It is fascinating to watch the fight that is going on between the traditional
exchanges – Deutsche Bourse, Euronext and London Stock Exchange (LSE) – and the
new guys – Chi-x, BAT, virt-x, PLUSMarkets, Boat, Turquoise, NYFix Millennium,
NASDAQ OMX, Equiduct …
The fight is over liquidity, trading, order execution,
pricing, clearing and settlement.
In fact, on that note, we should throw in
LCH.Clearnet, Clearstream and Euroclear in their battles with EuroCCP, Rainbow
and friends.
There is no doubt that MiFID has been a trigger for change, although the
resulting changes are yet to be seen. In other words, we are seeing change, but
just do not know the long-term landscape, winners and losers as yet.
The reason for mentioning this today is two-fold.
First, LSE came out yesterday saying that the new guys had to fight on some
other ground than latency. Second, Turquoise’s leadership – Eli Lederman, CEO
and Adrian Farnham, COO – are addressing the Financial Services Club next
Thursday with their views of what it takes to win in the future.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
