Welcome to Plato Partnership, where we are committed to driving innovation and positive change in the equities marketplace. We focus on addressing the most pressing challenges that market participants face today. Our dedication to advancing the industry is evident in our forward-looking initiatives, each carefully selected by Plato’s Advisory Committee to shape a more efficient, transparent, and inclusive future for the capital markets.

Our initiatives span a wide range of areas, from reducing market data costs to establishing global electronic workflows, and from enhancing block trading opportunities to building trading certification programs. Each project is designed to tackle specific issues, providing practical solutions that benefit all stakeholders in the trading ecosystem. We invite you to explore our ongoing efforts and see how Plato Partnership is making a meaningful impact on the marketplace. Together, we are building a brighter future for the industry.

ECM Global

Electronic Workflow

Plato Partnership is spearheading the development of a global electronic buy-side ECM workflow. This initiative aims to enable seamless primary book-building without disrupting sell-side processes. Through rigorous validation with market participants, we propose a model where Primary Portal acts as the access point for buy-side electronic ECM workflow. This model will integrate with Buy-side E-OMS and primary sell-side bookbuilding platforms like S&P, Dealogic, and Capital Markets Gateway, establishing a comprehensive end-to-end electronic process.

Brazil Equities

Block Trading Venue

Plato Partnership is excited to announce the development of a Brazil equities dark block trading venue through our SL Tools initiative. This venue will enhance trading opportunities and liquidity in the Brazilian market, furthering our commitment to global market innovation.

High Closing Auction

Tariffs and Liquidity

Plato Partnership is assessing the impacts of high closing auction tariffs on liquidity and order routing decisions. By analysing these effects, we intend to present our findings to exchanges and policymakers to advocate for changes that will enhance market efficiency and liquidity.

Germany Trading Certification

Our Germany trading certification program, held in partnership with local universities and industry associations, offers 3-day certifications for buy-side participants. Following the success of our February and July 2023 courses, which were fully subscribed and received positive feedback, we continue to leverage Plato practitioners as faculty to deliver these valuable training sessions.

Addressing High

Market Data Costs

High market data costs pose significant challenges to market participants. Plato Partnership is conducting consultant research to analyse these impacts and the associated costs of trading. Our goal is to develop a framework of recommendations for discussions with policymakers, aiming to mitigate these costs and support more efficient trading environments.

Standardised Buy-side

E-OMS Connectivity Charges

To address the variability in Buy-side E-OMS provider connectivity charges to the sell-side, Plato Partnership is engaging with E-OMS providers and policymakers. Our aim is to create a standardised framework that will simplify and reduce costs, promoting a more streamlined and efficient trading process.

Innovative US Trading

Mechanisms in Europe

Recognising the potential of innovative US trading mechanisms, Plato Partnership is exploring partnerships with US vendors to bring these solutions to Europe. Our initiative seeks to optimise trading in European equities markets, leveraging proven strategies to drive market advancements.

Improving Block Trading

Opportunities

With fill rates on European dark trading venues currently very low, Plato Partnership is identifying ways to improve block trading opportunities. Our ongoing academic empirical research, "Examining Latent Liquidity and Execution Quality on Equity Trading Block Venues," uses dark order and trade data to pinpoint improvements for liquidity interactions.

UK Trading Certification

Similar to our Germany initiative, Plato Partnership offers a 3-day trading certification program for UK buy-side participants. This program, conducted in collaboration with local universities and industry associations, provides in-depth training and knowledge sharing, strengthening the competencies of market participants.

Market Outages

Standards

In collaboration with major primary exchanges in Europe and the UK, as well as the FCA, Plato Partnership is working to define optimal outage process standards. This initiative focuses on establishing common standards to be adopted in the event of market outages, ensuring a more robust and reliable trading infrastructure.

Improving the EU/UK

Fragmented Clearing Environment

Plato Partnership is conducting academic empirical research to recommend improvements in the European equities clearing environment. By addressing fragmentation and reducing clearing costs, we aim to provide policymakers with actionable insights to enhance the efficiency of the clearing process.

Optimal Primary

Exchange Trading Hours

Through academic empirical research and global case studies, Plato Partnership is investigating the impacts of changing trading hours on liquidity. Our discussions with major primary exchanges in Europe and the UK, along with market participants, aim to determine and implement optimal primary exchange trading hours.

Plato Thought Leadership

Plato Partnership is dedicated to producing regular thought leadership pieces on pertinent industry issues and trends. These pieces, written by individuals from member firms, are followed up with online panel discussions, fostering a collaborative environment for knowledge sharing and industry insights.

T+1 Settlement Cycles

Rebecca Healey's research on the implications of the US's move to a T+1 settlement lifecycle for equities is a pivotal project for Plato Partnership. We are actively engaging with and influencing EU and UK policymakers to address these changes, ensuring that market participants are well-prepared for this significant transition. Plato’s findings and research can be found here.

Plato Initiatives