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News, Insight and Events

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24 October, 2025

Goldman Sachs: How Well Are UK & EU Stock Markets Working?

Stock markets in the UK and the EU have transformed over the last decade as increased competition among trading venues and a shift in the composition of market participants have changed how and where trading happens.

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26 November, 2026

A-Team Insight - From Broker Bias to Independent Insight: The Case for Cloud-Native TCA

For years, the path of least resistance for buy-side transaction cost analysis (TCA) was simple: let the broker do it. To escape this fragmentation and gain an independent view, firms have traditionally faced a new dilemma, a binary choice between building a solution from scratch or buying...

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5 December, 2026

Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe

EU capital markets remain too fragmented and complex to support the SIU’s goals. Outdated, costly infrastructure and slow progress on legal harmonisation, especially in tax and securities law, continue to block integration. Interviews with about 100 stakeholders confirm that national legal...

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13 May, 2025

A new approach to Level 3 market data

This article is the story of how Optiver became, first, customers of BMLL’S Level 3 historical data, and then investors. It’s also the story of how companies like BMLL, with the help of Optiver, are putting the ‘buy’ into the age-old ‘build versus buy’ question when it comes to historical market data.

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12 May, 2025

Optiver relies on BMLL market data for quant strategy

The market-maker has built its trading business on top of BMLL’s Level 3 data. But the collaboration is young, and the pair have grand plans to make options the next quant frontier.

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8 May, 2025

Kepler Cheuvreux’s KCx introduces new smart order router

The new SOR uses BMLL Level 3 data and aims to assist clients in achieving execution and liquidity capture.

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1 May, 2025

CNVM Bulletin 2025

The first months of 2025 have been shaped by the economic policy decisions of the new Trump Administration, particularly regarding tariffs. The year had initially begun with expectations of a mild economic slowdown and a continuation of interest rate cuts. However, the United States soon announced tariff measures, initially targeting its closest trading partners, Mexico and Canada, and subsequently extending these to nearly all its trading partners.

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16 April, 2025

Insight & Analysis: Eighty percent of liquidity disappeared from long bond future post 2 April

The DESK’s analysis reveals that liquidity providers withdrew in response to unprecedented volatility, causing a collapse in the order book’s top ten levels.

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16 April, 2025

The Trump effect: how tariffs rocked global equity markets - in five charts

In the ten days since the announcement, global equity markets have gyrated wildly. Using five charts, we examine the magnitude and character of the market's response - through trading volumes, message traffic, and options activity.

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15 April, 2025

S&P500 futures liquidity declined 90% at height of tariff turmoil

Global Trading analyses the how depth of order book collapsed as liquidity providers fled unprecedented volatility.

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11 April,2025

Tariffs and turmoil: Rising volatility and the true cost of trading in Europe

With recent market volatility, we examined the impact of Trump's tariffs on market structure and how people traded.

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12 March, 2025

FCA pledges caution as industry voices concern over rise of bilateral trading

At the FIX EMEA Trading Conference, 46% of attendees highlighted the rise of bilateral trading and its effect on public market price formation as their top regulatory concern for 2025.

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6 February, 2025

Traders Must Prioritize Data Quality for Better Execution

Dr. Elliot Banks, CPO, and Rob Laible, Head of Americas, spoke with Traders Magazine at Equity Leaders Summit (ELS) about the importance of high-quality data and how it has never been more critical.

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12 December, 2024

Liquidity, it’s a two-way street

Annabel Smith delves into the increasing role of bilateral trading in European equities, exploring how the evolution of this complex sector could shape future liquidity and whether it may draw greater attention from regulators.

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12 December, 2024

Liquidity Landscape: From Q3 trends to 2025 transformations

European equities in 2024 have continued to shake their reputation as the laggard in the global investment race and have remained resilient amid a complex economic environment.

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