Trading costs and post-trade price improvement are highest on lit venues.
Pavilion Global Markets notes that in trading, 'best ex' is an evolving process.
Fewer asset managers are unbundling FICC research fees globally.
Regulatory changes are testing the research industry.
Fund managers are concerned about data availability, despite MiFID II.
Users can compare the reported SI volumes filtered by adjusted conditions.
MiFID II aimed to boost price formation on lit venues.
Two-thirds of firms do not systematically monitor trades on 'best ex' criteria.
The regulator is asking whether they can be used to circumvent MiFID II.