THETRADETECH DA I LY
producing new opportunities for firms to
pivot away from their historical objectives
towards new goals.
highlights
THE OFFICIAL NEWSPAPER OF TRADETECH 2019
Q
For the buy-side in the audience, what is the biggest challenge you face when using SIs?
(Multiple answers)
Sample size: 98
US REGULATORY KEYNOTE: Inside informa-
Lack of data standardisation
tion from the SEC – what are the current and
Understanding who you are actually interacting with
future strategies to drive efficiency and trans-
parency in global financial markets and how is
Unsure how ELP SIs differ from each other
performance assessed?
Understanding reporting requirements
• The SEC’s focus has been on creating
more transparency and data-driven ap-
0%
25
50
75
100
proaches, a far less prescriptive approach
that regulators in Europe have taken. There
is a conscious effort at the SEC to encourage
about the long-term effects on smaller asset
competition in markets against a backdrop
• The lack of clarity on Brexit has resulted
managers and broker-dealers, as well as
of debate around concentration versus
in financial firms having to make plans based
implementing an unbundled regime with
competition, with competition often leading
on estimates, implementing contingency
the Exchange Act and Investment Advisor
to fragmentation which, in some cases, is
plans ahead of time to best mitigate whatever
Act in place, suggesting that accommodating
considered to be bad for markets.
the outcome.
the European regime is problematic. The
• The SIPs, or US consolidated tapes for
• Many are preparing for a ‘no-deal’ or
30 month no-action relief period is about
each market, remain a focus for the SEC. The
‘hard’ Brexit scenario to occur, although some
half way through, although there is
SIP data is not free, is often consid-
are sceptical that the UK will ever leave the
no guarantee that this will be
ered too slow for institutional
European Union.
extended.
trading businesses to utilise
• Opportunities to optimise agreements
competitively, and a lack of
with third-parties and counterparties is there
Sample size: 111
ALL STAR PANEL: Life
content means that there
for capital markets firms, but this won’t be an
after Brexit – evaluating
is room for improve-
ideal scenario for a lot of firms that don’t have
Has MiFID II given rise to
changes in the financial
ment.
the resources to dedicate to this alongside
better execution quality?
stability of European
• There are benefits to
daily operations.
markets, what opportu-
implementing unbun-
• The Share Trading Obligation will affect
Yes 27% No 41%
nities and limitations will
dling in Europe which
firms in different ways and while some feel
this bring to the financial
may not be replicated in
prepared, others want further regulatory
services industry?
the US. Concerns linger
clarity about how this will proceed.
Undecided 32%
Q
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B en R udd
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P rudential Hong K ong
24
THETRADETECH DAILY
Hayden B ris coe
Managing Director, Head of F ixed
Income, As ia P acific
UB S A s s et Management
Y ann C ouellan
Head of G lobal F IC C T rading
B NP P aribas
A s s et Management