It’s a well known fact that markets globally orbit the US. Activities that take place in the region will nine times out of 10 have a butterfly effect on the rest of the world – The US market is the world’s benchmark, sturdy and omnipresent.

However, in the last few months the US boat has begun to rock and investors are now gearing up for a potential recession in the world’s largest economy due to tight monetary policy. Unlike other central banks around the world, the US Federal Reserve’s first interest rate cut is only expected to take place in the third week of September – a decision that has come under criticism from some who claim it’s too little too late.

Regulation-wise, the US is also undergoing a major overhaul across several corners of the investment value chain from reporting to best execution to Treasury clearing. The advent has been likened to the events surrounding Mifid II in Europe in 2018 and the years since, with many expressing exasperation with the US Securities and Exchange Commission (SEC) over its ‘everything at once’ approach to change.

This edition unpacks all this and more including in depth features exploring the developing emerging markets landscape, artificial intelligence, the impact of the new Treasury clearing rules in the US, the prime brokerage landscape, and the role of technology in the shifting relationship between the buy- and sell-side.

This edition’s cover star is none other than Legal and General Investment Management’s (LGIM) head of US trading, Ryan Raymond, and the fun does not stop there as featuring as our Meet the Desk interview for this quarter is the London-based trading team at Ninety One. Also included in this edition are the results from The TRADE’s annual Execution Management Systems Survey.

Take a look below for more detail on the Q3 content:

In depth – The evolution of the buy- and sell-side relationship

Wesley Bray explores the impact that new technology and alternative liquidity sources are having on traditional buy- and sell-side roles.

Buy-side cover interview – Keeping an aircraft carrier nimble in times of turbulence

Annabel Smith sits down with head of US trading at Legal and General Investment Management (LGIM), Ryan Raymond, to explore the nuances of the US market in light of changing central bank policy and the upcoming election, his journey to the trading desk, and the importance of portfolio diversification in order to be able to adapt quickly.

In depth – Don’t sleep on emerging markets fixed income

As the industry turns its collective attention to the potential for a rebounding of emerging markets in the fixed income sphere, Claudia Preece takes a look at the current state of play, unpacking how both firms and providers are keeping EM bonds front of mind to maximise opportunities in the space and the key motivations for desks going forward.

Meet the Desk – Trading at the frontier

Annabel Smith sits down with the London-based trading team at emerging and frontier markets trading specialist Ninety One to get the inside track on how the desk fits into the global asset manager’s remit, along with discussing market themes, and the team’s technology wish list.

In depth – A look into the centrally cleared future

Wesley Bray explores the latest rule changes for fixed income clearing in the US, what institutions should be most conscious of, how to navigate these changes and what their impact will likely be on competition.

The Big Interview with BTIG’s Stephen Ponzio

Claudia Preece sits down with head of electronic trading at BTIG, Stephen Ponzio, to discuss what’s front of mind when it comes to investing in e-trading talent, which characteristics are most prized on the desk, the importance of human-to-human interaction, and the firm’s future technological plans.

In depth – The prime brokerage pie is growing, which means bigger slices for everyone

Prime brokerage is a business driven by growth in its client base, and in 2024, players of all shapes and sizes are reaping the rewards of navigating an eventful few years to post record numbers off the back of positive trends in the hedge fund space, writes Jonathan Watkins.

In depth – AI? Patience young grasshopper

As the adoption of AI surges across capital markets, sentiment is on the up despite some trepidation, but what should be considered before everyone dives headfirst into integration? Claudia Preece weighs risk versus reward and takes stock of where the newest AI capabilities could throw up some curveballs when it comes to trading.

The TRADE’s Execution Management Systems Survey 2024: Buy-side remain largely satisfied with EMS providers despite market headwinds

Though acknowledging areas for improvement – namely among product development and cost of operation – this year’s survey achieved an overall score of 5.91, just three basis points less than last year’s record score of 5.94, implying general satisfaction among the buy-side when it comes to their EMS providers.

