The TRADE 56 - Page 5

[ C O N T E N T S ] INDUSTRY INTERVIEW Richard Parsons, Instinet Instinet’s European CEO, Richard Parsons, discusses the firm’s liquidity agreements with Virtu and Sun Trading, the debate around SIs and periodic auctions, and potential consolidation on the sell-side over the next few years. 50 IN-DEPTH First mover advantage The Australian Securities Exchange (ASX) has been the first adopter of blockchain technology for its equity post-trade infrastructure. Will this move resonate with other clearing houses, and is this the time to embrace blockchain? Active versus passive: A false dichotomy? The active versus passive trading debate has evolved with the emergence of new technologies and products, but does this make any difference to the end investor? A new age in FX markets 30 Following years of scandal, the introduction of the FX Global Code of Conduct in 2017 aimed to restore public confidence in FX markets. One year later, The TRADE examines whether FX institutions are choosing to adhere to the code. SURVEY 38 MARKET REVIEW uy-side voluntary clearing: B Set to take off Regulation and collateral costs have made the cleared derivatives market much more attractive for the buy-side, but what else will it take for them to voluntarily take part? Fixing foreign exchange: Addressing legacy technology The battle with legacy technology systems is an ongoing concern for many banking institutions, but arguably no more so than foreign exchange, with an explosion of market data and increasing market fragmentation. 64 The 2018 Algo Trading Survey MiFID II continues to shape attitudes and strategies for algo trading among hedge funds according to this year’s survey. 71 FINAL THOUGHTS 44 Hayley’s Comment Hayley McDowell offers her take on the cryptocurrency craze and a new, dedicated website in this space from The TRADE. 98 DATA 56 Fragmentation in Europe LiquidMetrix analyses consolidated performance figures for stocks on major European indices and the changes from the previous quarter. 94 Issue 56 // // 5