BNP Paribas gains approval for Deutsche Bank prime brokerage and equities deal

While Deutsche Bank conducts its drastic restructuring project, BNP Paribas has swooped to acquire its rival’s prime brokerage and equities business, announcing that it expects to gain around €400 million in additional revenues from the deal. During a third quarter earnings call, the French bank told analysts that it will take more than a year for the transition of Deutsche Bank’s clients to be completed. BNP Paribas was then granted the necessary approvals to take on the German bank’s client base a few weeks later.

The TRADE announces Leaders in Trading 2019 award winners

For those that were unable to attend this year’s awards dinner, the announcement of the winners at Leaders in Trading 2019 was always going to be an announcement to watch out for. The full list of 34 winners can be found at the link above, with buy-side accolades awarded to Cathy Gibson of Royal London Asset Management and David Miller of Invesco, with recognition also given to the trading desks at JP Morgan, SEB Investment Management, Hermes Investment Management and T. Rowe Price.

JP Morgan automates derivatives margin payments with DLT

Blockchain euphoria has certainly dropped in the last few years but there are plenty of use cases being conducted using the underlying distributed ledger technology (DLT) throughout the industry. In this case, JP Morgan announced the development of a new platform that redeploys cash and collateral balances to global clearinghouses, in a move designed to enhance efficiency through the automation and synchronisation of existing post-trade processes.

Hedge fund Ardevora to shut trading desk and outsource execution to Northern Trust

Outsourced trading has quickly become one of the hottest and most contentious topics among the buy-side this year, and the news that London-based hedge fund Ardevora Asset Management is to move its entire trading desk to an outsourced provider instead was certainly more kindling on the fire. The TRADE spoke to several industry insiders on the story, confirming that Ardevora will shut its internal desk, currently led by head of trading and partner, Neil Bond, alongside Chris Mahoney, in April next year after deciding to outsource its front-office activities to Northern Trust.

SEC grants three-year extension to MiFID II relief period

The ripple effect of MiFID II is increasingly being felt outside the European financial markets, with asset managers in North America already beginning to follow suit on the regulation despite being under no compliance obligation to do so. US brokers will be able to continue charging clients separately for research and analysis for another three years after the US Securities and Exchange Commission (SEC) issued an extension to its ‘no-action letter’ – first published in October 2017 and due to expire in July 2020 – until July 2023.

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Hosted during the cocktail reception at the Leaders in Trading 2019 awards dinner, The TRADE’s publisher, Jonathan Watkins, presented this year’s crop of the asset management’s best and brightest with their crystals. 

Previous Rising Stars include Cathy Gibson, head of dealing at Royal London Asset Management, who this year was nominated as Trader of the year (long-only) at Leaders in Trading, and Ed Wicks, global head of trading at Legal & General Investment Management.

You can find profiles of all this year’s Rising Stars here.

Congratulations to all of this year’s Rising Stars!

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You can find the full list of this year’s winners here.

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The TRADE is delighted to announce the winners at this year’s Leaders in Trading awards ceremony, held at The Savoy, London.

With 34 awards across the buy-side, editors’ choice, and algorithmic trading and EMS categories, The TRADE was joined by over 250 industry leaders to recognise the year’s leading individuals and firms within the industry.

Nominations for the Buy-Side Awards were open to the industry and The TRADE received over 750 votes across the six award categories. This year, Cathy Gibson of Royal London Asset Management and Trevor Dobson of Marshall Wace were named trader of the year for long-only and hedge funds respectively.

The trading desk of the year award went to T. Rowe Price, while Hermes Investment Management, JP Morgan Asset Management, SEB Investment Management collected respective trading desk awards for mid-cap, emerging markets and multi-asset.

David Miller, head of European equity trading at Invesco, was awarded the prestigious lifetime achievement award for the buy-side, in recognition of this experience and contributions to the industry.

The Editors’ Choice category are always highly contested awards and this year proved no different. Across the 16 awards, this year’s winners – as judged by The TRADE’s editorial panel – were all worthy winners.

Tradeweb’s co-founder and chief executive, Lee Olesky, was awarded with the Editors’ Choice lifetime achievement award as the fixed income venue celebrated its successful initial public offering earlier this year.

