In Episode 46, our resident European market structure expert Niki Beattie provides an update on key topics of interest in the UK, and across the continent. Niki addresses the evolving debate on the consolidated tape debate, which raises the question on whether to codify a ban across the entire EU on Payment for Order Flow (PFOF). Niki also examines the post-Brexit listings battle between Amsterdam and the London Stock Exchange (LSE), and she explains how the continent and the UK are diverging on Markets in Financial Instruments Directive (MiFID) rules for dark trading. She believes the pre-pandemic talk of shortening the standard trading day is back on the table. Niki also criticizes the London Metal Exchange (LME) nickel debacle, and she thinks the LME's position is at risk unless management listens to the industry and modernizes. She concludes the episode with her perspective on the potential convergence of digital and equity market structures, firmly believing that the two asset classes may be on a collision course.

Chapter Headings

What Market Structure Issues are Top of Mind for the European Buy Side? (1:20)

Are European SIs Facing the Same Leakage Questions as U.S. Single Dealer Platforms? (13:31)

PFOF in Europe and Its Connection to the Consolidated Tape Debate (20:38)

What is Driving Amsterdam's Success vs. the LSE in the Listings Battle? (26:00)

Revisiting the Length of the European Trading Day (34:00)

What Factors Led to the LME Nickel Fiasco? (34:44)

Will Digital and Equity Market Structures Converge? (37:48)

Disclaimer

For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-46

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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