Closing bell – Algos must adapt or perish in today’s volatile market terrain

With market volatility more prevalent than ever, algo strategies will need to be revamped to remain effective and successfully seize opportunities, writes Sylvain Thieullent, chief executive at Horizon Trading Solutions.

Read the full issue here.

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The rates environment remains challenging for traders and it’s been an eventful quarter regulation wise. The US shift to T+1 rolled out in the US in May. The overall conclusion? So far so good. Operationally, many have suggested the transition was fairly smooth but only time will tell how great the impact has been. Whether – or should I say when – the UK and Europe choose to follow suit is now the central question for many.

This edition of The TRADE Magazine unpacks our industry over the last three months with the latest news and moves, hedge funds results of our Algorithmic Trading Survey, and in-depth features exploring new venues trying to make waves in Europe, the CLS cut-offs in light of T+1, disparities in ETF volumes in the US and Europe, outsourced trading, and more.

This quarter’s exclusive buy-side content has a royal twist – only the best for our readers – and sitting for our buy-side cover and meet the desk interviews are Hugh Spencer, set to take over the reins at Janus Henderson from Dan Royal at the end of this year, and the London-based Royal London Asset Management (RLAM) trading desk.

It’s been a packed-out quarter and the activity shows no sign of abating. You may have already seen the exciting announcement regarding Leaders in Trading New York but in case you missed it find details of the date and location included within. We’re more than excited to be launching the first US iteration of our flagship awards night in November so make sure to get in touch with Patrick should you like to attend.

Take a look below for more detail on Q2 content:

In depth – Inside the FX cut-off conundrum that sparked animosity between the buy-side, CLS and custodians in the build-up to T+1

Finger of blame was being heavily pointed in each direction between custodians, non-US traders and settlement system CLS over FX cut-offs ahead of the US shift to T+1, with last minute decisions and confusion meaning some asset managers were left facing operational challenges, pre-funding trades and balancing settlement security with best execution obligations.

Buy-side cover interview – A Royal succession

Annabel Smith sits down with the incoming global head of trading at Janus Henderson to explore what’s brought him to this inflection point in his career, his love of trading, and his soon to be predecessor Dan Royal’s succession plan as he looks to step back at the end of the year.

In depth – Lessons to be learned from the US to boost European ETF growth

With clear distinctions in volumes across the UK and EU when compared to the US, Wesley Bray explores the evolving use of ETFs, reasons behind regional disparities, what can be learned from the US and how innovation can help bolster trading volumes.

The Big Interview with Groupama AM’s Eric Heleine

Head of the buy-side trading desk at Groupama Asset Management, Eric Heleine, sits down with Claudia Preece to discuss the dynamic of his trading desks, how traders’ skillsets are evolving, the specific tactics and strategies which contribute to being a great trader and what’s front of mind across the buy-side for 2024 and beyond.

In depth – Outsourced trading: Easy to do, difficult to get right

As outsourced trading gains traction, Claudia Preece delves into what factors make for success in the space, pinpointing some of the main elements influencing the future landscape. As ever-larger players continue to make real moves, costs rise, and expectations placed on providers increase, only those with truly effective offerings will reap success as consolidation continues.

Meet the Desk – Royal London Asset Management: ‘At the end of the day, they’re just really good traders’

Annabel Smith sits down with Royal London Asset Management’s (RLAM) multi-asset centralised dealing desk to explore its recent structural changes and the value of in-house data capabilities on the desk in light of the current trading environment.

In depth – Early bird catches the worm: The race for first mover advantage in Europe’s emerging crossing network landscape

In light of the US ATS’ looking to migrate to Europe and new offerings being proposed by European exchanges, Annabel Smith weighs up increased fragmentation against innovation, exploring the new competitive landscape, the prospect of private rooms, and who might be the provider to benefit most from first mover advantage.

