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Trade Tech Daily THE TRADE Special Edition TECH THE OFFICIAL NEWSPAPER OF TRADETECH 2020 Transforming TCA with Data Science TCA is evolving – Get your consolidated view Listen in during the sessions, mark five in a r See Cboe Europe President Mark Hemsley speak on Day One at 09:05 to hear our favourite topics and mark them off! Daily THE TRADE THE TECH TRADE THE OFFICIAL NEWSPAPER OF TRADETECH 2019, 24-25 April TECH THE OFFICIAL NEWSPAPER OF TRADETECH 2018, 25-26 April DailyTHE TRADETECH Daily THE OFFICIAL NEWSPAPER OF TRADETECH 2019 | WRAP-UP ISSUE AI, ETFs AND LIQUIDITY SENIOR BUY-SIDERS GIVE THEIR LEGACY TECH VIEWS ON ARTIFICIAL INTELLIGENCE, ENLIGHTENMENT DIVERSITY IN TRADING AND THE RISE Daily OF ETFS IN THE TRADETECH DAILY’S EXCLUSIVE SERIES OF INTERVIEWS. HOW BUY-SIDE FIRMS CAN EMBRACE NEW TECHNOLOGIES TO OVERCOME THE LEGACY TECH CHALLENGE. MiFID II LIT VENUE Alison Hollingshead p.18 ADAM CONN p. 12 MILES KUMARESAN p. 14 MIGRATION YET TO BE SEEN “Initiatives like AI ACE UP THE SLEEVE HAVE TRADING VOLUMES MOVED ONTO LIT internships, graduate Cathy Gibson p.14 VENUES FOLLOWING RESTRICTIONS ON DARK TRADING AND THE RISE OF schemes and returner ARTIFICIAL INTELLIGENCE HAS THE “The key factor to POTENTIAL TO BE AN ACE UP THE SLEEVE SYSTEMATIC INTERNALISERS. schemes, are a step in the consider when it comes FOR BUY-SIDE FIRMS THAT APPROACH IT RIGHT. right direction in terms to OMS and EMS is that of opening the door to a THE NEW WORLD OF MIFID II it’s not one size fits all. more diverse talent pool.” There isn’t one system THE MOST COMPLEX AND FAR-REACHING out there considered to WHAT YOU NEED TO KNOW KENNETH MCLEISH p. 22 TOM DIGBY p. 20 REGULATORY CHANGES OF A GENERATION... BUT HAS ANYTHING CHANGED SO FAR? be the best.” — THE ‘BAD’ IN BIG DATA CAUSES CONCERN, Conditional orders and periodic auctions— BLOOMBERG LEADINGcome THE OMS/EMS SPACE, “A diverse way of — AND BROKERS OUTPERFORMING BANKS thinking: By linking out on top post-MiFID II IN ALGO TRADING. Goldman Sachs CEO backsdiversity new LSEG with inclusionchief he use of periodic auctions and conditional Torder types are helping senior buy-side The 20-year Goldman Sachs veteran banker nancial institutions group at Goldman,the focusing result expertise can as an be advisor to large companies, and traders navigate liquidity post-MiFID II more appointed as chief executive officer at London on market structure, brokerage and trading. he has been a terrific partner and friend. London than any other technique or strategy, according Stock Exchange Group (LSEG) has received the Schwimmer also formerlyinnovation, served as chief of Stockthrough Exchange Group the is fortunate to have him to WBR Insights. Widespread adoption of periodic auctions backing of former boss, Lloyd Blankfein. staff to Blankfein, now CEO of Goldman, when on board.” has been an unforeseen trend since MiFID II David Schwimmer was most recently global he was president and chieffreedom operating officer. of ideasThe departure and of LSEG’s the former CEO, Xavier was implemented. Traders concur that despite head of market structure and global head of In statement, Blankfein said of Schwimmer’s Rolet, was shrouded in controversy after he regulatory concerns that the venue type is in rules, periodic auctions are beneficial in terms metals and mining in investment banking at appointment: “I have worked closely with David announced his intention to leave in October some cases used to circumvent the dark trading freedom of thought.” of showing natural liquidity, reducing costs and Goldman Sachs. He began his career in the fi- over his career at Goldman Sachs. He has great last year. achieving best execution. In January, responses from the market on the European Securities and Markets Authority’s Invesco’s head of trading rules out outsourcing equities Continues on page 6 trading, saying ‘nobody can do it better than us’ he head of trading at Invesco says outsourc- Ting the asset manager’s equities trading desk is out of the question, claiming “I don’t execution services, David Miller lauded Invesco’s think anybody can do it better than we could”. in-house capabilities and systems when asked best of breed anyway,” said Miller. “I don’t think During an Oxford-style debate on outsourcing outright if the company would ever consider the concept. anybody can do it better than we could. “I would say some of the trades we have are “We’ve got the experience, the technological back-up as well, we’ve got the systems and the support, so, no.” Continues on page 8 Euronext seals €4.3 billion deal with LSEG for Borsa Italiana uropean exchange group Euronext has Eentered into a binding agreement with the London Stock Exchange Group (LSEG) to acquire proposed acquisition of Refinitiv, the exchange Borsa Italiana for €4.3 billion. operator said. Depositi e Prestiti – and Intesa Sanpaolo. The transaction is conditional