Tradeweb Authorised As OTF
Tradeweb has received authorisation from the UK’s Financial Conduct Authority (FCA) to operate an Organised Trading Facility (OTF), effective from 3rd January 2018.
On that basis, Tradeweb can offer its clients greater flexibility to choose the type of venue and execution method that suits their needs. It will support the execution of intermediated and discretionary flow and allow clients to discover new liquidity sources and trading opportunities.
The OTF authorisation enhances our MiFID II offering:
· Tradeweb has operated an FCA-regulated MTF since 2007, providing direct access to the highest quality fixed income, derivatives and ETF markets.
· The FCA-authorised Tradeweb APA already has commitments from leading sell-side firms representing an estimated 70+% of OTC non-equity trading volumes.
Comment from Enrico Bruni, Head of Europe and Asia at Tradeweb:
“MiFID II is a great example of regulatory reform paving the way for new business opportunities. Our OTF status will enable us to cater to the varying trade execution needs of our clients across the buy and sell-side.”
There are three key areas where action is required.
Some material changes have come out of ESMA’s review of algorithmic trading.
A consolidated tape will significantly improve transparency and create a level playing field.
AFME said there should be mandatory free data contribution to the consolidated tape.
The review is an opportunity to recalibrate MiFID II regulations post-Brexit.