The TRADE 54 | Page 3

[ E D I T O R I A L ] THETRADE thetradenews.com  Managing Editor JONATHAN WATKINS T: + 44 (0) 20 7397 3815 [email protected] Online Editor JOHN BAKIE +44 (0)20 7397 3817 [email protected] Editor, The TRADE Derivatives JOE PARSONS +44 (0)20 7397 3810 [email protected] Senior Reporter HAYLEY MCDOWELL +44 (0) 20 7397 3821 [email protected] Contributors SARFRAZ THIND, DAN BARNES, JOEL CLARK Advertising Director MARC CAROLISSEN +44 (0)20 7397 3807 [email protected] Research & Operations KAREN DELAHOY Tel: +44 (0) 20 7397 3826 [email protected] Art Director OLIVIA ROSZKOWSKA +44 (0) 20 7397 3825 [email protected] Publisher TONY WHITE T: +44 (0)20 7397 3820 [email protected] Strategic Insight 20 Little Britain London, UK EC1A 7DH ©Strategic Insight London 2017. Although Strategic Insight has made every effort to ensure the accuracy of this publication, neither it nor any contributor can accept any legal responsibility whatsoever for consequences that may arise from errors or omissions or any opinions or advice given. This publication is not a substitute for professional advice on a specific transaction. No reproduction allowed without prior permission. “It’s a new dawn, it’s a new day… …And I’m feeling good!” The song Feeling Good has been brought to fame in various capacities over the past half decade. It accompanied the opening credits to a James Bond film, helped propel Michael Bublé to new levels of stardom and appeared – perhaps less famously – on the debut album of the Pussycat Dolls. But this may be a first for the timeless hit; I’m using it as an analogy for MiFID II. The trading industry is entering 2018 with a revived attitude towards the widely despised regulation. It’s an attitude of acceptance and ‘we’ve just got to get on with it’. Traders have spent the last 12 months reading in-depth about MiFID II, attending educational events – such as The TRADE’s panel sessions – and getting to grips with the new rules in pretty much every way they possibly can. While the road might have been tough, they are now mostly ready for the challenge after a year of dedicating themselves to under- standing the 1,600-page behemoth. The buy-side are ready for the new dawn come 3 January, and they are FEEEEELLLLLLLLLLING GOOOOOOOOOOOD! You won’t find any MiFID moping in this issue, just a look at the new landscape as the rules finally take hold. We look in detail at where order flow will go post-MiFID II with systematic internalisers, lit venues and multilateral trading facilities as volumes previously going through broker crossing networks look for a new home. Some of the biggest names on the buy- and sell-side give their views (page 36). We also look at the future of FX trading, dark pools and plenty more MiFID II-related topics throughout the magazine. While MiFID II’s popularity has been on the slide ever since its introduction many, many moons ago, going the other way right now is bitcoin. The now infamous cryptocurrency has transitioned from being known for its shady usage to sparking the interest of the mainstream institutional investor community. We take a look at its extraordinary rise in both price and popularity, along with the future of it following the launch of new futures products in the market. It’s been nice to take a positive view on MiFID II for once at the start of our magazine. But if you’re not onboard with the optimism then at least take some solace Jonathan Watkins Managing Editor The TRADE Issue 54 TheTradeNews.com 3