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In troubled times – expanding our coverage

By
Lynn Strongin Dodds
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Dear Readers,

There is no doubt that we are living through unprecedented times and unfortunately all the digital tools in the world cannot truly protect us. The hope is that the measures in force will lessen the impact of COVID-19 and that all of you remain healthy and fit.

Best Execution is a meeting place between the buy and sellside and we cover the latest capital markets, market infrastructure, regulation, research and technology across the asset classes — equities, fixed income and FX. The coronavirus is certainly making its presence known and we will be expanding our coverage to looking at the impact on the financial ecosystem, its participants, structures and frameworks.

Unfortunately, many events and conferences have been cancelled but we also hope to provide insights and interviews with leading market figures who were going to debate and discuss the latest trends at these events.

Although the news has been unremittingly depressing and unnerving, I hope we can take some hope by recent developments in China. The government has closed down its last coronavirus hospital because there are not enough new cases to support them and Apple has just reopened its stores across the country. Of critical importance will be the development of an effective vaccine, and the sooner the better. There are reports that scientists in Israel are on the brink of announcing the development of a coronavirus vaccine – we can only hope.

If you have any suggestions for coverage, news tips or just want to share some thoughts please feel free to drop me a line at lynn@bestexecution.net
Thanks for your time.

Lynn

©BestExecution 2020

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Here’s to the Crazy Ones: The Earth Is Flat!

By
raj_mathur
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Raj Mathur, Credit Suisse

When we think about disruption, we generally tend to think about technology and the impact it has had on our industry, and its influence on our daily lives. But the reality is that is just the tip of the iceberg.

When we dig below the surface, and if you have read any news headlines recently (setting aside the fact that an algorithm may have fed you those), you may have noticed that disruption doesn’t stop there. We are witnessing a sea change in political, social, and environmental views. Even the dinner plate is not immune: What food should we eat, is the plant-based diet or the meat-based diet better? (I will save this topic for another time..)

This ‘Philosophical’ disruption has important ramifications for all of us, and it is a lead indicator that should inform us that everything we know is due for a re-think. Let’s try a little thought experiment: What would you say if I told you that the Earth was flat?

I know, it may sound crazy, but before you dismiss the idea entirely, let me take you on a quick flat earth tour:

What are the inherent philosophical differences between a Round Earther vs a Flat Earther?

The world of modern psychology describes Flat Earthers as being subject to the Dunning Kruger effect, which states that non-experts overestimate their understanding based on simplistic facts, that lead them to extrapolate ideas that have little scientific basis. In the opposite corner, the Flat Earth camp allege that Round Earthers are subject to confirmation bias, where they pay more attention to people and ideas that they agree with or that they have been taught. The key argument is that that they do this without independent first-hand experience.

I am guessing that this far in, most people have already dismissed the Flat Earthers, but wait, not so fast! There are some essential truths hiding behind that gigantic ice wall:

  • What do we know through our own experience? Have any of you ever been on the International Space Station to actually observe the curvature of the earth? Has anyone ever conducted any experiments to test the hypothesis?
  • Do we ‘know’ that the earth is round, or do we simply ‘believe’ that the earth is round, because we were taught that?
  • Who are we programmed to trust? Do the ideas of Neil DeGrasse Tyson, the archetypal scientist, hold more weight than self-proclaimed flat earth activist Mark Sargent? If so, what drives that?

So is the earth flat or round? (Drum roll). Okay, breathe, it is (probably) round, but what emerges from this debate is: Whether we like it or not, a lot of what we know is not from our direct experience, rather we learn it from someone else, and that is continually reinforced throughout our lives. Our biases can also play a big part in deciding whom we trust, and therefore what information we are willing to absorb or discard.

What on this Flat Earth has any of this got to do with trading?

Could it be time for us to embrace some of these ideas, and challenge the current order of things? Can we step outside (mind the dome) and re-examine the way we think about our own little world of trading and execution?

It IS what it IS or IS it?

As in life, in trading, everything is fair game for a rethink — including the most tightly held notions of what provides for the best implementation shortfall returns. Robert Almgren, one of the pioneers in the research into optimal execution strategies (Almgren-Chriss), had his own flat-earth moment, when he was quoted in an article “Why Robert Almgren no longer trades using Almgren Chriss” (Risk.net Magazine July 2017) – because he now believes that the model he co-authored, requires a radical rethink that challenges some of the fundamental assertions that formed the basis of his initial theory. If Almgren can take a view that challenges the current order (that he created!), it means that we as an industry should be open to questioning our own historical approaches, either to verify or challenge the way things have been done.

