TAG, as an independent best execution measurement specialist, has met almost all participants: regulated markets, new MTFs, brokers, buysides, and data feed providers and regulators, and welcomes the opportunity to bring its vision of this newly fragmented landscape.
Paul Squires >>The financial crisis has put the whole industry to the test but Paul Squires explains why AXA’s integrated platform helped them weather the turbulence.
Execution venues >> Despite the never ending rumours of consolidation, US trading platforms are building links instead of breaking ties.
(photo: Don Carey, Bloomberg)
Features
A new beginning >> Lehman had spent years building a premier equities division, reaching the top of the LSE. Adam Toms and Andrew Bowley explain how they plan to emulate that success at Nomura.
Best practice >> Even in today’s financial crisis laden world, attracting and keeping talented staff is not easy. Money talks but only up to a point.
Best Execution investigates.
(photo: Jim Crawley, Towers Perrin)
Unbundling >> The UK is leading the world in the unbundling of brokerage arrangements, but the path to best execution is not a smooth one.
(photo: Dan Wiener, State Street
Global Markets)
Lead story
Opinion shaper interviews
Risk management >> Not surprisingly, risk management is all the rage today but new systems are not going to fix the problem. There needs to be a cultural sea change.
(photo: Jim Connor, Navigant)
Trading systems >> Smart order routers are becoming ubiquitous trading tools, but there is still plenty of room for improvement.
(photo: Simon Nathanson, Neonet)
Cover - Nomura
Guide to TCA
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The Best Execution Guide to TCA is an in-depth look at the challenges asset managers face and the tools being employed to limit implementation shortfall, improve price efficiency and ultimately achieve best execution.
Copies are available on request.
Analysis - provided by TAG
Liquidity Fragmentation and Quality of Execution >> an in-depth analysis of fragmentation focussing on five major European indices, Chi-X, Turquoise, NASDAQ OMX Europe and BATS Trading Europe. June 2008 - May 2009.
Turner & Gallagher >> The phone may have dominated fixed income trading but talk is not always cheap. Stephen Gallagher and Paddy Turner of Market Axess discuss why electronic trading will have its day.
Market infrastructure >> As financial services companies cut IT spending, the emphasis is on making the most of the resources on offer.
(photo: Emmanuel Carjat, Atrium Networks)
Market Opinion
Anthony Kirby, Ernst & Young >> As the EC publishes the final text of a proposed European Directive on alternative investment fund managers (AIFM), there are important consequences for evidencing best execution.
Bob McDowall, TowerGroup >>
presents a global snapshot of market IT spend over the next three years in the key regions.
Viewpoint
In the new world order the bulge brackets are having to fight for a bigger slice of the pie. Patricia Shin-Ranunkel, head of sales trading Europe, CA Cheuvreux sheds some light on the changing landscape.
European regulators are re-appraising the effectiveness of MiFID. Richard Balarkas, CEO of Instinet Europe, makes the case that regulatory focus on how trading venues compete is a wasted effort unless other more fundamental problems are addressed.