The TRADE’s Algorithmic Trading Survey Hedge Funds 2024: Survey results suggest light at the end of the tunnel for hedge funds utilising algorithmic trading strategies

Bouncing back from declines in scores across the majority of categories last year, hedge fund results from The TRADE’s Algorithmic Trading Survey 2024 show more promise, with an overall rating for algorithm performance achieving the highest average score on record.

Closing bell – Asset managers proceed with caution despite overwhelmingly successful T+1 transition

Initial data from DTCC gives an indication of positive affirmation and fail rates, while the buy-side feel the transition has gone operationally well. However, there are still concerns around the future regarding overdrafts, public holidays, FX and more.

Read the full issue here.

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The future macroeconomic outlook of many countries is uncertain thanks to the plethora of elections taking place over the next two years – around half of the world’s population has the potential to experience a change in political regime – and with that seismic shift looming there are undoubtedly going to be reactions that end up rippling into the global markets. Zoom in from the global macroeconomic outlook and it appears markets are also set to experience several other major regulatory changes – not least the shift to T+1 in the US set for 28 May.

This issue of The TRADE Magazine covers all this and more with in depth looks at how transaction cost analysis (TCA) is moving away from a compliance tick box exercise and becoming real-time tool in the execution process, the parallels between traditional and digital assets market structure and the likelihood that liquidity will likely follow suit as trading venues shift to the cloud.

This magazine also includes a write up of The TRADE’s annual Algorithmic Trading Survey Long-only which saw a record whopping 2,222 responses this year by 570 traders, and a write up of our annual Diversity and Inclusion Survey.  

It wouldn’t be The TRADE Magazine without a large helping of exclusive buy-side content for you to sink your teeth into and this quarter we’re delighted to feature Bluebell Capital Partners’ head of trading Pete Papanichola and Robeco’s global equity trading desk as our cover star and Meet the Desk interview, respectively. 

Take a look below for more detail on Q1 content:

Meet the Desk – Chasing innovation on Robeco’s global equity desk: ‘In order to stay good, we need to become better’  

Annabel Smith sits down with the global equity trading team at Robeco to explore their global dynamic, the role of research on their trading desk and the race to stay innovative through better use of data and technology in the execution process.

In depth – Conscious usage of TCA: Making trade analytics more actionable  

With data becoming unavoidably vital to the trading desk, Wesley Bray explores how traders are delving past traditional TCA and collaborating with data scientists on the desk to help gain a deeper understanding of market dynamics and make better informed trading decisions.

Buy-side cover interview – Keeping ESG commercial

Annabel Smith sits down with head of trading at activist hedge fund Bluebell Capital Partners, Pete Papanichola, to explore his path to activist investing and the importance of keeping ESG investment initiatives commercial to ensure their continued success.

Celebrating Women’s History Month with… Liontrust Asset Management’s Maddy Davies

To celebrate Women’s History Month 2024, Annabel Smith sits down with trader at Liontrust Asset Management, Maddy Davies, to unpack her journey to the trading desk, core skills for success as a multi-asset trader, and navigating the current liquidity landscape.

The TRADE’s D&I Survey 2024

Of the near 100 respondents to The TRADE’s 2024 survey, three quarters confirm that women make up just 25% of senior trading roles within their firms; “The industry still has some way to go,” concludes one respondent.

In depth – Digital assets and traditional finance: Can two parallel lanes converge?

As the growth of digital assets continues at a rapid pace, Wesley Bray explores its influence on traditional finance, market structure and trading practices, and looks at what can be learned from the asset class.

In depth – As cloud adoption across the market continues to rise, is the shift of liquidity itself next to follow?

As cloud adoption picks up pace across the capital markets industry, Claudia Preece examines what leading market experts think about the current state of play and what the future holds. Cloud providers are banking on the fact that exchanges moving to the cloud will effectively “drag” the rest of their surrounding ecosystem along with them, asserts one market onlooker.