Spinning wheels

In my previous article ‘Letting go of the wheel’, I touched upon some of the more macro philosophical issues that we have seen play out after the introduction of The Wheel. If the goal is to continually improve execution quality and ultimately investor returns:

How might the buy-side and sell-side work together to integrate the PM investment process to inform our algo trading decisions, to capitalize on the valuable information that precipitates trading activity?

How can the sell-side use new research and technologies to optimize trade planning and execution: Can we look at IS in a new light, by taking a leaf out of the new research from Almgren and others?

How might the buy-side balance the dilemma of encouraging competition for best execution on the Wheel, while still ensuring that the results do not end up self-fulfilling and tying them to their methodology(s), given that our ideas of what is ‘best’ will also likely change?

In light of the current wave of disruption we are experiencing, this is the perfect time for us to challenge and rethink our assumptions. Not just in pursuit of change alone, but to be honest and ready to re-pivot our ideas as we craft new ways to move forward as an industry. Can all the buy-side and sell-side Flat Earthers please step forward!

Evolution of Exchanges: Same But Different?

By
GlobalTrading
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Isabell Moessler, Euronext

With Isabell Moessler, Head of Business Management, Global Sales at Euronext 

Describe the current landscape in the exchange business?

Isabell Moessler, Euronext

Exchanges have always been at the heart of the financial eco-system, connecting investors with companies seeking to finance their innovations, first locally and then for the global economy. That is still our outlook today and where we see ourselves – at the centre of local and global interactions. 

Of course, the nuances have changed. In the past, exchanges were straightforward – you had the local market place, the members and day-to-day transactions. But exchanges are now much broader organizations – geographically, in terms of services they offer and reflecting the hyperconnected world. Euronext has its historical roots and is well-established in Europe, but we are expanding our global footprint, to be close to our customers, hear their concerns, and stay relevant.

With great scale, comes great complexity. The market infrastructure landscape in Europe became highly fragmented, with clients now facing a byzantine range of execution methodologies, and Post Trade being highly divided, with member states having their own national depository and clearing models.

At the same time, there has been a trend towards simplification, with mergers between national exchanges and the rise of pan-European execution. Euronext’s mission in this environment is to aid in European consolidation and the Capital Markets Union. Our recent integrations of the Irish Stock Exchange and Oslo Bors are a testament to this ambition. While preserving specificities of local markets, we create synergies, using a single connection, rulebook, market model, IT system and pool of liquidity.

Finally, it is our obligation as an exchange not only to connect different parties within the market, but also to represent the industry and serve as a vocal advocate on market structure or regulatory discussions. 

How are exchanges staying ahead of disruptors and driving their own change via innovation?

The approach we take on innovation is to look at the broader value chain and move into new areas where we can serve our clients.

We have actively expanded into other asset classes. Euronext has acquired FastMatch, a Foreign Exchange ECN, subsequently rebranded Euronext FX. We have moved into the commission management space, with Commcise. We spread to seafood commodities with Fish Pool in the Nordics, adding to our global benchmark agricultural products. And our most recent acquisition, Nord Pool, is the leading power market in Europe.

Naturally, every company is assessing how they can innovate to protect our planet, so Euronext is also actively committed to empowering sustainable finance, through various solutions, from green bonds, ESG reporting guidelines for our listed companies, financial products driving investment towards ESG (indices, data, derivatives, etc.), and more.

Finally, when one talks about innovation, people immediately think technology, and that is absolutely relevant for us. For example, Euronext has invested in LiquidShare, using blockchain for post-trade, and with Tokeny, specialised in the tokenisation of financial assets. But broadly, in technology, you have to innovate constantly just to stand still. Technology has to be robust and state-of-the-art, but it’s not the differentiator it once was. With Optiq®, Euronext’s award-winning proprietary technology, we can offer a truly unique and unprecedented trading experience to our customers.

How is Euronext evolving?

