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out,” adds Ellis. “I have a strong belief in hiring the
best talent we can find and letting them flourish. They
bring different skillsets to the desk. If you are open to
listen, then you will improve your processes. We are a
well integrated execution team, reflective of our entire
global trading platform focusing on delivering best
execution for our clients."
Valuable partnerships
Like most asset managers, the equity trading desk at
T. Rowe Price is navigating the evolving complexities
of the equity execution landscape. The shift driven by
MiFID II in Europe saw new venues come to the light,
as buy-side traders were compelled to place more focus
on best execution requirements. The equity traders at
T. Rowe Price agree that this development has been a
positive one in the long-run, allowing the firm to fine-
tune its execution processes.
“It’s a constant evolution of knowledge -
it doesn’t stand still,” says Wilkes. “It’s
continually learning and adapting
your thought and trading processes
to incorporate that. We have a strong
dialogue with counterparties and
that’s across the industry, from
bulge-brackets to agency brokers.
It’s important to know what they
are thinking and how they are
going to move forward.
“We are very mindful of the fact
that the trading environment
today won’t be the same as the
trading environment in two,
three or five years. The way that
you interact with the market
now will have an impact on that.
It’s all well utilising liquidity
here and there, but you have to
be mindful of the relationships
because it can be to your cli-
ents’ detriment. If it’s a strong
market place in five years,
and the relationships with
the brokers are still strong, the
liquidity lines will still be there.”
As automation, innovation and
technology continue to sweep
institutional trading, T. Rowe
Price places a lot of value on its
relationships. Ellis adds that the
desk views those relationships more
as valuable partnerships. Whether
30 // TheTRADE // Spring 2020
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