[ C O V E R I N T E R V I E W | U N I G E S T I O N ]
“ It is so important to communicate efficiently – not sitting next to each other was very difficult .”
ERIC CHAMPENOIS , HEAD OF MULTI- ASSET TRADING DESK , UNIGESTION internalisers have not really played their role either , and the size they offer is very low for us .
“ On the opposite side , in the Swiss market , there is very little fragmentation since the EU decided not to renew equivalence . With just one dark venue , we find it much easier than before to trade – even in illiquid names . The liquidity on-screen is just magnificent . Of course , there is spread . But if you remain passive or stay midspread on the bid / offer , you will always get your business done . I would argue we may not need this complexity and Europe should be far less complex than it is now .”
Champenois and Marie-Françoise concur that automation and technological improvements implemented recently , and as they became a MiFID II-compliant multi-asset operation , has also ensured their processes are as efficient as they can be .
Market structure issues remain , whether that be the ongoing MiFID II review , the share trading obligation or lack of intraday liquidity . But both traders continue to prioritise relationships with brokers and vendors and expanding their expertise across asset classes , but most importantly , continuing to deliver for end clients .
“ The main point for us at Unigestion is that we are continually looking to manage risk – this is part of our DNA ,” Champenois concludes . “ It is our main priority and the trading has to operate smoothly with a controlled operational risk across all asset classes – and we already have this in place . Sure , we have room for automation in some areas , but we are different from other asset managers . For us , a full automation could in fact add additional risk .
“ With recent developments , all market participants are in the same position . Liquidity has been good in terms of flows traded , but stress and volatility have spiked and transaction costs have increased heavily since the beginning of the year . But on that , we have been able to deliver good results overall for our clients . I don ’ t see why we can ’ t continue to do that and improve further on that throughout the rest of the year .”
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