Hosted by Peter Haynes, Head of Index and Market Structure Research, Bid Out is a made in Canada podcast series that explores market structure issues impacting trading and portfolio management globally.
The monthly series interviews industry leaders and experts across the entire spectrum of capital markets to understand trends and recent developments shaping capital markets.
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Hosted by Peter Haynes, Head of Index and Market Structure Research, Bid Out is a made in Canada podcast series that explores market structure issues impacting trading and portfolio management globally.
The monthly series interviews industry leaders and experts across the entire spectrum of capital markets to understand trends and recent developments shaping capital markets.
Exploring the World of Market on Close Facilities – Part 2 – Europe and the UK
Bid Out with Peter Haynes
58 minutes 30 seconds
4 months ago
Exploring the World of Market on Close Facilities – Part 2 – Europe and the UK
In Episode 72 we cross the pond to meet with a couple European market structure experts for a deep dive on local market on close mechanisms. This podcast is part two of a three-part discussion which launched in the Americas and will conclude in APAC next month. Joining the podcast for a return visit is James Baugh, head of European Market Structure from TD Securities and Evan Canwell, Equity Trader and Market Structure Specialist at T Rowe in London. The two experts discuss pivotal differences in the structure of closing auctions in Europe compared to North America, namely the fact that in Europe the end of day auctions occur standalone following the end of continuous trading, whereas in North America, closing auction price discovery takes place prior to the end of the regular trading session. This key difference impacts how traders use the facilities and how liquidity forms at the end of the regular trading session. James and Evan also touch on the pros and cons of structural differences with auctions in Europe where larger marketplaces covered by the LSE and Euronext offer fully transparent facilities, whereas smaller markets use mostly non- transparent auction models. The two cross the finish line with some quick hits on current market structure hot buttons in the region including the latest on a consolidated tape, the debate over high market data fees, the possibility of an Order Protection Rule and the timing of T + 1 settlement.
This podcast was recorded on June 26, 2025.
Chapter Headings:
8:25 - Dissecting the LSE"s Closing Auction
16:00 - How T Rowe Uses the MOC facility?
21:48 - Unique Features of MOCs on the Continent – Closing Times and Transparency
30:15 - Closing Auction Volume Metrics and Trends
34:24 - Alternative Closing Facilities – Do they Harm Price Discovery?
40:17 - The Impact of a Post Continuous Closing Auction on End of Day Liquidity?
48:05 - Market Structure Quick Takes – Consolidated Tape, Market Data Costs, OPR and T1
Bid Out with Peter Haynes
Hosted by Peter Haynes, Head of Index and Market Structure Research, Bid Out is a made in Canada podcast series that explores market structure issues impacting trading and portfolio management globally.
The monthly series interviews industry leaders and experts across the entire spectrum of capital markets to understand trends and recent developments shaping capital markets.
