In the second of four episodes, senior reporter Annabel Smith and panellists across venues and the buy- and sell-side unpack how much it costs to trade at the Close in comparison with the rest of the trading day, how these costs are split up into implicit and explicit, and who it is that ends up paying them.
Key themes:
-Market impact
-Cost absorption on the buy- and sell-side
-Risk management
-Alternative venues
“We are always conscious of the difficulties that the sell-side go through, but we have a benchmark, we have standardised comm rates, and how you work out it out on your side we have to leave to you,” Stuart Lawrence, head of UK equity trading, UBS Asset Management.
Don’t forget to check back tomorrow for the next instalment in the series: Episode 3 – Lights out for continuous trading?