THE
TRADETECH
THE OFFICIAL NEWSPAPER OF TRADETECH 2018 | WRAP-UP ISSUE
D aily
T. Rowe Price’s trading head dubious on MiFID II
and the emergence of new venues
M
ehmet Kinak, global head of systematic
trading and market structure at US-based
asset manager T. Rowe Price, has thrown
significant doubt at the new European trading
landscape under MiFID II.
During a panel discussion with Richard Par-
sons at this year’s TradeTech conference, Kinak
pointed to the emergence and increasing popu-
larity of new trading venues such as systematic
internalisers (SIs) and periodic auctions as evi-
dence that the new environment has changed in
name only since the removal of broker crossing
networks (BCNs).
“They are the same thing but with a different
name and more complexity. As an institution,
we cannot show our hand,” he said.
“The notion that lit liquidity is the best liquidi-
ty is not right, because there are too many mar-
ket participants that take information and use it
to their benefit. I urge regulators to speak with
the buy-side more. Returning good performance
to asset owners via this complexity is very diffi-
cult. If we need to use periodic auctions and SIs
for anonymity, then that’s what we’ll do.”
...Continued on page 10.