Survey – The TRADE’s Algorithmic Trading Survey Long-only 2024: A more optimistic outlook for the algorithmic trading landscape

In a record year for respondents in The TRADE’s Algorithmic Trading Survey, the landscape has proven to be more promising, with respondents highlighting ease of use and customer support as a top priority, and only a handful of categories continuing their downward trend this year.

Closing Bell – Has the question of “buy versus build” become outdated?

Delving into the build or buy question – Ian Mawdsley, chief product officer at Broadridge Trading & Connectivity Solutions, uses Formula 1 to illustrate why this question has arguably become outdated.

Read the full issue here.

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We live in times where black swan events are becoming more and more pigeon-like in their frequency, and macroeconomic and socio-political turmoil has continued to pose a threat to markets and institutions globally. Throughout the course of 2023, this has spurred on existing trends such as consolidation and outsourcing to cut costs – as evidenced by the merger and acquisition wave that kicked off in the second quarter of last year and has rolled on through until now.

Regulatory change has continued to rock the markets, and central to much of this is settlement – T+1 has been well and truly cemented as the buzzword of 2023. With the US set to move to a shorter settlement cycle in May this year, nations globally will be turning their gaze to their own regimes.

This issue of The TRADE Magazine examines all this and more with in-depth features exploring how today’s turbulent and changing markets have evolved everything from the use of algorithms to the profile of who is considered the perfect trader.

For the Q4 Buy-side Cover and Meet the Desk interviews, The TRADE was delighted to feature Millennium’s Charlotte Nutting and BlackRock, crowned Trader of the Year and Trading Desk of the Year, respectively, at the 2023 Leaders in Trading gala awards night.

This publication also includes a write-up of The TRADE’s glittering awards night and of our 2023 Rising Stars of Trading and Execution.

Take a look below for more detail on Q4 content:

In depth: “They’re the perfect trader”

As the landscape of the trading world continues to change – spurred by technological advancements, geopolitical change and social pressures – so too are the traders themselves. Claudia Preece takes stock of the market’s perspectives on the adage of ‘the ideal trader,’ delving into key characteristics, both the pervasive and the fading.

Buy-side cover interview: Trader of the Year – Millennium’s Charlotte Nutting

Annabel Smith sits down with Millennium senior trader and winner of the 2023 Leaders in Trading Trader of the Year Award, Charlotte Nutting, to explore her journey to the hedge fund’s trading desk, her decision to trade multi-asset and spearheading better gender diversity in the industry.

In depth: Algorithmic trading: Smarter than ever?

With growing client expectations and a constantly developing market landscape, Wesley Bray explores the evolution of algorithmic trading, delving into its use cases, the importance of data and trader intuition as well as how algo strategies are utilised during periods of high volatility.

Meet the Desk: Embracing change on the BlackRock EMEA equity trading desk

Claudia Preece sits down with the BlackRock EMEA equity trading team – winner of the 2023 Trading Desk of the Year, Long-Only Award – to discuss the wide breadth of the desk’s coverage, delving into what constitutes the ideal dynamic for a successful team, the key lessons gleaned from years of experience working across the equities space, and what the future holds for life on the desk.

Leaders in Trading 2023 – A roaring success

Almost 350 industry leaders gathered at The Savoy Hotel on 8 November in London to celebrate their achievements throughout the year.

The Big Interview – David McAnany

Co-head of foreign exchange, EMEA, at BNY Mellon, David McAnany sits down with Wesley Bray to discuss his journey to the trading desk, the impacts of increased automation of pricing and eFX on the role of the trader and key market structure changes to look out for in 2024.

The TRADE’s Crystal Ball 2024

Gaze into our annual crystal ball with predictions from industry experts on what to expect in 2024 across the buy-side, sell-side, market structure, regulation, technology and more.

Closing Bell: An EU consolidated tape: a step away from market fragmentation?

