Preparing Your Desk for Unprecedented Regulatory Change

• How to identify which silos are causing set backs in streamlining workflow and improved communication
• How to find common ground within each department on what best execution means to them and use this to improve internal dialogue
• What does a successful best execution policy look like?
• How can current best execution strategies feed into future decision making processes?
• Evaluating what your company infrastructure needs to look like to cope with new regulatory demands and a more streamlined approach

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• Identifying the differences in the role of a quant trader compared to the more traditional equity trader?
• How can changes in trading strategy help aid company growth and increased capability in trading volumes
• How to best use data to improve internal flow
• How to customise data to improve the whole investment process
• Which quant models work best and how can you evaluate their performance?

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Against- by developing an in-house system you have complete oversight on how the technology complies and fits into budget
Against- when developing in house, you have complete ownership of your data
For- with the growing number of innovative and effective platforms and bolts on in the market, it’s cheaper and more time efficient to outsource
For- with such advanced analytical tools now available, it’s very easy to evaluate outsourced products to see whether they fit and work into current processes for the business?

(Secure your front row seat as the conference room becomes a battlefield. Witness four industry experts (two for and two against fight their corner on this topic. Who will deliver the knockout argument to claim victory? Take your place and vote live.)

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• How to evidence your end clients on exactly what they are paying for
• Steps towards demonstrating a clear separation between research and trading activity
• What are the options and how can these be incorporated into current payment models?
• What do CSAs and RPAs look like in practice?
• How do companies justify commission rates?
• What are the commission management tools available and why are they so important now?

(Limited to 25 attendees- Chatham House)

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• What does ‘’best in class’’ TCA look like in 2017/2018?
• Who are in the race for scale and what is it that they offer that’s different?
• How far are we from automating data feeds from TCA to make smarter trading decisions?
• Where are the possibilities for multi-asset TCA?
• How capable are current platforms to deal with growing order numbers, increased flow and the data that comes with it?
• PRIIPS- is this being addressed in current TCA capabilities and what data do you need to capture and report back to investors?

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• How to improve infrastructures to better optimise current OMS/EMS platforms- what are the challenges and opportunities?
• What are the capabilities of current platforms to allow for bolt-on products and how is this important in driving desk efficiency?
• How can current data be cleaned?
• How to best balance costs?
• What are the current efforts towards machine learning in EMS?

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Session Continues

Session Continues

• What are the current developments in in-trade trade analysis and how can this demonstrate impact on venues?
• Evaluating current buy side efforts to identify relevant data sets
• What are the current efforts in data visualisation that help you understand the relevant data?
• What are the current regulatory requirements for time stamping of data, effective order handling and good governance of the process- practical examples of what is needed

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• How has the percentage of equity trading done through DMA changed in the last year? What impact has growing passive management and changes in research payments had to attitudes to DMA?

• What does DMA offer in a market where the buy side is looking for more autonomy over order routing?

• How do exchanges offering DMA now fit more firmly into investment processes, both pre and post trade compared to broker offerings?

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Table 1: Block execution strategy
Host tbc

Table 2: Quant execution strategy: Miles Kumaresan, Global Head, Trading, Nordea Asset Management

Table 3: Block execution strategy: Claus Mose, Head Trader, FX and Equities, Sparinvest

Table 4: Quant execution strategy


(Choose one roundtable to attend and dive in and dissect the practical strategies with the help of an industry expert leading your roundtable discussion. Tables are limited to 10 people)

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Open to 20 Global Heads of Trading from Europe’s top 20 asset managers.

Join this interactive session, air your own industry concerns and together, with our professional independent moderator, brainstorm ways forward in conjunction and collaboration with your peers.

This session is invite-only and Chatham House rules.

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• What are the updates on MAR and how will this interact with the implementation of MiFID II?
• Clarity on exactly needs to be surveyed per trade, what to look for and when
• How do current surveillance platforms stand up to regulatory demands?
• How have increased pressures on the front office on what is deemed market abuse impacted front office activity?
• What has been the response to more cloud-based applications for trade surveillance?
• How are organisations better monitoring data attacks?

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• How to equip your desk with the tools to ensure you are sourcing liquidity as best as possible- what does this analysis suite look like?
• How are newer SOR systems demonstrating best execution and best venue choice?
• How can crossing networks offer more value?
• Will the buy side ever gain access to exchange risks books?

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• For- Improved sourcing of liquidity in both lit and dark pools has massively improved and is much more accessible
• For- The risk of being gamed is still a major concern and the lack of oversight on HFT practices still poses a risk
• Against- Being faster still provides you with the better fill price
• Against- Improved latency really provides opportunities for improved execution, regarding reduced arbitrage opportunities and better SOR?

(Secure your front row seat as the conference room becomes a battlefield. Witness four industry experts (two for and two against fight their corner on this topic. Who will deliver the knockout argument to claim victory? Take your place and vote live.)

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• What´s the role of the EU Commission competition authority in the financial markets, and more specifically with data markets?

• What are the competition challenges within the market data and equity trading markets?

• How can the EC competition authority help and how are they driving competition in the trading and data markets?

• What has their role been in reducing market abuse and improved market performance?

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• What are the questions the buy side needs to be asking the brokers?
• Practical examples of how to build and improve that BS-SS relationship
• How to find the data you care about and establish a framework that can best record this from the broker
• What are the strategies to ensure these relationships remains consistent? What processes can be put in place to ensure this?

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Session Continues

Session Continues

• How to understand who has ownership and whether the reporting structure is MiFID II compliant?
• What are the benefits of buy vs build in transaction reporting?
• Who are the new players in the transaction reporting market?
• What are the efforts from the sell side to ensure the data for all fields in the report are provided?

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Head Trader Think Tank private reception

• Impact of MiFID II unbundling on the selection of execution brokers

• How the buyside will modify their broker evaluation process

• The effect on commissions and usage of different execution channels

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• What needs to be evaluated and presented to explain why specific algos are used
• What are the parameters that are used to evaluate algos performance and how are these calibrated?
• How can the increased volume of data from algo analysis been actioned for make smarter routing decisions in-house?
• How have broker’s low-touch capabilities impacted broker choice and triggered more algo and quant development in-house?
• Automation of algo trades- how is this done in reality?