Welcome back to the Global Trading newsletter.
Last year we saw drama in the form of tariff-driven volatility, the unsuccessful attempt by Citadel to block IEX Options and the dispute between Mosaic and Eurex over speculative triggering. The latter is ongoing, as reported this week. More incrementally, we are seeing important regulatory changes such as the SEC’s reform of the Order Protection Rule and the European consolidated tape for equities, and just as importantly, for equity derivatives.
As seen in our widely-followed data tools, retail flows continue to dominate US trading and are shaking up the way markets work in places like Japan. To kick off 2026, we take a look at Australia, which has lagged behind its Asia Pacific peers in terms of volume growth, increasing pressure on venues to innovate.