There were three new award categories introduced this year under Editors’ Choice: Outstanding sell-side trading house, outstanding electronic liquidity provider and digital initiative of the year, won by Goldman Sachs, Citadel Securities and Barclays Investment Bank (BARX), respectively.

In the technology arena, Bloomberg once again claimed the award for outstanding market data provider, while newcomer big xyt collected the outstanding TCA provider award and Mosaic Smart Data were crowned FinTech of the year, in the Instinet-sponsored award.

Within the Algorithmic Trading & EMS categories there were several firms that took home multiple awards, which are based on the results of The TRADE’s annual surveys. Bernstein were awarded the algo overall outperformer and also collected the best access to market and best user experience awards, while Portware, A FactSet Trading Solution won EMS overall outperformer, in addition to the best product consistency award.

Prior to the Leaders in Trading awards dinner, The TRADE also recognised this year’s Rising Stars of Trading and Execution, 20 of the buy-side’s up and coming talents of the future.

The photo gallery for Leaders in Trading 2019 winners can found here.

Congratulations to all of this year’s winners:

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Adam Ottewill, equities & derivatives trader, HSBC Asset Management

Adam joined HSBC Asset Management in late 2015 as an equities and derivatives trader, also covering global developed and emerging markets, executing program and single stock trades via both low and high touch methods. Prior to this, he spent six years with Coutts, starting out as a funds dealer before taking on a role as an ISA equity dealer, and then as a dealer on the Coutts securities dealing desk, responsible for trade execution for multiple asset types across global markets. Adam holds certification for derivatives, securities and investment management from the Chartered Institute of Securities & Investment. His peers praised Adam’s knowledge of the EMEA market structure post-MiFID II, teamwork and “excellent talent for innovation”.

Colleen Sweeney, equity trader, FMR Investment Management

Colleen has been with FMR Investment Management, part of Fidelity Investments, since joining the firm in August 2011 as a business associate, before moving to an equity trading role in March 2013. She holds a BA in Government & Legal Studies, Environment Studies from Bowdoin College in Brunswick, Maine. Colleen has been praised by her industry peers as “a great ambassador for Fidelity” and for consistently looking for “ways to add value to the investment process and the most cost-efficient trading solutions”.

Markus Bauer, former equity trader, Lazard Asset Management

Markus graduated with a Business & Finance degree from Cass Business School in 2013, securing an internship with Goldman Sachs which subsequently led to a full-time employment offer as an analyst. Markus then joined the buy-side with Janus Henderson, also in an analyst role, across the firm’s EMEA and APAC operations, before taking on a role as an equity trader with Lazard Asset Management in September 2016, staying with the firm for three years. is currently a CFA Charterholder and is described by his peers as “diligent, humble and possesses an excellent understanding of the ever-changing equity market” and “one of the most talented buy-side traders”.

Alex Jenkins, former head of European equity trading, Highbridge Capital Management

Alex graduated from King’s College London with a BSc in Business Management before joining Knight Capital in 2007 as a European sales trader, covering institutions and hedge funds in both the UK and US markets. She then moved to Cantor Fitzgerald in a similar role before joining Highbridge Capital Management as its head of European equity trading, responsible for implementing investment decisions across public markets primarily in Europe, building out the firm’s desk, providing specialty trading services, carrying out periodic broker reviews and managing relationships with portfolio managers. Alex has been commended as “bright star” for the industry who “will go far in the future”.

Sam Barclay, macro execution trader, Moore Capital Management

Sam started his career in finance with BlackRock in mid-2008 as a portfolio analyst, overseeing the analytical coverage for the firm’s European hedge funds, European specialist and Global equity portfolios. After obtaining a 1st class BSc from The London School of Economics and Politic Science in Economics, Sam joined Credit Suisse as an electronic sales trader in London, before moving to Hong Kong with the bank in late 2015. He then moved back to the buy-side with Nezu Capital Management in mid-2017, executing equities, swaps, options and convertible bond trades across APAC markets. Sam joined Moore Capital Management in March this year as a macro execution trader across the fixed income, equities, foreign exchange and commodities markets, and has been praised by his peers for his quality of execution.

This year’s Rising Stars of Trading and Execution will be awarded during the cocktail reception at this year’s Leaders in Trading awards ceremony.