As the EU continues to pursue a consolidated tape (CT) there are various key points of reflection of which the market should take stock as the tape works to untangle the labyrinth of the European market structure, writes Apostolos Thomadakis, research fellow at the European Capital Markets Institute (ECMI).

Read the full issue here.

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This edition of The TRADE Magazine touches on all this and more with in-depth features exploring the use cases for AI in fixed income, the changing role of buy-side traders as price makers in the current liquidity climate and what role a consolidated tape will play in the market.

It wouldn’t be The TRADE Magazine without an abundance of exclusive buy-side content and this edition is no different. Starring on our cover this quarter is State Street Global Advisors’ head of fixed income trading for EMEA and APAC, Sharon Ruffles, accompanied in this issue by a Meet the Desk interview with RBC BlueBay Asset Management’s London-based fixed income trading desk headed up by Stuart Campbell, and a Big Interview with BlackRock’s Laura-Jane Purnell.

Take a below for more detail on Q3 content:

In depth – The changing role of the buy-side in fixed income price making

As the liquidity landscape increasingly turns buy-side side firms to the role of price maker in fixed income, Annabel Smith explores the current technology available to them to do so and the role data will play in giving the buy-side the confidence to cement this trend as mainstream.

Buy-side cover interview – SSGA’s Sharon Ruffles on fixed income trading: It’s a different job every day

As global economies diverge amid rate hikes and inflation, Sharon Ruffles, head of fixed income trading for EMEA and Asia Pacific at State Street Global Advisors, sits down with Annabel Smith to deep dive into the fixed income markets, exploring the next step for electronification, the evolution of technology and the importance of variety when it comes to sourcing liquidity.

In depth – Artificial Intelligence in fixed income: A paradigm shift  

With ongoing advances in technology, Wesley Bray explores the use of AI in fixed income, how it can help target liquidity and the shifting role of the trader as it adapts to work in tandem with new technologies.

Meet the desk – A new chapter for RBC BlueBay Asset Management’s London-based fixed income trading desk 

Annabel Smith sits down with RBC BlueBay Asset Management’s newly reabsorbed London-based fixed income trading desk to talk counterparty relationships, technology, liquidity dynamics, as well as what the future might hold for the formerly boutique firm, now part of a global one.

The Big Interview – BlackRock’s Laura-Jane Purnell

Director, senior fixed income and FI ETF trader at BlackRock, Laura-Jane Purnell, sits down with Wesley Bray to discuss her journey to the trading desk, the key drivers in the modernisation of bond markets and how to navigate shifting liquidity supply and demand dynamics.

In depth – If you build it, will they come?

With consolidated tapes (CT) on the way and the market looking at increased transparency and competition, Claudia Preece delves into data access, cost, and risk in fixed income post-Brexit – does data hold the key to a healthier market?

Survey – Buy-side sentiment on the up, but EMS providers aren’t out of the woods yet

 This year’s results revealed higher scores across nearly all service categories, with the survey average jumping up to an impressive 5.94 in 2023, the highest on record since the survey first launched in 2013.

Closing bell – Technology will solve municipal bond market fragmentation

Early adopters of modern fixed income EMSs within the muni market can gain an immediate edge by underpinning voice and electronic execution methods, writes TS Imagine’s chief markets officer Spencer Lee.

Read the full issue here.

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The news has been filled with M&A announcements and the regulatory landscape globally is – much like last quarter – in a permanent state of evolution.

This issue of The TRADE Magazine touches on all this and more, with in-depth features exploring the potential shift to 24/7 trading in equities and what the SEC’s equities market structure overhaul might mean for institutional investors.

It includes buy-side a cover interview spread with global head of trading at DWS Group, Werner Eppacher, a Big Interview with Nikko Asset Management’s senior dealer Angela McLean unpacking the world of multi-asset trading, and a Meet the Desk feature bringing you exclusive insights from the Goldman Sachs equities execution services desk for EMEA.

