Dealer-run platforms face hard choices under Mifid II

MTF, OTF or SI: three options, but none that banks like

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No access: some platforms might have to reinvent themselves to stay in the market

For the best part of two decades, the single-dealer platform (SDP) has been a key strategic plank for Barclays, Deutsche Bank and others – a funnel designed to increase customer stickiness and flows, while also boosting margins. Simply maintaining them can consume several millions of dollars a year, according to people in the know, but it has largely seemed like money well spent. Now, the platforms' owners have some tough decisions to make.

Europe's incoming trading and transparency rules

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