Kyte Broking receives regulatory (FCA) approval to operate an Organised Trading Facility (‘OTF’)
Provides continuity to all clients across products, venues and execution protocols
Press Release - London, 27 December, 2017
Kyte Broking Limited (‘Kyte’), a leading independent broker, announced today that it has received regulatory approval to operate an Organised Trading Facility (‘OTF’) from 3 January, 2018.
In addition to providing liquidity discovery and execution services across the listed and Over-the-Counter (‘OTC’) markets, Kyte will additionally offer access to the Kyte OTF. This ensures continuity of service, compliance with MiFID II regulations and provides a choice of execution protocols in line with client preference.
Kyte has been providing specialist broking services since 1985, continually expanding product coverage, research, liquidity discovery and execution services.
Kamal Haider, CEO of Kyte, commented: “The advent of MiFID2 represents a significant evolution for the wholesale markets. We regard the operation of an OTF as complementary to our established exchange execution services. The opportunity to execute on both the OTF and bilaterally will be key for brokers going forward. We are one of the few independent brokers offering this breadth of service and we welcome the introduction of the new regime.”
The Kyte OTF will be technology neutral and support execution in fixed income, rates, equity derivatives and structured products. Trades will be executed on a name give-up and a matched principal basis. Derivatives subject to the clearing obligation will be routed to the CCP of choice.
The Kyte OTF has contracted with TRAX and BATS to meet pre- and post- trade transparency and reporting requirements.
Tersia Tame, Head of Compliance at Kyte, added: “We see MiFID2 and the development of the new OTF regime as an opportunity and the launch of the OTF reaffirms our commitment to the market. We have made significant investments in the business infrastructure and developed new services to meet client demand and to provide new opportunities to our brokers.
Client onboarding is underway and we look forward to launching the OTF and working with clients to expand the service in years to come”.
Kyte Broking Limited is an IFPRU firm, providing liquidity discovery and execution services to the wholesale markets. The firm provides broking and agency execution services across most asset classes and products, providing access to regulated markets, multilateral trading facilities (MTFs), the KBL OTF and OTC liquidity pools. KBL executes on a matched principal, name give-up and on a pure agency basis.
For all media enquiries, contact Michelle.Zak@kytebroking.com.