Survey about MTF / EMS

  • Step 1 of 23
     

    Dear Madam, dear Sir,

    Ahès Consulting welcomes you to this survey and thank you for your time. This survey aims to find out how the buy side, sell-side and brokers are working with EMS and MTF today worldwide and what their market expectations are.

    Thank you for your participation.

    Ahès Consulting team

    Madame, Monsieur,

    Pour répondre à l'enquête en français, suivez ce lien.

  • * Required field
    Step 2 of 23
     

    General information

    Question 1 : What industry do you represent?


    Question 2 : What is your position?


  • * Required field
    Step 3 of 23
     

    General information

    Question 3 : What is your location?


    Question 4 : What is your company name?

    Question 4 : De quelle confessions vous sentez-vous le plus proche ?

    Question 5 : What is your company size?

  • * Required field
    Step 4 of 23
     

    General information

    Question 6 : Which asset class you are currently trading on a daily basis?


  • * Required field
    Step 5 of 23
     

    General information

    Question 7 : Who is working orders in your company?


    Question 8 : What is the % of trades done via an EMS or MTF?


    Question 9 : What is the % of telephone orders to brokers?


  • * Required field
    Step 6 of 23
     

    EMS

    Question 10 : What EMS are you currently using for trading?


























  • * Required field
    Step 7 of 23
     

    EMS

    Question 11 : Overall, are you happy with your current EMS?

    Question 12 : In terms of products, do you look for an EMS/MTF which offers to trade with:

  • * Required field
    Step 8 of 23
     

    EMS

    Question 13 : What functionalities or characteristics are currently using in your EMS?




















    (1) OMS : Order Management System
    (2) PMS : Portfolio Management System
    (3) SORS : Smart Order Router System

  • * Required field
    Step 9 of 23
     

    EMS

    Question 14 : What functionalities or characteristics are you expecting from an EMS (please choose your 5 top priority characteristics in order of preference)?

    Functionality Priority Functionality Priority
    Multiple asset class Low latency
    DMA (Direct market access) Frequency trades
    Algorithmic trading IOIs
    Pre-trade analysis Cost free
    Post-trade analysis Orders internalisation’s module
    Broker neutral Choose the execution venue for each transaction
    Crossing networks – dark pools access Choose the clearer for each transaction
    Connectivity to OMS Choose the CSD for each transaction
    Connectivity to PMS Multi-venue netting
    Connectivity to a SORS Other functionnalities (entered in the previous step)
    Strong Market Depth    
  • * Required field
    Step 10 of 23
     

    CROSSING NETWORKS AND MTF

    Question 15 : What crossing network are you currently using?


  • * Required field
    Step 11 of 23
     

    CROSSING NETWORKS AND MTF

    Question 16 : What MTF are you currently using?
























  • * Required field
    Step 12 of 23
     

    CROSSING NETWORKS AND MTF

    Question 17 : What is the benefit for you to use the services of a MTF?


  • * Required field
    Step 13 of 23
     

    CROSSING NETWORKS AND MTF

    Question 18 : Do you believe that MTF are causing liquidity fragmentation i.e. they do not create liquidity but capture market shares from the existing markets?

  • * Required field
    Step 14 of 23
     

    CROSSING NETWORKS AND MTF

    Question 19 : Do you believe that MTF bring more liquidity to the buy side i.e. are responsible for increased volumes?

  • * Required field
    Step 15 of 23
     

    CROSSING NETWORKS AND MTF

    Question 20 : Do you believe that Crossing Networks are causing liquidity fragmentation i.e. they do not create liquidity but capture market shares from the existing markets?

  • * Required field
    Step 16 of 23
     

    CROSSING NETWORKS AND MTF

    Question 21 : Do you believe that Crossing Networks more liquidity to the buy side i.e. are responsible for increased volumes?

    You may add a comment here concerning MTF/Crossing Networks and liquidity

  • * Required field
    Step 17 of 23
     

    CROSSING NETWORKS AND MTF

    Question 23 : Do you believe that an MTF which offers a netting service across multiple trading venues has a competitive advantage among others?

  • * Required field
    Step 18 of 23
     

    CROSSING NETWORKS AND MTF

    Question 24 : Do you believe that the increasing of trading venues have:





    If yes, can you please explain why?

  • * Required field
    Step 19 of 23
     

    CROSSING NETWORKS AND MTF

    Question 26 : Does your company intend to internalize its orders?

  • * Required field
    Step 20 of 23
     

    CROSSING NETWORKS AND MTF

    Question 27 : When do you intend to internalize your company orders?

    Question 28 : What benefits do you expect from this process?


  • * Required field
    Step 21 of 23
     

    CROSSING NETWORKS AND MTF

    Question 29 : Do you believe that buy side is forced to internalise orders in a short run because the Mifid did not force central counterparties and CSD (Central) to promote a truly competitive post-trade environment?

  • * Required field
    Step 22 of 23
     

    SORS and CONNECTIVITY

    Question 30 : Which SORS (Smart order rooting system) are you using?


  • * Required field
    Step 23 of 23
     

    SORS and CONNECTIVITY

    Question 31 : Which connectivity solution are you using?


    Overall

    If you have any additional comments to add, please feel free to do so here.