- $40 billion of IPOs are coming to European markets in the second quarter, but none of the major listings are taking place in the UK.
- Potential bidders for the EU’s consolidated tape still don’t know whether running it will be a viable business.
- Deutsche Börse’s first innovation in cash equities since 2017 is a dark order book.
- ESMA and the UK are both on track to shorten settlement times at the end of 2027. Customers, not regulators, may be responsible for the delay.
- The European Commission dashes market participants’ hopes for 18 months without restrictions on dark trading.
- The FCA lets asset managers bundle research payments with trading fees. The end of unbundling is likely to do nothing to increase research consumption. At least in the short term.
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