Market Structure Weekly with Larry Tabb: Virus Fears, Morgan-E-Trade Implications, Speed Bump Rejection, Venue Analysis Challenges, Growing MEMX Support, MiFID II Drama, Bitcoin ETF Blues, Crypto Custody Progress, BlackRock’s Aladdin Magic, Equities Settlement Competition, and more

Like the rest of the world, TABB Group founder and research chairman Larry Tabb turns his attention at the top of this week’s market review to the coronavirus. While global markets have been slammed, China’s debt market has held up pretty well, he notes. Next, Tabb discusses the possibility of more bank deals in the wake of Morgan Stanley’s acquisition of E-Trade, though Goldman Sachs reportedly passed on E-Trade, and the deal’s impact on the exchanges. He also looks at the potential virus-fueled rebound of investment banking revenues, Citadel Securities options dominance, and the epic mom-and-pop stock buying frenzy spurred by free trades. In the equities markets, Tabb examines the pressure on institutions to sell, why humans and not machines are to blame for the rout, the SEC’s rejection of Cboe’s speed bump, and the venue analysis challenge, as well as why research analysts increasingly are going into business for themselves. In addition, he talks about the stock exchanges’ readiness for a coronavirus outbreak, CME’s record trading among the virus volatility, MEMX’s latest supporters, and the ongoing MiFID II and Brexit regulatory dramas. Tabb also highlights the role of data in driving transparency in fixed income and the SEC’s approach to regulating the bond rating conflict of interest. In the technology space, he looks at the SEC’s latest rejection of a bitcoin ETF, the emerging landscape for crypto custody, the pending changes to the delivery of DOL economic data, the importance of BlackRock’s Aladdin, and finally, the introduction of the Paxos blockchain-based US equities settlement service, which will compete directly with DTCC.

Source: TABB TV

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

Topics: Crypto, Custody and depository, Economy/Economic Policy, Equity trading, Fixed Income, Market structure: Exchanges, ATSs, ECNs, Market Surveillance/Technology, Regulations, Risk management, Trading technology infrastructure

TabbFORUM is an open community that provides a platform for capital markets professionals to share their ideas and thought leadership with their peers. The views and opinions expressed are solely those of the author(s). They do not necessarily reflect the opinions of TABB Group, its analysts, TabbFORUM and its editors, or their employees, affiliates and partners.

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