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Maria Garcia, interest rates trader, BlackRock

Maria joined BlackRock in February 2019, and primarily focuses on trading emerging market rates. Prior to joining BlackRock, Maria worked as a junior portfolio manager at Hywin Capital in Mayfair, London, where she focused on overseeing an oil equities and equity options portfolio. Before Hywin, Maria worked as an emerging markets rates and foreign exchange trader with Natixis Investment Bank, also in London. Maria holds a BSc Economics degree with a focus on Econometrics from Royal Holloway, University of London, from which she graduated in 2014. Maria has been commended for her knowledge of the emerging markets trading environment.

Christopher Bukogiannis, fixed income trader, DWS Group

Christopher graduated with a 1st in International Finance from Frankfurt University of Applied Sciences in January 2019, after interning for two rotations at the FI&C trading desk of DWS in 2017 and 2018. He started a full-time role with the firm in October 2018 as a fixed income trader and quantitative analyst, with a trading focus on investment grade and high yield credits, as well as emerging markets covering the global fixed income portfolio management community. Christopher also spends a fair amount of time with quantitative data analyses and coding and, in addition, implemented portfolio trading for DWS with cutting edge technology as the main portfolio trader for DWS. He was described as “already an influential player in a very challenging trading environment” and a “pioneer and visionary in leading industry changes in trading pattern” by his peers.

Sonal Karsan, portfolio manager/trader, Vanguard Asset Management

Sonal started her career in finance with U.S. Bank where she was an alternative investments analyst, with primary responsibility for multi-asset fund administration for global macro hedge funds, before moving to State Street Global Advisors in 2014 as a portfolio analyst. Sonal spent two years with State Street as a portfolio analyst, providing operational fund support for passive and active equity portfolio managers and performance attribution analysis. In 2016, Sonal moved to Vanguard as an ETF investment analyst before taking on a trading role last year. She was promoted to the portfolio manager/trader position at the start of November, trading equities as well as managing equity portfolios for the firm. Sonal has been commended for her analyst expertise as a foundation for a successful move to a trading role.

Jimmy Cole, equity trader, Moore Capital Management

Jimmy began his career in finance on the sell-side with KCG in 2016 as a junior equity sales trader, after graduating from the University of Hertfordshire with a master’s degree in Finance and Investment Management. He moved to Virtu Financial in mid-2017, continuing to trade equities, before joining the buy-side with Moore Capital Management in April this year, broadening his knowledge of various asset classes, with a primary focus on achieving best execution. Jimmy has been commended for his “exceptional ability, drive and resilience” backed by “sound judgement and skill which has made him stand out as a high performing trading counterpart”.

Sam Vaughan-Jones, equity dealer, Royal London Asset Management

Sam joined Royal London Asset Management in November 2015 as an equity dealer and has been part of the firm’s centralised dealing desk since early last year. He had previously fulfilled a similar role with Close Asset Management from 2009. He graduated from Newcastle University in 2006 with a BSc in Business, Management, Marketing and Related Support Services. Sam’s peers have praised his excellence of execution and discipline, and he is described as “an integral part of their growth and expansion as a firm”.

This year’s Rising Stars of Trading and Execution will be awarded during the cocktail reception at this year’s Leaders in Trading awards ceremony.

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Arline Sueng, fixed income trader, Groupama Asset Management

Arline joined Groupama Asset Management in September 2017 as a senior fixed income trader. She began her career at Société Générale Asset Management (SGAM) in 2006 where she developed the performance attribution tools and procedures for the firm’s fixed income department. She then transitioned to Amundi after the merger with SGAM before moving to a new role at Newedge/SGCIB in fixed income sales in charge of institutional clients. This five years’ experience among sell-side environments has proven particularly beneficial since joining Groupama AM, as Arline gained a unique perspective on trading, representing “the synthesis that a manager expects of a trader ready to face the transformations of our industry”, according to her peers.

Leo Broughton, fixed income trader, Schroders Investment Management

Leo joined Schroders Investment Management in 2013 in the operations department as a trade specialist. After two years he assisted in the transition of the North American investment ops from London to New York. On return to the UK, Broughton joined the fixed income dealing desk focusing on money markets and G10 bonds and rates, before also taking on emerging markets rates and credit trading. A key member of the fixed income team and an integral part of the investment process, Leo works closely with a variety of portfolio managers across departments, providing market colour and trade analysis. Leo is a CFA charterholder and lauded as an “exception young talent moving through the ranks” by his colleagues at Schroders.

