Oct-Dec, 2007, Issue 14

Christoph B. Mast, managing director and global head of trading at RCM/Allianz Global Investors makes a sober assessment of the challenges facing buy-side traders trying to navigate through the post- MiFID landscape. Certain developments in the US markets should flag up a warning, he told The TRADE.

Block trading is hardly new and has never really been conducted in the public gaze. But as the keyboard replaces the telephone, is the market in Europe keeping up? Richard Schwartz

The recent MSCI index rebalancing has re-ignited an interest in ‘index front running’. Andy Kim and Georgios Oikonomou at Quantitative Research, SG Corporate & Investment Banking examine how index fund managers can minimise the impact of this practice.

There is no doubt the launch of Chi-X has been an important milestone in the evolution of the European equity markets. This is not the first attempt to compete against the national exchanges in Europe, so why are expectation levels so high this time around, asks Toby Bayliss, head of electronic execution sales, Europe at Citi.

Tony Mackay, CEO, Instinet Europe, argues that unbundling, as enshrined in CP176, is only a first step in turning MiFID to the buy-side’s commercial advantage.

Jonathan Shorrock, director of global markets financing & services, and Yvonne Hansmann, head and managing director of EMEA electronic trading sales, Merrill Lynch International, examine the expectations that hedge funds should have of their prime brokers in today’s volatile climate.

MiFID arrived on 1 November without great fanfare, but don’t get lulled in a false sense of security, writes Jerry Lees, head of alternative execution at Cheuvreux, radical changes to market structure are in train that will have farreaching consequences for both the buy- and sell-side.

Pascal Morosini, executive director, head of GSF sales and relationship and Jean Robert Wilkin, executive director and head of GSF product management at Clearstream argue that the shift from unsecured to secured lending requires a change in attitude to the management of collateral.

Joseph Cangemi and Craig Viani, managing directors, BNY ConvergEx Group explain how dark liquidity can be used to recreate a familiar trading environment.

As new trading venues open and liquidity fragments, brokers will be judged in a number of key areas on the agility of their smart order routers, writes George Andreadis, head of AES Liquidity Strategy, Europe, Credit Suisse.

An additional $600 billion of borrowing will be required over the next three years to fuel 130/30 strategies, if growth forecasts are accurate. Mark Fieldhouse, director, technical sales and relationship management at RBC Dexia Investor Services explains why custodians are best placed to meet the challenge of servicing 130/30 funds.

While the ECB’s TARGET2-Securities initiative to create a single securities settlement system for the Eurozone is welcome, Henry Raschen, regulatory strategy manager, Institutional Fund Services Europe, HSBC, argues that it is not too late for market participants to conceive of an all-encompassing solution that is multi-currency, possibly global in scope and extends to asset servicing as well as settlement.

Georg Groß, head of Front Office Data & Analytics, Market Data & Analytics, Deutsche Börse, examines the case for increased automation in the derivatives markets and highlights how, through the CEF® ultra+ data feed, Deutsche Börse is helping clients reap the full benefits of automation.

Reuters news reaches a billion people a day – but it is also read by an increasing number of machines. As ‘machine-readable news’ comes of age, firms of all sizes and trading styles are discovering how it can benefit their research, analysis and algo trading activities. An interview with Richard W. Brown, global business manager, Reuters NewsScope.

Magazine Archive

Oct-Dec, 2007, Issue 14	THE TRADE Asia	Jul-Sep 2007, Issue 13
Apr-Jun 2007, Issue 12	Jan - Mar 2007, Issue 11	Oct-Dec 2006, Issue 10