thetradenews . com
Editor ANNABEL SMITH + 44 ( 0 ) 20 7397 3811 + 44 ( 0 ) 775 1929 705 annabel . smith @ thetradenews . com
Senior Reporter CLAUDIA PREECE + 44 ( 0 ) 20 7397 3821 claudia . preece @ thetradenews . com
Reporter WESLEY BRAY + 44 ( 0 ) 20 7397 3812 wesley . bray @ thetradenews . com
Head of Sales DALJIT SOKHI + 44 ( 0 ) 20 7397 3809 daljit . sokhi @ thetradenews . com
Account Manager PATRICK WRIGHT + 44 ( 0 ) 20 7397 3807 patrick . wright @ thetradenews . com
Head of Operations KAREN DELAHOY + 44 ( 0 ) 20 7397 3826 karen . delahoy @ thetradenews . com
Subscriptions + 44 ( 0 ) 20 7397 3827 subs @ thetradenews . com
Head of Design STEPHAN SLATER + 44 ( 0 ) 20 7397 3825 stephan . slater @ thetradenews . com
Publisher JONATHAN WATKINS + 44 ( 0 ) 20 7397 3815 jonathan . watkins @ thetradenews . com
Tungsten Publishing 20 Little Britain , London , UK EC1A 7DH + 44 ( 0 ) 20 7397 3800
Subscription Rates – £ 240 / $ 310 The TRADE is a quarterly publication , prices are for a 12 month subscription period and include four copies of the print magazine .
ISSN 2040-0144
THETRADE
© The Trade is owned and produced by Tungsten Publishing Ltd . © Tungsten Publishing 2024 . Although Tungsten Publishing has made every effort to ensure the accuracy of this publication , neither it nor any contributor can accept any legal responsibility whatsoever for consequences 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 .
[ E D I T O R ' S N O T E ]
All eyes on the US
As the leaves begin to fall from the trees , The TRADE Magazine is back for its autumnal , third quarter edition . And , in keeping with tradition , this issue has a fixed income spin to it . It ’ s a well-known fact that markets globally orbit the US . Activities that take place in the region will nine times out of 10 have a butterfly effect on the rest of the world – The US market is the world ’ s benchmark , sturdy and omnipresent .
However , in the last few months the US boat has begun to rock and investors are now gearing up for a potential recession in the world ’ s largest economy due to tight monetary policy . Unlike other central banks around the world , the US Federal Reserve ’ s first interest rate cut is only expected to take place in the third week of September – a decision that has come under criticism from some who claim it ’ s too little too late .
Regulation-wise , the US is also undergoing a major overhaul across several corners of the investment value chain from reporting to best execution to Treasury clearing . The advent has been likened to the events surrounding Mifid II in Europe in 2018 and the years since , with many expressing exasperation with the US Securities and Exchange Commission ( SEC ) over its ' everything at once ' approach to change .
This edition unpacks all this and more including in depth features exploring the developing emerging markets landscape , artificial intelligence , the impact of the new Treasury clearing rules in the US , the prime brokerage landscape , and the role of technology in the shifting relationship between the buy- and sell-side .
In keeping with our fixed income focus , this edition ’ s cover star is none other than Legal and General Investment Management ’ s ( LGIM ) head of US trading , Ryan Raymond , and the fun does not stop there as featuring as our Meet the Desk interview for this quarter is the London based trading team at Ninety One . Also included in this edition are the results from The TRADE ’ s annual Execution Management Systems Survey .
The quarter has been nothing short of eventful and with the upcoming US election set to take place in November , it ’ s likely next quarter may tell a similar story . On that cheery note , there is of course several things to be looking forward to towards year end . Not least being Leaders in Trading in London and of course The TRADE ’ s inaugural US rendition , Leaders in Trading New York . Both glittering evenings are set to be a night of celebration . In today ’ s market , the industry should take wins where they can get them . But for now , fasten your seatbelts !
Annabel Smith Editor
The TRADE
Issue 81 // thetradenews . com // 3