What information has FIRDS data provided after Week 1 of MiFID II?
Last week, I provided some analysis on the entities that submitted RTS23 reference data for OTC-ISINs on day 1 of MiFID II. That analysis can be found on Linked-In here.
In this article, I have provided the same analysis based on the week 1 full snapshot FIRDS file released over the weekend. The figures continue to be very interesting.
Summary Analysis
- 19 trading venues and systematic internalisers (at the segment MIC level) submitted 637,742 records consisting of 437,290 unique OTC-ISINs
- Tradeweb numbers have exploded from 453 submissions on the first day to 251,224 over the three days, single-handedly supplying 39.4% of all OTC-ISIN records
- EBS continues to lead in overall numbers with 56.9% of all OTC-ISIN submissions
- Bloomberg, Tradition, Integral are the new kids on the trading venue block, between them providing 0.65% of submissions
- Societe Generale joins Goldman Sachs within the small ranks of systematic internalisers, together contributing 2.21% of the OTC-ISIN record submissions
The Data
Observations
- The discrepancy between Tradeweb numbers and Bloomberg numbers is noteworthy given their respective market shares in OTC derivative trading
- Same observation between FX All and EBS submission numbers vs their FX market shares
- The ToTV implications of large numbers of submissions by a couple of trading venues is interesting
- While many FX venues are well represented in these figures, many large non-FX trading venues have so far made no valid submissions to FIRDS
