Buy-side Perspectives Issue 14 Special edition | Page 52

also allows us to fulfil
our MiFID II transaction
reporting requirements.
We are also actively
working with our
brokers to evaluate RTS
27 data, although this is
still in the infancy stage.
I am a fervent believer in peer to peer sharing
of information as it can only improve the
whole experience for all. In this fragmented
market, it is more and more important to
understand where quality liquidity can be
found, and the Alpha Trader Forum opens
that discussion.
How do you think trading in general
has changed since you joined the
markets?
administration of costs/performance
management/upgrading of skills as well
as the intrinsic sense of purpose/value
and fulfilment in the role.
The biggest change I have felt over the
years has been the gradual transition
from “blind” trading through
high touch brokers to completely
transparent execution of orders by the
buy side
What challenges do you face and how
do these challenges compare to those
in previous roles?
Firstly, sourcing quality liquidity is a
key challenge for any trading desk
in the current MiFID II environment.
This requires a specific skill set and
understanding of the markets to
accomplish. A further challenge we
surmounted was to effectively trawl
through individual fill level data and to
evaluate this in a meaningful way.
The sheer volume of data is mind
boggling and it must be stored
efficiently to have meaningful
interactions with it. Our approach is
to continually refine this post-trade
information and use it to enhance our
pre-trade process at the order initiation
stage to ensure best execution. This data
52
I think every fellow head trader I have
met over the years speaks fondly of
the “excel spreadsheet” days when
orders were sent manually. Prior to FIX
Protocol, orders were generally sent
via spreadsheets or indeed verbally.
The biggest change I have felt over the
years has been the gradual transition
from “blind” trading through high touch
brokers to completely transparent
execution of orders by the buy side.
Electronic trading has created a massive
shift of trading responsibility from the
sell side to the buy side, requiring a very
specific skill set.
While the debate continues on the level
of transparency MiFID II has brought
to market transactions, the regime has
certainly increased transparency on
execution reporting as our trading desk’s
reporting obligations have expanded
not only to regulators but also to savvy
clients requesting Transaction Cost
Analysis (TCA) reports.
What made you choose trading as a
career?
To be honest I sort of stumbled into
trading. I originally wanted to write
music for films post university but found
it immensely difficult to break into a very
tight knit marketplace. I then decided
to capitalise on my maths and language
skills and take a job as a junior trader at
an Italian asset manager and the rest is
history.
What are the key takeaways from
working in the industry over the last 16
years?
No matter how much you think you
know, there is always someone with
more information than you! I always
www.buysideintel.com
seek to hire people smarter than myself.
Our industry is continually evolving, in
order to stay relevant, you must have an
open mind and a willingness to continue
learning. My biggest personal lesson was
from the Lehman Brother’s implosion - a
trade is never complete until physically
settled in one’s account. You need to
appreciate the full life cycle of a trade
from idea generation right through to
settlement.
Can you tell us your top 3 tips to be a
successful buy side trader?
•
•
•
You really must be disciplined when
working in the markets, if you are
undisciplined you are a slave to your
emotions and mistakes can happen.
You must have humility in spades
Be completely open about mistakes
as this is the only way to hone your
skills and improve
Do you have any interests outside of
work that help to give you a better
work life balance?
I always make a conscious effort to get
off the desk for a run at lunchtime at
least twice a week, sometimes more.
I have never had an issue on the desk
that couldn’t be resolved by reflecting
on it while exercising. I also enjoy
getting out for a game of tennis in the
evening.
What do you like about the Alpha
Trader Forum? Why is it an interesting
meeting ?
Any opportunity to get together with
peers in your industry is valuable. I am a
fervent believer in peer to peer sharing
of information as it can only improve
the whole experience for all. In this
fragmented market, it is more and more
important to understand where quality
liquidity can be found, and the Alpha
Trader Forum opens that discussion.
Global Summit 2019