ECNs


http://www.ft.com/cms/s/0/6651b660-46fc-11dd-876a-0000779fd2ac.html

MTS coming under more pressure in their Western European stronghold. Even their push into Emerging Markets will not make up for these loses.

(LONDON, UK) Xtrakter, the fixed income market utility, launched today a league table of
execution venues for the market. The league table outlines both the top 10 venues of
execution for the Fixed Income and Equities markets.

OTC was also the largest method of execution for fixed income securities processed by
representing 88.01% of the total share. Tradeweb (Europe) Ltd held 1.93% and MTS SPA
held 1.87% of the total share processed by Xtrakter. Below is a breakdown of the top 10
venues of execution for the Fixed Income market.
TOP 10 Venues of Execution for the Fixed Income market*:
Venue of Execution: % of Xtrakter share
Over The Counter 88.01%
Tradeweb (Europe) Ltd 1.93%
MTS SPA 1.87%
ICAP Electronic (Europe) 1.23%
Euro Global MTS 0.75%
Bondvision 0.65%
London Stock Exchange 0.47%
Euro MTS 0.38%
ICAP Electronic (USA) 0.32%
GFI Credit Match 0.24%
Other venues 4.17%

MTS no. 1 in terms of e-trading with 3.65% (adding all their businesses mentioned above).

Is Bloomberg part of this? Is it in “Other Venues”? Is this on number of trades or volume? Over what period of time?

So many questions……

Sorry, this is about a week old but have been busy:

MTS Group, the pan-European electronic trading platform for government bonds, is pleased to announce an agreement with the Brazilian Ministry of Finance for the creation of an electronic market dedicated to the trading of local currency sovereign securities issued by the Federative Republic of Brazil.

I guess this is acknowledgment that their model has run its course in Europe and it is time to move further afield (already in Israel). Obrigado!

TradeWeb launching a Cash Deposit platform.

Brief piece by Larry Tabb, in Advance Trading, on the future of FI e-trading and that the time is right to move towards an agency/echange type model in Fixed Income.

I can’t say this immediately grabs me as a concept, and it certainly isn’t a new concept. I agree that by the time the markets have settled (2009?) there should be fertile ground for change, but as Tabb points out (and as is often the problem with FI e-Trading) who will drive it? Two players he fails to mention are the existing providers of FI e-Trading venues (e.g. TradeWeb, MTS, BrokerTec, eSpeed) and Exchanges (Equities and Futures).

Brief article on Bank Consortiums on eFinancial with a focus on LiquidityHub. Quoting a Bank source: “The 16-bank consortium became quite unwieldy as there were a lot of interested parties with equal shares. The nine dealers that joined TradeWeb are the bulk of the market and they realized there was a better way of doing things, rather than fighting these battles internally through LiquidityHub.”

I just spotted this on Reuters. Citi have taken an equity stake in TradeWeb and will have a seat on the Board.

Citi and BarCap were the two most notable dealers not involved in Fusion, in my view.

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