Keeping you informed with the
latest industry news
ICYMI
In case you missed it, here’s the top five
stories from thetradenews.com over the
last quarter
1
Credit Suisse looks to robotics to cut costs
The CEO at Credit Suisse expressed his confidence in robot-
ics to continue cutting costs after making gains in the second
quarter this year from ‘intense’ restructuring. Tidjane Thi-
am told investors the bank introduced 58 robots into produc-
tion so far this year, anticipating 150 in total by year-end.
2
Buy-side adjust broker lists for MiFID II
Research from Liquidnet revealed a third of asset managers plan
to adjust their broker lists prior to MiFID II’s January deadline. A
survey of firms found 70% are also currently reviewing new liquid-
ity providers outside of their traditional broker relationships.
3
Virtu slashes KCG staff by more than a third
Virtu Financial cut more than a third of KCG’s employ-
ees, mostly from management level, as the firm looks to
trim costs following its acquisition. Doug Cifu, CEO at Vir-
tu, said the headcount of the combined entity now stands at
755, down 31% from 1,100 people in December last year.
4
FCA grants APA status to firms ahead of MiFID II
Several major financial services firms were granted authorisation
to operate as approved publication arrangements (APAs) for
reporting under MiFID II. Tradeweb, MarketAxess’ Trax, NEX Reg-
ulatory Reporting, Bloomberg and the London Stock Exchange’s
TRADEcho all received approval from the UK’s FCA in August.
An SI is defined as an investment
firm that deals on its own account
by executing client orders outside
of a regulated market, multilateral
trading facility or organised trading
facility.
The amendment to the SI regime
will apply from 3 January next
year.
5
BlackRock reduces trade cost as it looks for technology scale
BlackRock significantly reduced its trade costs over the last five
years in a bid to increase its scale through technology-driven initia-
tives. Larry Fink, CEO of the world’s largest asset manager, revealed
plans to spend an extra $1 billion on technology and devoting 3,500
employees to work specifically on technology and data-related roles.
Issue 53
TheTradeNews.com
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