MiFID II and Transaction Cost Analysis and Best Execution.
The ATMonitor team would like to thank all members and experts that have generously contributed to the success of MyATMonitor.
ATMonitor Team.
www.atmonitor.co.uk
2
Fragmentation of Liquidity
ATMonitor Commentary
Experts Panellists (in the order of appearance):
Steve Grob
Director of Group Strategy, Fidessa
Steve is responsible for Fidessa’s strategic development.This includes the development of new geographic markets and strategic partnerships and driving new industry initiatives. As part of this Steve heads up the firm’s strategy in response to the fragmentation of the equities trading landscape, managing the firm’s initiatives in conjunction with both the established exchanges and the new and emerging alternative liquidity venues and dark pools. Steve has also played a significant part in bringing the Fidessa
Fragmentation Index (FFI) and the Fragulator® to the wider trading community.
He provides a regular commentary on the issues surrounding fragmentation of the markets on the community forum that was launched at
Commentary
September 2011 Issue
Fragmentation of Liquidity
www.atmonitor.co.uk
Fragmentation of Liquidity
ATMonitor Commentary
Foreword
This is not an academic paper on theoretical discussions but rather a series of practical questions and answers that members of MyATMonitor have asked and industry experts answered. Our primary goal is to bring knowledge that will be useful to traders on the buy side. In fact, this philosophy is well reflected in the very heart of MyATMonitor, a reliable, independent and trusted peer-group network of and for buy-side only institutional traders.
This publication has been compiled from ongoing Q&A activity on the MyATMonitor Expert Panels. At the time of publication, the Expert Panels on MyATMonitor are Dark Pools, Commission Sharing Arrangements,
EMS/OMS Relationships, Fragmentation of Liquidity, MiFID II and Transaction Cost Analysis and Best Execution.
The ATMonitor team would like to thank all members and experts that have generously contributed to the success of MyATMonitor.
ATMonitor Team.
www.atmonitor.co.uk
2
Fragmentation of Liquidity
ATMonitor Commentary
Experts Panellists (in the order of appearance):
Steve Grob
Director of Group Strategy, Fidessa
Steve is responsible for Fidessa’s strategic development.This includes the development of new geographic markets and strategic partnerships and driving new industry initiatives. As part of this Steve heads up the firm’s strategy in response to the fragmentation of the equities trading landscape, managing the firm’s initiatives in conjunction with both the established exchanges and the new and emerging alternative liquidity venues and dark pools. Steve has also played a significant part in bringing the Fidessa
Fragmentation Index (FFI) and the Fragulator® to the wider trading community.
He provides a regular commentary on the issues surrounding fragmentation of the markets on the community forum that was launched at