PEOPLE MOVES
REGULATION
Deutsche Bank bolsters equities team
Deutsche Bank has appointed a veteran from
Citadel’s equities unit, Surveyor Capital, to head
up its US client strategy for global markets.
Lori Arndt joins the bank as global head
of equities client strategy, after previ-
ously serving as head of corporate and
broker relations at Surveyor Capital.
The German bank also hired Christopher
McCarthy, a former director of investment
grade corporate credit trading at BNP Parib-
as, as part of its US credit trading team.
Goldman Sachs names new
e-trading equities head
Goldman Sachs is relocating one of its
top US equities traders to head up its
European execution business, accord-
ing to a memo seen by The TRADE.
Elizabeth Martin has been appoint-
ed head of EMEA equities execution and
global chief operating officer for elec-
tronic equities execution services.
She will focus on developing global elec-
tronic execution products and client ser-
vices across the trade lifecycle.
NEX Group hires JP Morgan derivatives executive
NEX Group has hired JP Morgan’s former US
derivatives head following an overhaul of its
post-trade businesses, while simultaneously
preparing to test a new distributed ledger service.
Andres Choussy joins NEX Optimisation from
the US bank where he headed the deriva-
tives and clearing business for the Americas.
He will head up a new Trade and Portfolio
Management solutions pillar for NEX, which
is powered by its post-trade businesses.
10
TheTrade
Summer 2017
Buy-side seek clarity on
sell-side research pricing
FinTech experts agree the sell-side
remain unsure of how to price research
ahead of MiFID II’s unbundling rules.
F
inTech specialists have expressed concerns over the
sell-side’s ability to price research for the buy-side
as the clock ticks down to MiFID II implementation.
One panellist – addressing a buy-side audience - de-
scribed the sell-side as ‘too scared’ to price accurately,
while another questioned their reluctance to seek help
or consultation.
Scott Winship, co-founder of Alpha Exchange, told
delegates The TRADE’s FinTech Innovation for the
Buy-side event the sell-side are unsure what the buy-
side want in terms of research.
“The sell-side haven’t worked out their own models
and they haven’t worked out the pricing specifically -
but that’s what they’re doing now. I think they’re too
scared to price accurately and that’s why they’ve kept
the bundle as wide possible,” he said.
Vicky Sanders, co-founder of RSRCHXchange, added
the pricing research is also a new concept to the sell-
side.
“The sell-side have never done this before and I don’t
think they have brought in new help or the right type
of consultants in to advise on how to price content and
how to get the best price for your biggest client,” she
said.
Pricing research ahead of MiFID II’s unbundling rules
has been a major cause for concern for the buy-side. A
survey published in March this year revealed 60% of
buy-siders are planning to wait until the deadline before
implementing unbundling.
Jim Hiltner, director of sales at ONEaccess Visible
Alpha, advised delegates to consider the responsibility
as being with the buy-side.
“Some of the clarity from the sell-side could be a
reverse engineered budget or target based on what you
maybe paid last year. The onus right now is on the buy-
side to analyse those businesses and see where they are
getting value,” he said.