The TRADE 52 | Page 5

[ C O N T E N T S ] Getting algos in order The sheer numbers of different algorithms in circulation makes selection, performance measurement, and broker feedback difficult, so how are the buy-side opting the right algos? MiFID II: A European export As MiFID II approaches, North America and other parts of the world need to realise it will affect them too. Not so flashy anymore After a string of M&A deals in the HFT space at the beginning of the year, does it spell an end to the traditional HFT business model? 45 DATA 58 70 34 Mark Hemsley has a new role following CBOE’s $3.4 billion acquisition of Bats. The TRADE’s online editor, John Bakie, caught up with the new president for Europe at CBOE Holdings about the takeover and plans for the future. Nicola White, Citadel Securities | Bridging the gap between tech and trading 76 MTFs continue to lose market share as spreads tighten, in The TRADE and LiquidMetrix’s first data report on European liquidity and fragmentation. OPINIONS INDUSTRY PROFILES Mark Hemsley, CBOE Europe | After the merger LiquidMetrix data | MTFs fall back to 2014 levels as spreads tighten Richard Balarkas | MiFID II made easy(er) 80 The Hayley Mail | An event-full year cont. 82 Industry legend and friend of The TRADE, Richard Balarkas – now member of the advisory board for Compliance Solutions Strategies (CSS) – gives us his views on becoming compliant with the complex and often overwhelming MiFID II regulations. Top 10 takeaways from The TRADE’s event’s during 2017 so far. 64 Citadel Securities continued its impressive recruitment drive with the appointment of Nicola White as its new COO for fixed income, currencies and commodities. Joe Parsons talks to White about her career and the new direction the market maker is taking. Issue 52 TheTradeNews.com 5