K&KGC
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K E Y F I N D I N G S F R O M T H E AT F s 2 ND H A L F 2 0 1 8
for a consolidated trade tape for equities, aimed for Q4
2019, is a good start so the buy side can benefit from
the transparency potentials of MiFID II even if, in its initial
phase,it is limited to the 15-minutes delayed data for cash
equities only. To date, the banks are paying the bill of increasing
exchange fees but the buy side question at what point
will these charges filter through to them and what are
the alternative solutions to ensure a more competitive
market?
As expected, the unbundled dealing commission rate
structure has evolved to a multitude of categories. We can
see a general structure being formed and the number of
categories depends on the depth and complexity of the
buy side’s trading focus. Geo-politically, the trading implications of a hard Brexit
and Swiss EU equivalence are being monitored closely
by the buy side. The general sense among the British
buy side is that they feel comfortable about remaining
in their current jobs regardless of the Brexit outcome.
One related area that is a topic of discussion among
the buy side is the recent increases in exchange fees,
particularly at the close. There is a sense that this is
possible as many exchanges have a captive audience
with an increased level of trading in certain investment
styles. Thank you to all the buy side who contributed to the
ATF autumn roadshow. The 7 th annual Alpha Trader
Forum Global Summit on 6 th – 7 th February 2019 in
London will be our next opportunity to discuss these
and a few other challenges further. Looking forward to
see you there!
2019
SPONSORSHIP
SPACES
AVAILABLE