Take a below for more detail on Q2 content:

Buy-side cover interview – DWS Group’s Werner Eppacher: ‘Liquidity is like a shy deer’

Global head of trading at DWS Group, Werner Eppacher, sits down with Annabel Smith to talk talent retainment on the trading desk, how to better use data to improve TCA earlier in the trading process and whether the new market environment could go some way to increasing diversification.

Meet the Desk – Goldman Sachs on equities execution: Tacking with the wind

Annabel Smith sits down with the Goldman Sachs equities execution services desk for EMEA to discuss the changing role of a sell-side counterparty, evolving client demands and market structure and regulatory change on the horizon.

In depth – Are we on our way to 24/7 trading in equities?

With growing technological advancements and potential regulatory changes, Wesley Bray explores whether the equities market is moving towards around- the-clock trading, the benefits it could provide and whether there is demand for it at all.

The Big Interview – Angela McLean

 Senior trader for global markets at Nikko Asset Management, Angela McLean, sits down with Annabel Smith to explore her journey to the trading desk, the importance of adaptability as a multi-asset trader, and the future of straight through processing in fixed income.

In depth – The SEC’s equities overhaul: Necessary plumbing changes or a liquidity drain?

As the Securities and Exchange Commission undergoes its biggest equities shake up in 18 years to bolster best execution, Wesley Bray explores what the changes could mean for institutional investors.

Roundtable – The relentless rise of retail trading: How can the institutional market join the dots to encourage investor access?

On 16 May, The TRADE held a closed-door roundtable where panellists delved into the global role of retail markets including key barriers to entry, retail and institutional interaction, regulation and the future outlook as the market grows.

The TRADE’s Algorithmic Trading Survey 2023: Hedge funds change algorithmic priorities in light of continued challenging conditions

Dark pool access, increased trader productivity, ease of use, speed, and cost were rated as the most impactful features of algorithms in 2023.

Opinion – Standing out from the crowd: building a bespoke EMS for the future

Building mitigates the risk of creating an incompatible and expensive patchwork of systems, writes Matt Barrett, co-founder and CEO of Adaptive Financial Consulting.

Read the full issue here.

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This issue of The TRADE Magazine explores all areas of the markets including an in depth look at the shift to T+1 settlement and whether zero touch trading can really exist. It boasts three buy-side interviews with Janus Henderson’s Dan Royal, Baillie Gifford’s Stephanie Fraser and with the Schroders European equities desk.

For the first time ever, this issue also brings you results from The TRADE’s first Diversity & Inclusion Survey as well as our annual Algorithmic Trading Survey!

Take a below for more detail on Q1 content:

Buy-side cover interview – Dan Royal: Trading royalty

Dan Royal, global head of equities trading at Janus Henderson, sits down with Laurie McAughtry to talk trading techniques, technical innovation, and his journey to the top of the game.

The TRADE’s first Diversity & Inclusion Survey

The results, taken from a survey of over 100 buy-side, sell-side firms and trading venues, show that while many firms do have a policy in place, there are still significant gaps in benchmarking progress, while most firms have a notable imbalance of gender and ethnic diversity in senior roles.

The Big Interview – Stephanie Fraser: Moving markets with Baillie Gifford

Stephanie Fraser, senior trader at Baillie Gifford, has trading in her blood. Working on her father’s market stall from the age of five, she grew up in the business; before switching to bond markets at the age of 18 and making her way in the world of finance. She sits down with Laurie McAughtry to discuss directional liquidity scores, direct execution connectivity… and setting up a brand-new desk in New York.

Meet the desk – Schroders on European equities: Attention to detail is essential

Now with over £737 billion in assets under management across the Group, Annabel Smith sits down with the Schroders traders who are making equities pay from behind closed doors.

In depth – There is no such thing as zero touch trading

You might be cruising on autopilot for most of the flight, but when there’s turbulence you want a pilot to take over, writes Annabel Smith.

