Banks consider OTF aggregation in response to Mifid

Uncertainty over the future of single-dealer platforms under new European trading rules is prompting banks to consider price aggregation of OTC trading platforms


If banks are unable to make markets in standardised over-the-counter derivatives on their own platforms – because they do not meet the criteria laid out in Europe's Markets in Financial Instruments Directive (Mifid) – some say they will attempt to aggregate trading venues that do qualify, known as organised trading facilities (OTFs).

"The new regulation is likely to create a fragmented market of multiple OTFs, with lots of liquidity all over the place," says Paul Caplin, founder and chief

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