Charlotte Nutting, trader, Millennium Capital Management

Charlotte graduated from Lougborough University with a degree in Geography in 2013. She then undertook an internship at RBC in the wealth management team before returning to RBC in 2014 to work in the cash management team for the bank’s foreign exchange traders. In 2016 she moved to Principia Investment Management Limited, where she was an execution trader and fund manager assistant. Charlotte spent just over three and a half years in the role before recently joining Millennium Capital in September, where she operates as a trader in the low touch team for the firm. She has been recognised by the industry for having been picked for “one of the most competitive desks on the Street” thanks to her efforts at Principia.

Anthony Lucas, equities & FX trader, Martin Currie

Anthony began his career in finance with Barclays Wealth and Investment Management in 2007 as an operations analyst, where he was responsible for reconciliation of client accounts, as well as developing and implementing training for new systems across three different locations. He then moved to Martin Currie based in Edinburgh in October 2010, providing dealer support to the firms trading team and matching equity trades, before taking on the role of trader himself in early 2012 across equity and foreign exchange markets. Anthony’s peers have praised his accuracy and diligence, as well as his “extensive knowledge of trading across FX, cash equities and derivatives”.

Peter Welsby, senior execution trader, GAM Systematic Cantab

Peter is a senior execution trader at GAM Systematic Cantab. Peter splits his time between the London and Cambridge offices and is responsible for trading both electronically and with brokers across global foreign exchange, equities, bonds, commodities, options, rates and credit markets, with a focus on best execution, market structure, automation, TCA and sharing knowledge throughout the firm. Peter is described by his peers as a “highly knowledgeable multi-asset trader”. Prior to joining GAM Systematic Cantab in 2013, Peter began his career in finance at Barclays Capital, where he spent three years as an options market maker and proprietary trader on the bank’s equity derivatives. Peter holds a BSc Hons in Mathematics with Statistics from Imperial College London.

This year’s Rising Stars of Trading and Execution will be awarded during the cocktail reception at this year’s Leaders in Trading awards ceremony.

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Rikki Corbyn, equity & derivatives trader, State Street Global Advisors

Rikki Corbyn is an assistant vice president of State Street Global Advisors and an equity and derivatives trader on its London trading desk. Specialising in developed European markets, he provides coverage to the global portfolio management teams, with primary focus on supporting the global equity beta solutions team.  Before joining the trading desk in December 2016, Rikki was manager of EMEA Trade Administration, with responsibility for all post-trade activities across all asset classes. Prior to joining SSGA in March 2013, Rikki held roles with Barclays Capital, Citigroup and Credit Suisse. Rikki has been lauded by his colleagues at SSGA as a “star of the future” thanks to his “strong work ethic and attention to detail”, having “grown immeasurably since moving to the front office”.

William Baker, fixed income & FX trader, Schroders Investment Management

William graduated in 2012 in Mathematics with Honours from the University of East Anglia and joined Schroders Investment management later that year. After two successful years in operations, he went on to trade foreign exchange before becoming part of the fixed income team. William is now an integral part of the fixed income and foreign exchange trading team at Schroders, specialising in European credit markets, described by his peers as an “exceptional young talent” how has grown considerably over the past year.” His trading activity covers investment grade, high yield and derivatives, and has become an important part of the execution process, working closely with portfolio managers across Schroders to achieve best execution and provide market colour.

Liane Fahey, fixed income dealer, Royal London Asset Management

Liane started her career on the sell side, progressing to a junior broker role on the Eurostoxx Options desk, learning her trade in a very faced paced and unforgiving environment.  Following the financial crisis and having worked for almost 10 years, Liane took a career break and returned to a junior trading role on the fixed income desk at BlackRock, where she worked for five years trading mainly investment grade credit, having a key role in setting up its ‘Low Touch’ trading desk which focused on automating both rates and credit flow. She joined RLAM in 2018 as part of a newly created central dealing desk, helping to build out its presence across all areas of fixed income, including investment grade, high-yield and rates, as well as derivatives. Liane has “excelled in her current position” with RLAM and is “well known across the street for her professional and dedicated approach to trading”, say her industry peers.

