Contents : Editor ’ s note :
THETRADETECHFX DAILY
Contents : Editor ’ s note :
3 Editor ’ s note
4 Latest news and people moves
Keeping you informed of key industry developments .
8 In depth : T + 1 settlement - The biggest FX shake up in decades
As the testing period for the US shift to T + 1 kicks off , Annabel Smith explores what the foreign exchange-specific implications of the transition might be across achieving best execution , sourcing liquidity , flow netting and trade matching .
12 Multi-asset trading : Reduced errors and enhanced high-touch execution
The TRADE and James Barnett , trader at Manulife Investment Management , discuss the value of one multi-asset trader managing both execution and hedging and the importance of utilising available resources and partnerships to maintain a specialist service on a cross asset desk .
14 TCA to LPA : The changing role of the buy- and sell-side
The TRADE speaks to Bhav Trivedi , manager for dealing UK at AustralianSuper , to discuss the interplay and key differences between trade cost analysis ( TCA ) and liquidity provision analysis ( LPA ), the key considerations when applying these in trade execution , and how the relationship between the buy- and sell-side is being affected by TCA and LPA developments .
18 Building a successful multi-asset trading desk
The TRADE sits down with Sunil Patel , senior trader at APG Asset Management , to discuss how to succeed in a multi-asset trading environment , exploring technology implementation , data optimisation , and the intricate puzzle of TCA .
20 Trading in Asia : A future outlook
Brigitte Le Bris , managing director , global head of fixed income and FX at Ostrum Asset Management , sits down with The TRADE , to unpack the wealth of opportunities Asia holds for investors , the main hurdles for trading in the region ’ s emerging markets , and why diversification is such a hot topic .
24 Growing pains : The impacts of T + 1 settlements on FX execution and liquidity
Catriona Lawlor , FX trader at Baillie Gifford , tells The TRADE how T + 1 will affect FX market dynamics , liquidity and best execution .
26 The ever-evolving landscape of the trading desk
The TRADE speaks to Gordon Noonan , head of FX and rates trading at Schroders , about ways to future proof trading desks , the opportunities DLT can provide and how execution styles can be adjusted to improve liquidity targeting .
28 Enhanced third-party data for optimised execution
The TRADE and Francesca Bullo , senior fixed income and FX trader at Generali Insurance Asset Management , explore the importance of a flexible approach when it comes to using third party data to enhance FX trading workflows , and the next stage for automation .
30 TradeTech FX agenda in full
It ’ s that time of year again , where we find ourselves in the thrall of event season and reunited in Paris at the industry ’ s most prominent foreign exchange conference . TradeTech FX offers those operating within the world of foreign exchange an opportunity to congregate for idea sharing and networking , and The TRADE is delighted to bring you this official magazine , designed to accompany and guide you through the event ! This year has paved the way for some of the most extensive evolution the foreign exchange market has seen in decades . Almost recovered from the volatile macroeconomic fallout that followed the invasion of Ukraine last year , foreign exchange traders are now facing a new challenge , and this time it is coming from within the back-office . The shift to T + 1 settlement is set to make waves in the market with the expectation that it will in some way disrupt current methods to source liquidity , net flows , match trades , and ensure best execution . The changes will require an operational overhaul for many firms to ensure business continues as usual . US implementation is currently set for May 2024 , however whether or not the rest of the world will follow suit is yet to be seen , meaning divergence could once again be on the cards . The prospect of T + 1 comes against the backdrop of an already tempestuous and black swan event-prone market . Economies globally are continuing to diverge as central banks ’ decisions intended to curb inflation around the world begin to show their effects . Meanwhile , the last few months have played host to swathes of technologyfocused collaborations across venues and the buy- and sell-side as appetite for increased electronification and new technologies ramps up – in particular in the clearing space . This magazine touches on all the key topics from this year ’ s conference , spanning technology , regulation , post-trade , liquidity and data . It contains the latest major FX news and moves , a plethora of exclusive buy-side interviews with speakers from the event , a cover interview exploring the realities of the shift to T + 1 settlement , thought leadership content and the official conference agenda . As always keep your eyes peeled for The TRADE team on the ground and don ’ t hesitate to come and say hello . Bonne conférence !
Annabel Smith Editor
The TRADE
The official newspaper of TradeTech FX Europe 2023 TheTradeNews . com 3