lot especially in credit and FX.
I think there is a combined
wish for greater price
on a multitude
I think there is a combined wish
for greater price transparency on a
where perhaps a
multitude of products where perhaps
a consolidated tape would be
would be welcome.
come without its
challenges, particularly around
incumbents (trading platforms/ECN,
how it is created, paid for and
ETF market makers), entering business
usually dominated by the banks.
Also we like to see how our brokers cope
Is buy-side networking
when we have stressed markets, as we
important? How do the buy
did in some EM currencies last summer
side benefit from interacting
and with some individual credit/equity
with each other at private
names. These situations can be very
roundtable meetings such as
attractive for alpha generating and
the Alpha Trader Forum?
we rely on our core brokers to provide
liquidity on these events.
It’s really important. What
you can learn in a short space
What recommendations do you have
of time from peers who are
for your peers in how to streamline
facing the same issues is not
processes to satisfy the needs of
only invaluable but efficient.
compliance and oversight teams?
Also, it helps sense-check that
you haven’t missed anything.
Get them on board. Understand
Given the regulatory hurdles
their job and what their goals are;
we’ve all had to jump, we
in my personal experience, this also
have benefitted enormously
becomes an enriching experience for
from hosting a number of
the business. Long gone are the days
peer meetings at our offices of around
when compliance, risk, and operations
20 people each time.
had an arm’s length relationship with
trading. Today a trading operation
Have you always wanted to be a
has to be seen as a harmonious unit
trader and how did you find yourself
with every department pulling in the
taking this career path?
same direction. One of the benefits of
regulatory change has been to bring
I was lucky enough to know from
these units together, helping to deliver
the age of 17 what I wanted to do
faster, more robust solutions to the
for a career. Economics was a subject
interest for “A” level then at degree
level. From there I could not wait to
How do you foresee the buy-side
get a seat on a programme that led
benefitting from regulatory changes
to a trading position. I have been
across asset classes? How would you
wish regulation to further improve the fortunate to be involved in multi asset
trading from the start of my career
with certain periods having a more
of an equity/fixed income/FX focus. I
We have already seen some benefits
think this has allowed me to straddle
come in, especially since MIFID II.
the buy and sell side and I have spent
In certain products which have been
long periods at both sides of the
pushed to platform, the size that are
now regularly quoted have increased a
models challenged in recent years,
whether that’s down to capital
restrictions on market making or
Do you have any tips for your peers
on how to balance time between your
role as head of trading, family and
personal interests? Who is Adrian
Biesty outside of work?
For me it helps to have a pastime where
I can completely switch off from work.
I am a keen private pilot and regularly
fly recreational planes out of Biggin
Hill and Denham airports. It’s always
been an interest of mine and it helps
me switch off, as I have to be entirely
focused while in the pilot’s seat.
When my children are slightly older it
will be a great platform for adventures
for the whole family as we explore the
harder-to-reach areas of Europe. There
are a surprising number of private
airfields around, who are always very