Market Structure Weekly with Larry Tabb: Deutsche’s Dance Partners, Credit Suisse’s Turnaround, EU Banks’ Hard Times, Asset Managers’ Good Times, Active-v-Passive Alternative, MEMX Looks to Europe, MiFID Unexpected Opportunities, Bitcoin’s High-Speed Miss, Bakkt’s Challenges, Market Data Innovation, and Buy Side Integration

While the Deutsche Bank-Commerzbank deal appears dead, Deutsche Bank and UBS appear close to joining their asset management businesses, notes TABB Group founder and research chairman Larry Tabb at the top of this week’s market structure video. Meanwhile, he continues, Credit Suisse’s investment bank finally is on the right track, even as Europe’s investment banks report poor results for the third consecutive quarter, which is driving Barclays to cut bonuses for its investment bankers. The news on the investment management side, however, has been better, including BlackRock’s rebound and the rise of non-transparent ETFs. Next, Tabb highlights a third option in the active-vs.-passive debate, resistance to quantitative investing, and the need for ESG data to drive transparency in the market. In equities, he discusses Virtu CEO Doug Cifu’s hint that MEMX could open up in Europe, machine learning-powered research management, and AI on the trading desk, as well as growth and innovation among the exchanges and in the market data industry. Turning to Europe, Tabb looks at MIFID II’s failures and unexpected opportunities, as well as the huge discrepancy in research costs, and in fixed income, he notes the $1 trillion explosion in ETFs, banks’ growing exposure to CLOs and TABB’s new training business. In the crypto and blockchain space, Tabb examines JPMorgan’s blockchain efforts, bitcoin’s high-speed failures, and Bakkt’s regulatory challenges. Finally, he talks about his video with ICE Data Services’ Lynn Martin and the buy side’s pressing need for integrated, front-to-back technology.

Source: TABB TV

Categories: Crypto, Currencies & Commodities, Derivatives, Equities, Fintech, Fixed Income, Regulatory

Topics: Asset management, Data management, EMS/OMS/Trading system, Fixed Income, FX trading, High Frequency Trading, IT governance/infrastructure, Market data, Market structure: Exchanges, ATSs, ECNs, Market Surveillance/Technology, Regulations, Research and analytics, Risk management, Trading technology infrastructure, Transaction cost research

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