TradingScreen links to Liquidnet ’ s liquidity pool
THETRADETECH DAILY latest news THE OFFICIAL NEWSPAPER OF TRADETECH 2018
PEOPLE MOVES
A senior equity trader at Candriam Investors Group has retired as the asset manager continues to renew its trading desk workflow for MiFID II . Christian Somers has been replaced by Frédéric Heirebaudt who is now a senior equity trader in equities , derivatives and foreign exchange .
Barclays has appointed JP Morgan ’ s Emmanuel Cau as its new head of European equity strategy . Having spent 13 years with JP Morgan as a global equity strategist , Cau will be based in London and report to Rupert Jones , head of European equity research at Barclays , who joined the bank in July last year .
AXA Investment Management ’ s head of trading and industry heavyweight Paul Squires has left after 21 years with the firm . Squires first joined the firm in 1996 as an equity trader in the UK and was promoted to head of trading in 2005 after AXA ’ s trading group merged with the securities financing team .
The World Federation of Exchanges ( WFE ) has appointed industry veteran Richard Metcalfe as its new head of regulatory affairs . Metcalfe joins the global industry association following a consulting project with BNY Mellon , where he provided advice on the practical implementation of MiFID II and other regulatory changes related to the markets business of the bank .
The global head of fixed income trading at JP Morgan Asset Management has left after nearly four years with the company . Nick Cox joined JP Morgan Asset Management based in London in April 2014 from BlackRock where he was formerly COO for global trading and liquidity strategies . Amit Bhuchar will assume the position of global head of fixed income trading based in New York .
Instinet has hired a senior equity analyst from Citigroup as it looks to build out its internet research services . Mark Kelley has been appointed executive director and lead analyst covering the US technology , internet , media and telecom ( TIMT ) group , focused mainly on internet stocks at the agency broker .
Trading venues
UK block trading continues to rise after record week
TURQUOISE PLATO AND LIQUIDNET LED MAJOR BLOCK TRADING VENUES IN RE- CORD WEEK OF ACTIVITY IN THE UK .
The UK saw a record week of activity for block trading in March with Turquoise Plato and Liquidnet leading the way , according to the statistics from Fidessa .
Data for the week ending 23 March showed 2,193 block trades were executed across the major European block trading venues in the UK , compared to 1,865 trades the week prior .
Of those , a majority of 631 were executed at Turquoise Plato , closely followed by Liquidnet and ITG ’ s block trading platforms with 548 and 416 trade counts respectively .
For total block value in the UK , more than € 2,606 million was traded during the period , with Liquidnet holding the highest value traded of € 1,103 million , followed by Turquoise Plato which stood at € 540 million .
“ What we saw following the Brexit vote and the Trump election continued last week with high volumes of block trading driven by institutional investors repositioning around major events ,” said Duncan Higgins , head of electronic products at equities broker ITG . “ As asset managers look to reduce market
Technology impact and lower trading costs , expect the value and volume of block trades to continue to increase in the weeks and months ahead .”
The introduction of MiFID II ’ s double volume caps ( DVCs ) on 12 March saw market share of on-book trading in dark pools halved from 6.15 % to 3.06 %, according to data from Thomson Reuters .
The statistics suggest block trading and periodic auction venues have swept up activity following the caps on dark trading , despite Mi- FID II ’ s objective to migrate volumes towards lit order books and exchanges for greater market transparency .
Thomson Reuters ’ data revealed periodic auctions had doubled market share of on-book trading from 0.64 % to 1.23 % during the week the DVCs were introduced .
“ If the result of the trading caps is to shift trading out of dark pools into periodic auctions , then the regulator has not really achieved what it was trying said John Mason , head of regulatory and market structure strategic response at Thomson Reuters .
TradingScreen links to Liquidnet ’ s liquidity pool
TradingScreen has connected its order and execution management system ( OEMS ) to Liquidnet ’ s institutional liquidity and trading strategies under a new agreement .
The partnership means that TradeSmart users will gain access to Liquidnet ’ s liquidity pool and additional services which allows block trading while maintaining anonymity .
It also means clients can use Liquidnet ’ s algorithmic trading strategies via a blotter synchronisation and comply with regulatory requirements such as MiFID II ’ s best execution .
“ We are already seeing customers benefiting from the integration and access to Liquidnet through the TradeSmart OEMS ,” said Varghese Thomas , chief strategy officer at TradingScreen . He added clients will further benefit from automated access to Liquidnet ’ s algo suite and block trading order flow .
Liquidnet ’ s global OMS / EMS product manager , Brian Gray , commented that the partnership will produce mutual benefits to clients of both Liquidnet and TradingScreen .
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