The company has transformed significantly. I’ve been here only two and a half years, and even in that time I’ve seen tremendous change. Since Euronext’s IPO in 2014, market capitalisation has quadrupled, from 1.4 billion euros to 5.6 billion euros. The number of people has almost doubled, and our geographical footprint has expanded significantly, adding offices in the Nordics, Baltics, U.S., India, Hong Kong, Singapore… In 2014 we had five exchanges, we now have seven.

Interestingly, our own talents are evolving too. People from banks and clients are joining Euronext – they are drawn by the innovation potential in market infrastructures like an exchange, whereas it was not seen as a career move before. We also have a great number of young candidates looking for careers in Fintechs.

Client centricity is another focus area for us. We no longer want to be just an intermediary, so we put our clients at the centre and increase proximity with them.

Euronext is an entirely different animal, and the evolution won’t stop here.

What are growth areas for Euronext?

Aside from expanding service in other asset classes, there are also opportunities in more mature businesses.

Cash Equities traders are always looking for new solutions – we have a significant initiative with regional banks and brokers, and we have reintroduced retail broker advisory committees to hear more from end customers and provide more services for them. For instance, we will continue to provide the best execution and market quality in Europe for retail investors with our service Best of Book, and Euronext will also strongly focus on improving liquidity for small and midcap stocks and aim to be the hub for SME block trading.

There also is a lot of innovation happening in our Derivatives franchise, so watch this space. 2019 was a record year for several products, such as our Total Return Futures on the CAC 40 launched the same year, with already over €19 billion traded, or our single-stock futures, which by introducing semi-annual maturities, have seen a growth of almost 300% year-on-year.

In Fixed Income, we are the largest corporate debt listing venue with Euronext Dublin coming on board two years ago, and our Green Bonds initiative is very successful.

Euronext is house of six European national blue-chip indices, the leading index provider for Structured Products in Europe, and one of the biggest ESG index providers. We are continuously growing in this business, with 2020 promising to be an exciting year.

We are greatly innovating in our Market Data offering, designing new targeted products and commercialising Euronext analytics. We also have a FX data product, Euronext FX Tape, combining data from our FX ECN and external contributors worldwide, which backs our position as leaders in market transparency.

Finally, we are also diversifying in Foreign Exchange, where we will no longer enable only spot FX trading but add NDFs very soon.

What is Euronext’s message to the buy-side? 

We engage directly with buy-side customers and have made significant effort reaching out to them, via both one-to-one and one-to-many conversations, to learn more about how we as an exchange can be a strong partner.

For instance, we have direct access to regulators of the different jurisdictions where we operate, so we have the opportunity to represent the interests of our clients. This goes back to the core mission of exchanges, which is to be a facilitator, a key conduit when bridging supply with demand. We also adhere to a high moral code and provide full transparency, as we sit at the very centre of the liquidity ecosystem.

What is Euronext’s culture?

At Euronext, we are “United in Diversity”. We pride ourselves in having a great mix of people, with multiple nationalities and backgrounds, whether they be from the industry, from the client side, or even with completely nonfinancial backgrounds. For example, one of my team members has a Ph.D in neuroscience, and her way of looking at things is very valuable. Having different points of view is something we feel very strongly about; it’s a differentiator and it helps us stay relevant and better understand our clients.

FIX To Publish New Equities Data Standards

By
Siobhan Brownlow
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Hanno Klein, FIX Trading

FIX Trading Community, the non-profit standards body, aims to distribute new data flags for equities in the second quarter which could be integrated in a consolidated tape and create a golden source of European data.

Graham Dick, chief executive of Aquis Exchange Europe in Paris, told Markets Media that FIX set up working groups to improve data standards for the proposed consolidated tape late last year.

The European Securities and Markets Authority has recommended a consolidated tape for equities in its first review of MiFID II. The regulation went live at the start of 2018 in the European Union and aimed to increase transparency, but it is still difficult for market participants to get a complete picture of trading data and trends across venues in the region.

Dick said: “The equities group first met in November and has progressed quite quickly with new data flag recommendations being agreed last week. We aim to distribute a guidance paper for improved usage in the second quarter.”

He continued that there is is a clear ambition that ESMA and the European Commission will use the FIX data standards as a basis for the consolidated tape.

“The regulators should be able to leverage the voluntary recommendations from a neutral independent industry group as there appears to be an urgency to get it done,” Dick added.

