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TOM publishes report analysing liquidity on options exchanges

TOM has published a report analyzing liquidity on the various exchanges listing Dutch equity derivatives. This answers to the need in the market in relation to the introduction of MiFIDII starting 2017.

The introduction of MiFIDII obliges banks and brokers to take all “sufficient” steps in order to achieve the best possible result when executing option transactions for customers. In doing so, the bank or broker needs to decide on which exchanges it makes available to its customers and publish annually the top five list of exchanges on which orders have been executed.

In order to support the market with this process, TOM has published a report which demonstrates which exchange offers the most favourably priced liquidity per option series. The report is based on independent research conducted by Markit, a Nasdaq-listed, leading global provider of financial information services. The report is commissioned by TOM and comprises a comparison between the orderbooks of Eurex, Euronext and TOM.

The Markit report shows, among other things, that over the reported period (December 2015), equity options on TOM offer the most favourable quotes 76% of the time on average during the trading day, versus Euronext 73% and Eurex 34%. The report can be found at:

(the totals of the % numbers are more than 100% because it can happen that multiple exchanges equally offer the best price simultaneously)

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