JSE SA Trade Connect set in beautiful Cape Town

Senior reporter Annabel Smith summarises the day’s events after travelling to the heart of South Africa for the JSE SA Trade Connect conference, where the beach meets equities trading market infrastructure.

In depth – T+1 settlement: The seismic post-trade change impacting the trading desk

With the US confirming its shift to T+1 settlement in 2024, Wesley Bray looks at the impact this will have globally, whether or not the UK and EU should follow suit and how trading desks will be impacted by the move.

The TRADE’s Algorithmic Trading Survey 2023: Heightened volatility leaves buy-side demanding more from their algo providers

The long-only results of The TRADE’s 2023 Algorithmic Trading Survey saw ratings decrease, marking an end to the past years of consistent increases. A frustrating and challenging year is reflected in the decrease in ratings, which left buy-traders expecting more.

Blog – 2023: The year of transparency for fixed income?

Geoffroy Vander Linden, country head for MarketAxess Netherlands, writes exclusively for The TRADE on what we can expect for the bond markets in 2023.

Read the full issue here.

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This issue of The TRADE Magazine touches on some of the major events to rock the industry in 2022: including the controversial September mini budget and an in-depth look at the digital assets landscape following the fallout of FTX and Sam Bankman-Fried (SBF).

This latest issue also includes not one but three buy-side interviews: including UBS’ head of UK equity trading, Stuart Lawrence; Jupiter’s newly appointed head of trading, Mike Poole; and a cover interview with Fidelity senior equities trader and our recently crowned Trader of the Year, Gráinne O’Connor, meaning this Winter edition is packed with buy-side insights straight from the trading desk.

The TRADE’s Leaders in Trading event returned to The Savoy with a bang again in November and this winter edition lays out the highlights of this year’s glittering event. And finally, in keeping with TRADE tradition with 2022 coming to a close, this edition includes our annual Crystal Ball, featuring insights and predictions from across the industry on what the next 12 months might bring… hold on to your hats!

Take a look below for more detail on Q4 content:

14 The Big Interview: Mike Poole has good manners

Jupiter’s new head of trading tells Laurie McAughtry why execution trumps automation, why relationships are top priority… and why he minds his Ps and Qs when it comes to trading etiquette.

24 The digital asset dilemma: How to overcome barriers to institutional involvement 

On 1 December, The TRADE held a closed-door round-table to discuss the most pressing issues within the institutional investment space for digital assets. A timely occasion, the conversation ranged far and wide – read on to discover where this winding road could take us next.

36 Buy-side cover interview: Meet Gráinne O’Connor

Our Trader of the Year 2022 tells Laurie McAughtry that for her, it’s all about communication, education and motivation – and the next generation will lead the way.

48 In depth: A shifting prime brokerage landscape

A tumultuous two years for the prime brokerage space has seen exits, scandals and a renewed approach to risk management which has truly shaken up the industry. But don’t think for a second primes are struggling, as opportunity beckons for those willing to invest and appeal to funds with market share up for grabs, writes Jonathan Watkins.

60 Buy-side interview: In conversation with… Stuart Lawrence

Stuart Lawrence, head of UK equity trading at The TRADE’s 2022 winner of Trading Desk of the Year, UBS Asset Management, deep dives into navigating current market conditions and the shifting regulatory and market structure landscape.

64 Market review: The impact of the September 2022 UK mini-budget

Following the market chaos created this year by the UK mini-budget and ensuing fixed income chaos, which saw gilt prices go into free-fall and serious concerns arise around the safety of UK pensions and long-term investments, Wesley Bray explores the impact.

68 Rising Stars of Trading and Execution 2022

The TRADE’s Rising Stars of Trading and Execution returned for its eighth year, recognising 20 up-and-coming talents in buy-side trading.

