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Meet Your Market Maker: Understanding ELP SI Liquidity

  • ID: 4897051
  • Report
  • November 2019
  • Region: Global
  • 21 pages
  • TABB Group
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FEATURED COMPANIES

  • Citadel Securities
  • Hudson River Trading
  • IMC Trading
  • Jane Street
  • Jump Trading
  • SSW Market-Making
  • MORE
The implementation of MiFID II in 2018 introduced significant change on Europe’s equity venue landscape, with one of the most intriguing developments being the emergence of systematic internalisers (SIs) run by electronic liquidity providers (ELPs). The growth of ELP SIs is arguably representative of the broader shift of order flow origination from traditional banks to electronic market-makers. The notion of ELPs being able to provide liquidity directly to clients would have been unlikely just a few years ago given levels of buy-side anxiety around such firms. However, the SI regime offers the buy-side a unique opportunity to analyse liquidity from each ELP and use them more or less accordingly.

This report, Meet Your Market Maker: Understanding ELP SI Liquidity, looks at some of the statistics and volumes available for this market, as well as how the ELP SIs are differentiating themselves from one another to prove their worth. We also consider the future prospects for the market.
Note: Product cover images may vary from those shown
2 of 3

FEATURED COMPANIES

  • Citadel Securities
  • Hudson River Trading
  • IMC Trading
  • Jane Street
  • Jump Trading
  • SSW Market-Making
  • MORE
  • Introduction
  • SI Regime Recap
  • The Role of Brokers and ELP SIs
  • ELP SI Rules of Engagement
  • ELP SI Volume Summary
  • Understanding ELP SIs
  • Overview
  • Stock Universes
  • Order Sizes
  • Future Outlook for ELP SIs
  • Regulatory Changes
  • Operational Changes
  • Competitive Landscape
  • Conclusion
  • About the Author
Note: Product cover images may vary from those shown
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  • Citadel Securities
  • Hudson River Trading
  • IMC Trading
  • Jane Street
  • Jump Trading
  • SSW Market-Making
  • Tower Research Capital
  • Virtu Financial
  • XTX Markets.
Note: Product cover images may vary from those shown
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