John Lilley, equities trader, GIC

John began his career in finance in 2006 on the sell-side, as an investment services analyst with Citi’s EMEA equities team, before joining the buy-side with hedge fund Lansdowne Partners in late 2008 – spending eight years with its centralised trading desk, working across the firm’s three main global funds. Since joining GIC in 2016, he has progressed to play a seasoned and active role within London’s high-touch equities team, covering developed and emerging Europe and MENA in all aspects of equity trading – including in special situations, corporate actions, as well as market structure and transaction cost analysis. John is described by his peers as possessing an “exceptional commitment to seeking best execution and providing liquidity solutions” and an “innate ability to assess volatile market conditions in emerging markets and determine appropriate level to access liquidity.” 

Jack Bookatz, execution trader, Millennium Capital Management

Jack’ European equity career began in 2012 at BNY ConvergEx, covering low touch and program trading. He later moved onto HSBC Equity Program Trading desk in 2014, with strong emphasis on emerging markets. Following this, he moved to the buy-side with Millennium Capital Management in 2015, covering low touch trading, index rebalance and emerging markets trading. His peers describe Jack’s knowledge in emerging markets as “second to none”, having honed a “unique combination of technical proficiency with algorithms and market knowledge” and is tipped to become one of the industry’s leading emerging markets traders in the future.

This year’s Rising Stars of Trading and Execution will be awarded during the cocktail reception at this year’s Leaders in Trading awards ceremony.

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The Rising Stars event will be held at the Savoy, London, on 21 November during where each Star will be presented with their award, before being invited to The TRADE’s Leaders in Trading ceremony.

Profiles for each Rising Star will also be published on our website in early November. 

Congratulations to those listed below:

• William Baker, fixed income & FX trader, Schroders
• Sam Barclay, macro execution trader, Moore Capital Management
• Markus Bauer, equity trader, Lazard Asset Management
• Jack Bookatz, equity trader, Millennium Capital Management
• Leo Broughton, fixed income trader, Schroders
• Christopher Bukogiannis, fixed income trader, DWS Group
• Rikki Corbyn, equity and derivatives trader, State Street Global Advisors
• Jimmy Cole, equity trader, Moore Capital Management
• Liane Fahey, fixed income dealer, Royal London Asset Management
• Maria Garcia, interest rates trader, BlackRock
• Sonal Karsan, trader, Vanguard Asset Management
• Alexandra Jenkins, former head of European equity trading, Highbridge Capital Management
• John Lilley, equities trader, GIC
• Anthony Lucas, equities & FX trader, Martin Currie
• Charlotte Nutting, trader, Millennium Capital Management
• Adam Ottewill, equity & derivatives trader, HSBC Asset Management
• Arline Sueng, fixed income trader, Groupama Asset Management
• Colleen Sweeney, equity trader, FMR Investment Management
• Sam Vaughan-Jones, trader, Royal London Asset Management
• Peter Welsby, senior trader, GAM Systematic Cantab

The post The TRADE’s Rising Stars of Trading and Execution 2019 revealed appeared first on The TRADE.

As part of the Editors’ Choice award category, the winners of both awards will be announced during the Leaders in Trading 2019 ceremony on 21 November, held at the Savoy Hotel, London.

Sponsored by Plato, the Market structure excellence award recognises an individual in the industry that has provided exemplary work throughout the year on market structure issues and knowledge, while the FinTech of the year award, sponsored by Instinet, recognises a technology start-up that has provided significant new innovation to the industry.

All of this year’s winners across the Editors’ Choice, Algorithmic Trading & EMS, and Buy-Side awards categories will be announced during the Leaders in Trading awards dinner. Visit our event page here for more information and to book your place at this year’s ceremony. Congratulations to all the nominees.

Market structure excellence

Matthew Coupe, Barclays

Rebecca Healey, Liquidnet

Adam Mingos, FMR

Anish Puaar, Rosenblatt Securities

Tom Stenhouse, London Stock Exchange Group

Joelle Tarrant, HSBC

FinTech of the year

H2O.ai

Mosaic Smart Data

Wematch

9fin

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