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.
A brave new world >> Unlike many agency brokers, Execution has been treading the boards for almost ten years. Dipesh Patel and Tony Nash explain why the firm is well placed to take advantage of today’s opportunities.
Best practice >> Nurture versus nature. Financial institutions may have no trouble attracting the best and brightest but helping them retain their edge is another story.
(photo: Chris Watkin, Hay’s)
Features
Finger on the electronic pulse >> Steven Wood saw the handwriting on the wall and began changing the way Schroders executed its orders. He tells Best Execution why the firm has adopted a much more proactive stance.
Hands across the waters >> Mergers and acquisition activity may be quiet on the exchange front, but the landscape is expected to change in the future.
(photo: Herbie Skeete, Mondo Visione)
Investment banking >> There is certainly light at the end of the tunnel but investment banks face new challenges. We look at the threat of regulation and its potential impact.
(photo: Oswald Grübel, UBS)
Lead story
Opinion shaper interviews
Clearing & settlement >> Recommendations suggesting central counterparties should take a closer look at potential risk before linking to interoperate are the subject of debate.
(photo: Marco Strimer, SIX x-clear)
Regional viewpoint >> Competition Rises in the Middle East. Dubai has dominated as the Gulf’s financial hub for the last decade, but all that is changing.
(photo: Hani Kablawi, BNY Mellon)
Cover - Schroders
Guide to TCA
For a digital version click on the photo above. For a print version click on any other photo and supply your name and address.
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. September 2008 - August 2009.
Taking the plunge >> NYSE Euronext has entered the dark pool fray with its SmartPool product and Lee Hodgkinson explains what sets this new platform apart from the rest of the pack..
Real-time market data >> While MiFID has delivered on its fragmentation promise, participants are less enthused about the lack of a consolidated tape.
(photo: Mark Howarth, Chi-X)
Market Opinion
Bob McDowall, TowerGroup >>
The ESCB and the CESR recently published recommendations suggesting that clearing houses evaluate the potential sources of risk before forming links with one another. On the surface, this is in contrast to the efforts by the EC to promote interoperability.
Viewpoint
Investment banking has undergone a sea change but have the surviving firms have emerged stronger and tougher? Ian Peacock, Global Head of Execution Services, CA Cheuvreux looks at the qualities needed to prosper.
The European ETF industry is burgeoning but measuring true liquidity can be challenging. Reginald Browne, managing director of the ETF Trading team at Knight.
