The TRADE 56 - Page 7

Keeping you informed with the latest industry news “The natural order flow that we see has allegedly been pre-matched through these venues, but we need to educate regulators that this is simply not the case,” he said. However, chairman of the Autorité des Marchés Financiers, Robert Ophéle, specifically targeted Cboe Europe’s periodic auction during a keynote address at the conference, stating his concerns about how the industry currently views periodic auctions as lit ven- ues and calling into question the level of transparency these venues provide (see page 15). “Periodic auctions are considered to be lit trades, but the level of transparency is indeed very limited. There is practically no pre-trade transparency and no means of fully understanding the order book,” Ophéle said in his address. “The auction duration is unknown and the Europe- an Best Bid and Offer (EBBO) provides the corridor where all trades are executed, so one could be led to believe that many trades on periodic auctions are actually pre-arranged trades.” Of those asset managers surveyed, 54% said they are in favour of implementing a minimum order size in pe- riodic auctions, and 49% said a minimum pre-matched period based on the liquidity of the instrument should be intr Ս)1եӊéɕЁͼչѡЀ͕)ͥ́ٔѡ͡Ёѽ݅ɑ́Ʌո)ȁ5%%$́ͥѥٔэɕ)%ЁͅѡЁݡɕձѽ䁙́ɕ́Ёɥ)ɵѥ䁍ȁ͕Ё́́ո)ٕɥե䁝ٕѡѼᕍєͥ锸)I!䰁ɭЁՍɔȁ5)Ё1եЁѡȁѡɕаѡ)չȁ5%%$ѡ͔مɥ́ѡ́ᔴ)ѥȁѡͥՑɅ)ɥՍѥٕ́Օ̰́Ս+qQɝյЁȁɅՈ1%Lɝ͍)ɑ́ѡɬ䁉Ё́مȁѡ͔͕)́Ѽɽٔᕍѥəɵ)ȁљɕȁݡхѥѥԴ)ѥɽ͕̳t!䁍ѕ+qQɕ䁥́ѡЁ͕Ё́ձѥ)ѡ́ᕍѥمٕѡمɥ䁽)ɑ̰ɥɭЁѥ̰ᕍѥ)ѥٕ́ɕեɕ!ѡɥ͔͔ɥ)Սѥ́M%́́ѕɹѥٔѡ́ͽɍ)ե今t)A=A15=YL)͍͕Ё5ӊé)եɅٕͥѕɅ)5 ɼ́٥ѡɴѕȀ啅̸) ɼ͕́ЁѼЁѡյȁд)͍͕Ё5Ёݥ́ɕ)ЁՔ͔ͽɵ)QɵȁɵѥȁЁ ݕ)9܁eɬݥɕєѼ1ȁ)ɽݥѠѡ1Mѽ፡ɽ)9ѡ፡)Ʌѽȁ)չ́ɵ)ѥȁȁ͡ɕ͕٥̸)QЁɕͥЁ́ѕ)Ёѡ9܁eɬMѽ፡9eM)Mх չѽѡɽ5)ݥѡɔQ́ɱ) չ́Ʌѥ)Ё9eMͥ)չ԰́ɵɱ䁡)مɥ͕́ȁͥѥ́Ёѡ፡)AѕȁQͽ́ɕ́)ɕѽȁḾ͕)5ӊéɽQͥ́1)Qͽɕ́ɽMɍQ)ݡ݅́եɕ%ٕ͍܁Ѽͥ)ͥ́AݕMɕ̰́ͥݡɔ)݅́ɵɱ䁥ѕɥᕍѥٔչȸ) ɍ́́ѕ5ЁA)ɽ ɕЁMե͔́́Ĵ)եѥ́ͥ́ͥA)AЁݥٕ͕ ɍϊdեѥ́ͅ)Ʌѥ٥ѥ́ѡA ɕ)ݡ͕́ɥمѥٕ́ѕȁѡ͡д)ѕɥ́͠եѥ́ͥ́ظ)%Ք؀QQɅ9̹