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T I N G
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THE
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ROUTIN
ENIGMA
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Issue 53
54
de
TheTra
Autumn
s.com
deNew
TheTra
55
IN-DEPTH
2017
Merging trading desks
EDITORIAL
Take your eye off the ball
03
06
NEWS REVIEW
The Brexit exodus so far
With Brexit negotiations well and truly
underway, The TRADE looks at where
investment banks are looking to establish new
EU bases and the effects this exodus will have
on the city of London.
14
B U Y-S I D E
COVER
INTERVIEW
Eric Boess, Allianz Global
Investors
The global head of trading at Allianz Global
Investors, discusses adapting to MiFID II, trying
to discovering where liquidity will go and
embracing the technology revolution.
4
TheTrade
Autumn 2017
28
MARKET
REVIEW
NEWS UPDATE
Keeping you informed with
the latest industry news
The TRADE investigates the challenges and
opportunities of integrating trading desks once
the dust has settled on a major merger.
20
The real cost of research 36
Broker wheel of fortune 42
The order routing enigma 54
Volatility: To trade or not to
trade 60
Headlines have decried eye-wateringly high
research costs leaked in recent months, but do
they reflect the real state of unbundling?
The algo wheel has burst onto the scene
promising to help the buy-side assess, monitor
and justify algorithm and broker choices to
regulators. The TRADE investigates how the tool
works and asks what all of the fuss is about.
The majority of brokers do not provide the buy-
side with full order routing transparency. The
TRADE looks into why this is the case and asks
whether the buy-side should be probing their
brokers to find out where unfilled orders are
being sent.
Investors have been making a beeline for trading
volatility this year. But doing it is not as easy as
it seems.