THE TRADETECH THE OFFICIAL NEWSPAPER OF TRADETECH 2018 | WRAP-UP ISSUE D aily T. Rowe Price’s trading head dubious on MiFID II and the emergence of new venues M ehmet Kinak, global head of systematic trading and market structure at US-based asset manager T. Rowe Price, has thrown significant doubt at the new European trading landscape under MiFID II. During a panel discussion with Richard Par- sons at this year’s TradeTech conference, Kinak pointed to the emergence and increasing popu- larity of new trading venues such as systematic internalisers (SIs) and periodic auctions as evi- dence that the new environment has changed in name only since the removal of broker crossing networks (BCNs). “They are the same thing but with a different name and more complexity. As an institution, we cannot show our hand,” he said. “The notion that lit liquidity is the best liquidi- ty is not right, because there are too many mar- ket participants that take information and use it to their benefit. I urge regulators to speak with the buy-side more. Returning good performance to asset owners via this complexity is very diffi- cult. If we need to use periodic auctions and SIs for anonymity, then that’s what we’ll do.” ...Continued on page 10.