It was a little note in a Greenwich study that raised a fascinating topic for those interested in market structure. When evaluating causation of dwindling volume in European fixed-income electronic trading, the report mused out loud about the potential for the market to have reached its “natural limit.” Understanding this level, and recognizing how and where to calculate it, is what makes markets and moves prices. But in the big-bank dominated world of European fixed-income electronic trading markets, while the markets may be at a temporary calm point, the shuffling of brokerage leadership hasn’t changed much. [reits] With MiFID II…
European Fixed Income Trading Experiencing Calm Before The (Mifid 2) Storm
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.