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[ C O N T E N T S ] MARKET REVIEW 44 Volatility returned with a bang in February as Vix options trading spiked and investors clamoured to hedge options in the face of a new risk regime, but what decisions are available to investors that are considering hedging, or is it even necessary in the current market? Moving towards the light Have trading volumes moved onto lit venues following MiFID II’s restrictions on dark trading and the rise of systematic internalisers? The TRADE investigates. Fixed Income ETFs: One to watch – 50 // TheTrad e // Spring 2018 STÉPHANE Issue 55 // TheTradeNews.c om // 51 58 SURVEY The 2018 Algo Trading Survey 62 East Asia’s saunter to T+2 | 73 The arrival of MiFID II is already throwing up new trends when it comes to algorithmic trading according to this year’s results for long-only firms. Hayley McDowell offers her take on the first few months of life under MiFID II and so far, it doesn’t look good. R E V I E W B O U J N A H ] BOUJNAH FINAL THOUGHTS [ M A R K E T S T É P H A N E EURONEXT’S CHIEF EXECU TIVE SITS DOWN THE EXCHA NGE GROUP WITH THE ’S ACQUISITION TRADE TO DISCUSS FOR BREXIT ACTIVITIES, AND THE FUTUR HOW IT HAS PREPARED E OF CLEARI NG IN LONDO N. Fixed income ETFs have witnessed unprecedented growth in recent years, spearheading the rise of the overall ETF market. Hayley McDowell asks why the product is so attractive to investors and what the future holds for the asset class. The TRADE examines how those exchanges in East Asia that have not yet made the move to T+2 are preparing to embrace shorter settlement cycles and if the differing approaches signals a shift in regional dynamics. | terview Equity volatility: To hedge or not to hedge? [ I N T E R V I E W The Big In Hayley’s Comment 68 82 DATA LiquidMetrix analyses consolidated performance figures for stocks on major European indices and the changes from the previous quarter. 78 E Q U I T I E S ] [ M A R K E T E Q U I T Y R E V I E W | E Q U I T I E S ] V O L A T I L I T Y To HEDGE NOT TO or 44 // TheTrade // Spring 2018 HEDGE? Issue 55 // TheTradeNews.com // 45 Issue 55 // TheTradeNews.com // 5