[ B U Y - S I D E C O V E R | P A U L B A T T A M S ] he recognises the opportunity Brexit has presented the UK in terms of creating a new market environment .
“ We like global platforms and consistency , particularly when it comes to market structure . However , the UK has the chance to make changes to the MiFID regime in areas that are considered burdensome and superfluous to requirements , which will benefit the industry and ultimately our clients ,” Battams explains .
“ Post-Brexit we definitely saw the migration of liquidity from UK venues to EU venues , but for me , I saw that as more of a lift and shift rather than a significant increase in fragmentation . Considering the planning and preparation for Brexit , I think it was a relatively smooth transition . Nothing broke from an execution perspective and markets still operated . There was no real change in our ability to access liquidity or transaction
“ We don ’ t want to be too dependent on a single venue or counterparty . It ’ s important that we remain agile .”
costs . It ’ s just a new dynamic and I think that ’ s here to stay .”
Despite heading up equity trading for EMEA at the world ’ s largest asset manager , Battams is also aware of the challenges that active fund managers increasingly face . As consolidation on the buy-side continues apace , fee compression and climbing costs of market data and technology put some smaller fund managers in a difficult situation .
At BlackRock , Battams says commission rates from an execution perspective have been fairly consistent in recent years . With the desk ’ s increase in activity , the commission BlackRock has paid to the Street has increased . In terms of market data , he adds that access to high quality and timely information is critical for the effective functioning of markets , so it is essential that the industry solves the problem going forward .
“ I do see that for smaller active managers there are challenges , particularly in an unbundled world ,” Battams says . “ But with the scale and breadth of our business , we see it as a competitive advantage . Our commitment to active management is at the heart of who we are . It is key to our growth and opportunity and remains a huge focus for us .”
With more than two decades of his career spent at BlackRock , Battams can be considered a true buyside trading leader . He says he hasn ’ t been tempted to move into a different area of the business or to a different firm , and the culture at BlackRock has played a key part in that decision .
“ For me , I feel like I ’ m in the right place on the buy-side . I don ’ t think any of us are the finished article and we are constantly developing and evolving . BlackRock is a firm where you learn something new every day and it is the culture that has kept me here for so long .
“ During my 21 years at BlackRock , I have appreciated more and more the work that BlackRock does in helping people experience financial wellbeing . These are real-world problems that BlackRock is providing solutions for . That ’ s what makes it an extremely rewarding place to work .”
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