Buy-side Perspectives Issue 15 - Page 27

lot especially in credit and FX. I think there is a combined wish for greater price transparency on a multitude I think there is a combined wish of products for greater price transparency on a where perhaps a multitude of products where perhaps consolidated tape a consolidated tape would be would be welcome. welcome. That doesn’t come without its challenges, particularly around incumbents (trading platforms/ECN, how it is created, paid for and ETF market makers), entering business by whom. 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 business. 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 capital markets? 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 product offering. now regularly quoted have increased a models challenged in recent years, whether that’s down to capital restrictions on market making or Spring 2019 www.buysideintel.com 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 welcoming. 27