80 A glittering evening

On 2 November, the industry gathered together at The Savoy Hotel in London for a sparkling night of celebration at the Leaders in Trading Awards 2022.

84 The TRADE’s Crystal Ball 2023

Gaze into our annual crystal ball with predictions from industry experts on what to expect in 2023 across the buy-side, sell-side, market structure, regulation, technology and more.

94 Blog: ESMA’s latest shot at ‘pre-hedging’ must now bring a clear set of rules

John Keogh, managing director at Susquehanna International Securities (SIG), makes the case for banning the controversial practice, in the wake of ESMA’s latest request for industry input.

Read the full issue here.

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Buy-side cover interview – Christoph Hock, head of multi-asset trading at Union Investment, sits down with Annabel Smith to discuss the European asset manager’s new hybrid structure, regulatory divergence post-Brexit, the role of the trader in sustainability, and the token economy.

Dark trading: navigating a post-Brexit divergent world – Following the European Commission’s recent changes to the MiFID II regulation, Annabel Smith takes a look at the UK and Europe’s opposing approaches to dark trading and market transparency post-Brexit and the potential for a fragmented liquidity landscape.

Musical chairs and the world of US sales trading – Annabel Smith speaks with the intimate community that covers US equities markets out of the UK and Europe, exploring everything from execution and desk configuration to turnover and people moves. 

The TRADE announces Leaders in Trading 2021 Awards winners – Over 260 industry leaders gathered at The Savoy Hotel in London to celebrate their achievements throughout the year.

Rising Stars of Trading and Execution 2021 – Running for its seventh year, the Rising Stars initiative recognises the budding buy-side talents of the institutional trading space.

The TRADE’s Crystal Ball 2022 – Gaze into our annual crystal ball with predictions from industry experts on what to expect in 2022 across the buy-side, sell-side, market structure, regulation, technology and more.

Retail flow: the new El Dorado for the buy-side? – Almost half of buy-side firms would like to engage with retail trading flow following a huge uptick in volumes.

Fixed income automation: gearing up for the primary markets – Competition in the new issuance technology space is increasing and the first steps to re-stitch the primary landscape will be to focus on automating manual processes and providing transparency, says Charlotte Decuyper.

From climate change to biodiversity: beyond the ESG buzz words – As COP 26 draws to a close and in a week where the first sustainability initiative in the trading space was launched, we look at the role asset managers can play in the climate emergency along with the standards and data needed to support the journey.

Markets veteran Duncan Higgins to launch industry’s first trading focused sustainability initiative – The new membership network has already attracted buy-side firms and aims to address environmental challenges specific to trading firms through accountability to the wider industry and investors.

The pandemic has shaped a new normal in the trading space – With the buy-side becoming the centre of liquidity formation, the European execution landscape is being reshaped, writes Charlotte Decuyper.

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The Autumn 2021 issue of The TRADE magazine is now available to read online. Explore the content of the latest issue:

Buy-side cover interview – After being awarded ‘Trading desk of the year’ at The TRADE’s 2020 Leaders in Trading ceremony, Richard Worrell, head of EMEA equity trading at Janus Henderson Investors, and his team of traders tell Hayley McDowell about their quest for marginal gains in execution performance.

The Big Interview – Cboe Europe’s head of equities, Natan Tiefenbrun, sits down with Annabel Smith to discuss ongoing market trends and events that are impacting the European equities landscape.

March Madness 2.0: The Archegos fallout – The disastrous entanglement with Archegos Capital Management and its spectacular collapse has left the prime brokerage industry reeling with over $10 billion in losses across the Street. The event has resulted in a major shift in attitudes around risk management, but how far-reaching will these changes be on their relationships with clients? Asks Joe Parsons.

The 2021 Execution Management Systems Survey – Results from The TRADE’s 2021 Execution Management Systems Survey show that EMS vendors are investing in their platforms to cater for increased demand from the buy-side for multi-asset trading capabilities.

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