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Market Structure

How venues, regulation, participants, and infrastructure interact to shape liquidity, behaviour, and outcomes in markets.

Market Structure

+4

Consolidated tape in Europe, finally, sort of, maybe

Jan 15, 2026

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12 min read

Consolidated tape in Europe, finally, sort of, maybe

Two tapes, two regimes, one messy truth.

Abdullah Hiyatt
Abdullah Hiyatt

Market Structure

+4

DORA’s Critical Third Parties List Just Became Your New Baseline

Dec 28, 2025

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4 min read

DORA’s Critical Third Parties List Just Became Your New Baseline

Why the ESAs’ CTPP designations turn vendor risk into front-office execution resilience.

Abdullah Hiyatt
Abdullah Hiyatt

Market Structure

+4

Could you be operating an MTF without even realising it?

Oct 15, 2024

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7 min read

Could you be operating an MTF without even realising it?

RFQ workflows feel bilateral. Regulators care about multilateral interaction. This is where the MTF line actually sits.

Abdullah Hiyatt
Abdullah Hiyatt

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