- 70% of traders think MiFID II has made trading more transparent
- But just one-in-four think dark liquidity will move to lit markets
- 86% of traders see reporting as the biggest concern post MiFID II rollout
Traders disagree over whether MiFID II has been successful, according to new research by SIX. A combined 70% of surveyed traders of the Swiss exchange believe that trading has become more transparent – a key goal of MiFID II.
Paradoxically, only 26% believe that dark liquidity will shift to lit markets, highlighting the failure of a key aspect of the regulation. Traders indicate that they are also divided as to where dark liquidity on capped stocks will shift instead of lit markets, with a relatively even spread between:
- Block Trading / LIS dark pools: 31%
- Systematic Internalisers: 23%
- Periodic auctions: 20%
Please do not hesitate to contact Julian Chan.
About SIX
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022.
www.six-group.com