upon the Euro- The agreement follows news in September pean Commission’s clearance decision for LSEG’s that Euronext was in exclusive talks with LSEG David Schwimmer, CEO of LSEG, said in a for the Borsa Italiana takeover, alongside CDP statement on the deal with Euronext that LSEG Equity – owned by sovereign wealth fund Cassa continues to make good progress on the Refini- tiv transaction. Continues on page 4 Cboe Europe Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority. Cboe Europe Limited is a wholly-owned subsidiary of Cboe Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at The Monument Building, 11 Monument Street, London EC3R 8AF. This has been established for information purposes only. None of the information concerning the services or products described in this document constitutes advice or a recommendation of any product or service. To the extent that the information provided in this document constitutes a financial promotion as defined by section 21 of the Financial Services and Markets Act 2000, it is only 2directed THE atTRADE personsTECH who DAILY qualify as a Professional Client or Eligible Counterparty. Persons who do not qualify should not act on or rely upon it. THETRADETECH DAILY THE OFFICIAL NEWSPAPER OF TRADETECH 2020 Contents: 20 years of 4 LATEST NEWS 10 Unprecedented change Buy-side industry veteran and head trader for TradeTech EMEA equities at Invesco and, David Miller, explores the evolution of trading over the last 20 years. Editor’s note: hile we may not be in Paris this year, I’d like to 12 Technology – the forever force in trading Wwelcome you to this virtual TradeTech Europe Former sales trader and industry veteran event, which also happens to mark 20 years of the Alexandra Foster, now director of insurance, conference. wealth management and financial services at Those of you who have attended every TradeTech BT, outlines the impact of technology on trading conference since its inception (yes, there are some processes. of you!), will know that TradeTech has lived through some pretty major events. From market changes 14 The evolution of the trader such as MiFID I & II, to the 2008 financial crisis Pictet Asset Management’s global head of and Brexit fallout, to name a few, it’s been quite a fixed income trading, Carl James, takes a look at couple of decades. how traders have evolved since the Big Bang In this special edition of the TRADETech Daily in 1986 and finds the ability to adapt remains as newspaper, we outline some of those events (page important now as it did then. 20) and, unsurprisingly, the coronavirus pandemic made the list. 16 Reflections and expectations While TradeTech has lived through some pretty Julia Streets, CEO of Streets Consulting, takes a dramatic times, this being one of them, it has look at how data and technology have impacted never failed to lead the discussions for the equities the industry over the past decade and trading landscape. The virtual debates scheduled for highlights how emerging technologies could this year’s conference promise to deliver that once reimagine the trading desk in the years to come. again, despite the circumstances. On page 26, we outline some of the highlights of TradeTech 2020 18 The long journey to frictionless electronic that shouldn’t be missed. trading Elsewhere, to celebrate the event’s anniversary, Having been instrumental in the development we also reached out to some of the industry’s most of the Financial Information Exchange (FIX) well-known names and faces to provide us with Protocol, CEO of Rapid Addition and director of their thoughts on the past couple of decades. You FIX Protocol, Kevin Houstoun, provides a will find this special edition’s editorial contributions brief history of the industry’s messaging from page 10 onwards. standard. While we don’t see an end in sight to the disruption that has 20 Events that shaped the last 20 years impacted us all so far this year, As TradeTech Europe celebrates its 20th The TRADE’s editorial team is anniversary, the TRADETech Daily takes a looking forward to seeing you all look back at some of the biggest events that once again, whenever, wherever have impacted the industry over the past two and however that may be. decades. 26 What to look out for at this year’s virtual Hayley McDowell TradeTech Editor, The TRADE The TRADETech Daily takes a look through some of the hottest keynote speeches and @hayley_mcdowell panel discussions that you shouldn’t miss at LinkedIn Hayley McDowell this year’s conference. [email protected] 27 FULL AGENDA Issue 1 TheTradeNews.com 3 THETRADETECH DAILY THE OFFICIAL NEWSPAPER OF TRADETECH 2020 Trading venues Euronext seals €4.3 billion deal with LSEG for Borsa Italiana THE ACQUISITION OF BORSA ITALIANA BY EURONEXT IS DEPENDENT ON THE LSEG GAINING APPROVAL FROM EUROPEAN AU- THORITIES FOR ITS BLOCKBUSTER TAKEOVER OF REFINITIV.
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