The TRADE 59 - Q1 2019 | Page 3

[ E D I T O R I A L ] THETRADE thetradenews.com  Editor JOHN BRAZIER [phone] [email protected] The long and winding road T here has been no escaping the largest of topics looming over capital mar- kets in the first three months of the year. As the storm clouds grow larger, edge ever closer with increasing menace, the complete absence of clarity Senior Reporter around the UK’s exit from the European Union has us all reaching for the um- HAYLEY MCDOWELL brellas hoping that it will be enough to withstand the inevitable deluge. [phone] With each passing day it becomes harder to know how the situation will pan [email protected] out; concerns over a ‘no-deal’ exit fluctuate by the hour, while marches and Advertising Director petitions raise hopes over Article 50 being revoked, almost certainly in vain. MARC CAROLISSEN I won’t pretend to know or understand all the nuances and power struggles [phone] that are taking place in Westminster, Brussels and beyond – there are probably [email protected] only a handful of people throughout the Continent that are in such a position – Senior Account Manager but the extension granted Theresa May’s government to find a viable solution MATT ALDRED by 12 April means we have a new deadline to look forward to (which will prob- [phone] ably have changed again by the time this magazine has reached you). [email protected] What this will ultimately means for markets is anybody’s guess. The last few Research & Operations months have already seen the London exodus begin in earnest, with exchanges KAREN DELAHOY and trading venue operators making the jump across the Channel onto Euro- [phone] pean soil, as we have reviewed within our exchange spotlight feature (see page [email protected] 58). While the big banks have held out as long as they could, many are now Subscriptions Manager also pushing staff to relocate, with Bank of America and JP Morgan recently KIKI BUSTOS making their own Brexit moves. [phone] One of the biggest ramifications Brexit will have is on London’s clearing ca- [email protected] pabilities and we have taken an in-depth look at what the derivatives clearing Art Director market can expect in the way of fragmentation as a result on page 42. OLIVIA ROSZKOWSKA But it’s not all about Brexit, because if it was, I think I’d just give up entire- [phone] [email protected] ly. As well as our exchange spotlight feature, which looks at the increasingly dramatic theatre provided by US and European stock exchanges, this issue of Publisher The TRADE also includes the first part of our 2019 Algorithmic Trading survey JONATHAN WATKINS (see page 71). [phone] [email protected] This year’s survey was always going to be interesting given it would be the first results now that the industry has had a significant amount of time to get Tungsten Publishing MiFID II under its belt. The 2019 edition, which this time shows the results 20 Little Britain from our long-only buy-side respondents (part two will be published in Q2), London, UK EC1A 7DH found that brokers are forging ahead in the new landscape, while their banking [phone] peers are being left behind. Of course, these are still initial impressions and it will probably be another year or two before real effects of the new regime on algorithmic trading settle © The Trade is owned and produced by Tungsten in, but so far the major expected trends – consolidation of providers among Publishing Ltd. those with smaller budgets in particular – are starting to ©Tungsten Publishing 2018 become clear to see. Although Tungsten Publishing has made every effort to ensure the accuracy of this publication, If only there was a similar level of clarity with the future neither it nor any contributor can accept any legal responsibility whatsoever for consequences of the United Kingdom. John Brazier 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. Editor The TRADE Issue 59 // TheTradeNews.com // 3