[ 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 // TheTradeNews.com // 5