One criticism of MiFID II data is that it is difficult for the buy side to determine addressable liquidity, especially in systematic internalisers. MiFID II banned broker crossing networks and required broker-dealers to set up systematic internalisers in order to provide principal liquidity to clients.

Graham Dick, FIX Trading

“The new standards, especially for over-the-counter and SIs, can be used ahead of the implementation of the tape,” added Dick. “They will help the buy side identify addressable and non-addressable liquidity which was the main issue highlighted in our first meeting.”

He continued that transparency was a pillar of MiFID II and high-quality data standards integrated within a consolidated tape could create a golden source of European data.

“The work being undertaken by the FIX consolidated tape working group is an important step and it is pleasing to see so much buy-in and enthusiasm to move forward,” said Dick.

FIX Orchestra

Another initiative for the industry body is FIX Orchestra, a standard for implementing machine-readable rules of engagement between counterparties which makes implementation faster and more efficient.

Hanno Klein, co-chair global technical committee and co-chair high performance working group at FIX Trading Community and senior standards advisor at FIXdom, told Markets Media that version 1.0 of the Orchestra technical standard, a new meta-data standard for both FIX and non-FIX interfaces, was issued last month. 

He explained that Orchestra allows users to automate workflows between counterparties and reduce costs for member firms.

Hanno Klein, FIX Trading

“For example, Orchestra can automatically generate documentation such as the rules of engagement defining an interface,” Klein said. “FIX will publish an enhanced Orchestra XML file together with every new FIX Extension Pack. Users can integrate it into their development and testing environments to automatically have access to FIX Latest without having to manually enter information into their systems.”

He continued that in recent months the participation in the FIX Orchestra working group had increased and a number of interested parties are working to test the software tools supporting Orchestra. The organisation is looking to volunteers for testing, to help make the tools better or to create additional tools.

“This year will be critical for the FIX Trading Community to support the industry to adopt FIX Orchestra, analyzing and testing now and then going into production next year,” Klein added.

Majority Of Spot FX Execution Automated

By
Siobhan Brownlow
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Willis Bruckermann, GreySpark Partners

The majority of spot foreign exchange trade execution volume was automated for the first time last year according to GreySpark Partners.

The consultancy came to this conclusion after analysing data from The Bank for International Settlements’ 2019 Triennial Central Bank Survey of Foreign Exchange and Over The Counter Derivatives Markets.

Willis Bruckermann, senior consultant in the capital markets intelligence practice at GreySpark Partners, said in the report: “The volume of trades executed via high-touch channels – whether by voice or electronic – was less than the volume of trades executed through an automated execution tool.”

Bruckermann added that the increase in automated volumes came from two shifts in spot FX execution. Dealers have increased automation of manual electronic workflows and there has also been a significant shift go high-touch trading shifted from voice to the electronic manual channel.

Consultancy Greenwich said in a report in 2019 that FX market participants increased adoption of algorithms by 25% year-on-year. The study, FX Execution: Competing in a World of Algos, found that about one in five FX traders are using algorithms across North America and Europe, and on the rise in Asia.

Satnam Sohal, principal at Greenwich Associates and co-author, said in the report: “As FX market participants adopt sophisticated pre- and post-trade analytics enhanced by artificial intelligence and machine learning, the potential benefits of algo trading are becoming clear, and hedge funds and real money accounts are leading the charge.”

Co-author Frank Feenstra, managing director at Greenwich Associates, said in the report that technology and regulation are transforming FX trading, “In the new world of best execution, algos offer clients an important tool to source liquidity and minimize costs,” he added.

Primary venues

Bruckermann added that the role of the primary venues also shifted in the past decade. Greyspark estimated that the share of total average daily volume executed on primary venues fell to a historic low of 30% last year and anticipates it will remain roughly the same over the coming years.

Willis Bruckermann, GreySpark Partners

“The importance of two venues for the sake of identifying the mid-market price can no longer be taken as a given due to diminished primary venue trading volumes and changing trade counterparty composition within those venues,” he said. “In 2020, the ability of these venues to consistently reveal the true inter-dealer mid-point price should not be taken for granted.”

This week Citi announced that it had reviewed 53 FX vendors and removed 12 to simplify connectivity and reduce maintenance costs.

