The TRADE 55 | Page 3

[ E D I T O R I A L ] THETRADE thetradenews.com  Editor JOHN BRAZIER T: + 44 (0) 20 3478 1056 [email protected] Senior Reporter HAYLEY MCDOWELL [phone] [email protected] Contributors SARFRAZ THIND, RICHARD MEYER Advertising Director MARC CAROLISSEN [phone] [email protected] Research & Operations KAREN DELAHOY Tel: [phone] [email protected] Art Director OLIVIA ROSZKOWSKA [phone] [email protected] Publisher JONATHAN WATKINS T: + 44 (0) 20 3478 1057 [email protected] Tungsten Publishing 20 Little Britain London, UK EC1A 7DH Tel: [phone] © The Trade is owned and produced by Tungsten Publishing Ltd. ©Tungsten Publishing 2018 Although Tungsten Publishing has made every effort to ensure the accuracy of this publication, neither it nor any contributor can accept any legal responsibility whatsoever for consequences that may arise from errors or omissions or any opinions or advice given. This publication is not a substitute for professional advice on a specific transaction. No reproduction allowed without prior permission. All change for 2018 T he word ‘new’ crops up a lot within this issue of The TRADE but that fact, in the larger scheme of things, is hardly surprising. It’s the start of a new year and spring is nearly upon us already, with all the cliched connotations that come along for the ride, but more pertinently it’s a new market landscape for the buy-side to adapt to. At The TRADE, we have been firsthand witnesses to this new beginning. We’ve been hearing about MiFID II for what seems like an eon, yet the day finally came and went with hardly a stir in the markets, barring the delayed introduction of the double volume caps for dark pools that is. It will be a while – some say as long as 18 months – before the effects of MiFID II can truly be digested and analysed, but there’s still plenty to chew over for now. Trade reporting, data transparency and the new role of systematic internalisers will continue to provide ammunition for the sceptics out there to blast in ESMA’s direction for the foreseeable future. We have covered this and more in the ‘MiFID II: The story so far’ feature on page 34, while Hayley has delved deeper into how order flows have been affected on page 98. Not least of all, it’s a new era for The TRADE. Under a new leader- ship team, the title is set to build on its successes last year across the print magazine, online and our events. Speaking of events, on 28 February, despite the snowy onslaught courtesy of the ‘Beast from the East’, The TRADE had a record turnout for the sold-out, full-day MiFID II: Check In event, held at Merchant Taylors’ Hall in London. A range of cross-industry experts dissected topics including best ex- ecution, reporting, investment research and trading venues, digging deep into the issues arising from the early days of the new regulatory landscape and looking ahead to what’s to come. The day was a great success and has set a high benchmark for our other events planned for this year, including those on ETFs and fixed income, as well as the highlight of our calendar year, the Leaders in Trading Awards. It’s also new territory for me personally, having taken over the ed- itorship of The TRADE, coincidentally enough, on 3 January. In the spirit of new eras, I’m pleased to be able to take on this opportunity at the dawn of the MiFID II era, spearheading both The TRADE’s editorial and events agendas. There’s a lot more to come from us this year and I hope you’ll join us for it, but for now, enjoy the issue. John Brazier Editor The TRADE Issue 55 // TheTradeNews.com // 3