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patience and discipline . We ’ re very successful at block crossing rates – given the tools we have at our disposal like conditionals , risk capital , and of course the relationships we ’ ve built with brokers over the years .
But there are also universal similarities between buy-side and sell-side . It was nice to be able to apply my sell-side experience to buy-side trading , when it came to trading large programs , understanding different strategies ( risk and agency ), market structure , usage of algorithms , as well as TCA to benchmark trades and counterparties . It felt natural to set the bar high with counterparties , but also work with new brokers on their electronic offering , partnering with them to enhance their algorithm settings to suit our flows .
Again : “ The same principles apply ,” she explained . “ We ’ re governed by best execution , and once that ’ s embedded , it doesn ’ t really matter what side of the table you ’ re sitting on . I enjoyed the family culture of smaller firms and whilst at times trading can be challenging , there is a real buzz as you are sitting amongst the investment managers where you are the eyes and ears for market and trade opportunities which help contribute to investment manger ’ s alpha , which they love . While there can be tears and sweat , it can often be a very bittersweet experience !”
At Fidelity , O ’ Connor feels she has found her niche . “ I have to say it is now the place where I really want to be ,” she said . “ It ’ s not quite as fastpaced , and that ’ s a huge difference compared to the hedge funds I had worked in previously ,” explained O ’ Connor . “ But once I became familiar with the style of the fundamental investment managers it all became very normal .
She also believes she has been lucky to work with different types of investors . “ Let ’ s face it , the market would be pretty boring not to mention more illiquid , if we didn ' t have a variety of investor types average duration of a high touch order over three days . That ’ s where you need to have a really strong focus and the ability to sort blocks of stock to minimise transaction costs . The challenge can be immense sometimes , especially as we are faced with orders from the lower end of the market cap spectrum . It ’ s about
“ We often receive huge orders relative to market volumes , with the average duration of a high touch order over three days . That ’ s where you need to have a really strong focus .”
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