The bank said in a statement it is requiring foreign exchange platform vendors it connects through to commit to the principles of best practice in the FX Global Code and that it has completed an objective scorecard for each vendor.

“Citi has produced a scorecard that assesses each FX vendor platform against a number of criteria with the intention of providing market participants with greater transparency and clients with an objective framework for vendor platform comparisons,” added the bank.

ICAP Targets Buy Side For Equities

By
Siobhan Brownlow
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Corey Davide, ICAP

ICAP, part of interdealer broker, TP ICAP, has launched a European special situations desk as the firm sees an opportunity to serve the buy side in the equities market.

Corey Davide, ICAP

Last year ICAP hired Corey Davide from Bloomberg Tradebook as European head of electronic trading to launch a global equity electronic trading offering.

Davide told Markets Media: “ICAP has traditionally been focused on the sell side as an inter-dealer broker. The firm has previously tried to serve the buy side in equities but has decided there is now an opportunity to grow in the space.”

Last month ICAP announced the launch of a European special situations desk to work alongside the US team that has been headed by Humeyra Nicolas since 2008.

“Launching a special situations desk was part of our five-year strategy from day one,” said Davide. “It is a niche segment of the market and provides our clients another service in addition to algorithms and direct market access.”

The five-year strategy includes adding headcount and investing in technology. Davide continued that the equities business is building a global footprint and currently has a team of 12 experienced individuals split equally between London, Hong Kong and the US.

“With this global footprint the team will aim to provide a central service desk for multiple asset classes, not just equities,” said Davide.

Nicolas Breteau, chief executive of TP ICAP, said in a statement that the results today mark an important inflexion point for the group as it has completed the three-year integration programme of the ICAP business that was acquired at the end of 2016.

TP ICAP reported that group revenue grew 4% to £1,833m while underlying and reported operating profitability improved.

Special situations desk

The European special situations team is led by Meb Namajee who previously worked at Citadel, Lehman Brothers and Kepler Cheuvreux. The desk will identify and support trading activity in stocks involved in special situations, including mergers and acquisitions and rights issues.

Namajee told Markets Media: “In Europe there is cash on the sidelines, from the buy side and private equity, waiting for the right environment for mergers. European companies are relatively cheap compared to the US and the UK even more so.”

ICAP has access to more than 60 primary exchanges and more than 40 dark pools to find liquidity and execute trades. In addition, the firm believes it can gain share though providing a specialist service.

“In event-driven equities clients need someone who can provide daily commentary, monitor timelines and inform them of relevant issues affecting deals,” Namajee added.

He continued that ICAP is building a bespoke pairs platform within six months which would enable the firm to capture customers’ spreads, even those with foreign exchange hedging required.

Foreign exchange

In the foreign exchange market TP ICAP has launched FXOhub, a foreign exchange options platform.

The firm said the new platform differentiates itself by offering a quick and easy view of each currency pair’s supported strategies, and is fully customisable so that each trader can design their own preferred setup.

Paul Dunkley, senior managing director of TP ICAP, said in a statement: “It is an industry leading platform which we are confident will be very popular due to its innovative features and intuitive ease of use.”

Front end users will be able to electronically execute in request for quote mid-pricing  auctions on screen, and have the ability to submit runs of orders on TP ICAP’s Order Book on over 250 supported currency pairs. The Order Book allows users to enter their orders quickly and efficiently through multiple methods.

Group Strategy

Nicolas Breteau, TP ICAP

Breteau said: “We also spent last year strengthening our management team, enhancing our risk framework and developing our growth strategy based on aggregation, electronification and diversification. We have a powerful market position in global broking and three exciting growth businesses which we aim to develop strongly in the coming years.”

He continued that the overall macroeconomic backdrop remains uncertain largely due to the Covid-19 virus, slower global growth and the ongoing Brexit negotiations.

“While this environment impacts our clients’ activity,  the resulting volatility also creates market opportunities that gives us confidence for the future,” added Breteau.

UK and European regulators impose short selling bans

By
Lynn Strongin Dodds
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Steven Bell, Chief Economist at BMO

The UK’s Financial Conduct Authority has issued a temporary ban on the short-selling of 37 Belgian and Italian stocks, as stock markets across the UK and Europe continue to plummet.

