Following news of major US players looking to establish a member-owned equities exchange, industry experts agree the move could prove to be positive for markets, but warn the road ahead for MEMX may be a difficult one.
Morgan Stanley, Virtu Financial, Citadel Securities, UBS and Fidelity Investments are among the firms looking to establish a low-cost, transparent equities exchange.
With 20 years’ experience in the industry, Alex Shterenberg has also worked at UBS and at JP Morgan where he was global head of FX execution services.
Attracting and retaining the brightest talent available has become the new battleground for investment banks as new compliance obligations and technology developments create warring factions desperate to secure the best personnel possible. Hayley McDowell tells the story behind this method of attack and finds out that a talent shortage could be just on the horizon for major players.
Bank of America Merrill Lynch has lost several senior sales and trading staff to Citi over the past year.
Bank of America Merrill Lynch admits masking millions of orders and will pay $42 million for the second time this year.
BAML made agreements with HFT firms including Citadel Securities and Two Sigma to secretly route client orders.
UBS holds top spot in electronic and algorithmic European equity trading share this year.