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panels at TradeTech this year.
Many of the conversations emphasised strategic balance instead of solely speed of execution and immediacy, as summarised by Fabien Oreve, deputy global head of trading and securities financing and head of equity trading at Candriam, who explained that when it comes to liquidity,“ Competition is needed, but so is choice.”
Discussions also emphasised that bilateral trading aims to complement market making rather than replace it, with firms such as Optiver underlining the management of risk through both bilateral and on-screen trading.
This was echoed by Mike Poole, head of trading, Jupiter Asset Management, who warned that although the overuse of bilateral trading methods may erode algo performance,“ There is a recycling of risk and there is an ecosystem there to facilitate that.”
“[…] It’ s a type of flow that suits some of our strategies where it’ s one and done, and that technology greases the wheels there.”
The rise of retail Retail was another key theme for TradeTech attendees this year, and discussions around how to increase participation in Europe were bountiful. Competition from the US remains fierce, and engaging European participants is a key topic of focus. According to Wail Azizi, chief strategy officer at Equiduct, European retail participation currently stands at just 5 %.
Jason Conan-Davies, head of trading at Nutmeg, emphasised that while parts of Europe are primed for retail investment, levelling up to the US remains a challenge, explaining:“ Low-cost investing is really important for retail customers. While we have tried to offer this to represent what happens in the US, more could be done with other constituents within the European framework.”
A key question for buy-siders, however, was how incentivising retail participation could provide opportunities for institutional investors.
Turning back the clock The concept of 24-hour trading has dominated industry discussion as of late thanks to announcements by incumbent exchanges confirming that they are exploring extending their
46 // TheTRADE // Q2 2025