The prohibition, which is published on their website, lasts until the end of trading today, impacts stocks including UniCredit, Banca Mediolanum and Banca Monte Paschi Siena, Fiat Chrysler and Telecom Italia, as well as Brussels-listed brewer AB InBev.

Separately, France’s financial market regulator, the Autorité des Marchés Financiers and Italy’s Commissione Nazionale per le Società e la Borsa, have also imposed one-day bans on short selling of European stocks most impacted by the recent market declines. Meanwhile, Spain’s Comisión Nacional del Mercado de Valores decided to ban short selling activity on Spanish shares for up to one month from today. The ban can be extended if needed, but may also be lifted before the one-month deadline.

It is the second time in a week that European regulators have issued one-day bans on the shorting of particular stocks, reflecting similar measures imposed during the 2011 eurozone credit crisis, when short sellers were placing large bets on shares they expected to fall in price. The activity also occurred during the 2008 global financial crisis.

Short-sellers profit by borrowing stock and selling it in the hope of buying it back later at a reduced price, pocketing the difference. The practice is common but tends to increase in times of market stress. It has long been a bone of contention with critics arguing it creates undesirable and excessive volatility which has a negative impact on the wider economy.

However, proponents of short-selling take the reverse position, believing it improves market efficiency. On 13 March, the Alternative Investment Management Association, a trade body representing hedge funds, warned the temporary restrictions might even prove counter-productive.

Markets have been on a roller coaster ride with the FTSE 100 rising 3.5% at the opening today before flatlining while the Stoxx Europe 600 index of leading shares is currently down around 4.9% for the day. Overall, as Stefan Kreuzkamp, Chief Investment Officer and Co-Head Investment Group at DWS notes, the STOXX 600 has now fallen 37% from its peak on January 20 which means the index is now at its end-of-2012 level.

Steven Bell, Chief Economist at BMO Global Asset Management

According to Steven Bell, Chief Economist at BMO Global Asset Management, “The immediate outlook for financial markets depends on two separate sets of forces. First, and most obviously, the spread of new cases. The virus seems to be under control in China and South Korea and the World Health Organisation has declared that Europe is now the epicentre of the epidemic. We need to see signs that the number of new cases in Italy are slowing. The second set of factors relate to the functioning of markets. The regulators will be watching closely to see that markets continue to function in these difficult times. The market declines have been so severe and swift that distress will be inevitable in some areas. Widespread liquidations have not been reported but they do remain a risk.

He adds, “The fundamental supportive consideration is that the virus can and will be contained. Whatever the economic hardship caused in the process it should be temporary. Markets and economies will recover.”

©BestExecution 2020

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Evolving Business Models for Institutional Custodians

By
Creating Digital
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David Braga, CEO, BNP Paribas Securities Services Australia & New Zealand, and Luc Renard, Head of Financial Intermediaries & Digital Transformation, Asia-Pacific for BNP Paribas Securities Services, discuss evolving business models for custodians with Markets Media Editor Terry Flanagan.

Securities Services: Past, Present and Future

By
Creating Digital
-

David Braga, CEO, BNP Paribas Securities Services Australia & New Zealand, and Luc Renard, Head of Financial Intermediaries & Digital Transformation, Asia-Pacific for BNP Paribas Securities Services, discuss the evolution and the future of securities services with Markets Media Editor Terry Flanagan.

TABB Group shuts down

By
Ian Rycott
-
Larry Tabb, head of market structure research at Bloomberg Intelligence

Larry Tabb

Larry Tabb, the eponymous founder of market anayst firm TABB Group, has announced the firm will close. Making the announcement via Twitter, he wrote: “Sad news. The TABB Group board just pulled the plug on @TABBGroup, @TabbFORUM, @TABB_Training. We will be shutting down as of today and putting assets up for sale. I want to thank everyone that has supported the company, our folks, and me personally over the past 17 years.”

The firm, which had started as a research group into capital markets, expanded into media, events and training over recent years. It was hit badly by the isolation policies that companies and authorities have enforced to impeded the spread of Coronavirus.

Tabb later wrote in a second tweet: “Research [business] challenges exacerbated by Coronavirus, eliminating Tabb’s ability to produce events has made it impossible for Tabb Group to deliver high-quality research and [services] to our clients, while compensating our staff appropriately.”

Isolation policies have already impacted major industry events, including TradeTech 2020.

©BestExecution 2020

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