You are trading where you have
your best market expertise and
the best broker relationships.
lack of liquidity, I am a supporter of
a more proactive approach, moving
from a price taking role to a price
making model. This can change
the whole picture-- when there is
a market event, buy-siders might
become opportunistic buyers.”
Pioneer is already doing this--as
long as it falls within its investment
targets as a long-term asset holder.
But the big move to all-to-all
platforms is still to happen and re-
quires a shake-down of the multi-
ple platforms on the scene. Minieri
is also a proponent of social net-
work platforms like Algomi linking
two parties that otherwise would
not have traded. And, of course, he
has a view on blockchain which he
says “is going to change the future
of the trading environment.”
“Right now you are talking about
six or seven intermediaries that sit
between you and trade counter-
party,” he says. “Imagine these will
all disappear and you have just one
single blockchain sitting there and
your trade is just a string of num-
bers that changes. It will change
the face of the industry as all peo-
ple today sitting in the middle will
have to find a new role.”
Pioneer is currently running an
innovation project in blockchain to
see how it can be disruptive for the
market and help to enhance its own
processes. The future of this, and
other plans, is, however, dependent
on a certain proviso. Pioneer’s
parent UniCredit, Italy’s largest
bank, announced in September that
it was putting the asset manager
up for sale. Minieri says that it
continues to be business-as-usual.
Time will tell what happens. But
whoever decides to take over the
company will have inherited a first
class trading operation.
Winter 2016
TheTrade
29