Dom Lowres has moved to Investec, heading up the firm’s electronic trading and execution strategy.
Formerly at Liberum, where he was head of execution strategy for more than six years, Lowres also held head of trading and pan European trader roles at the firm.
Prior to Liberum, Lowres spent more than a decade at UBS as pan European equity and derivative trader.
Lowres also spent more than two years as head trader and treasurer at Vokoban Corporation.
©Markets Media Europe 2024
The Association for Financial Markets in Europe (AFME) has welcomed the Financial Conduct Authority (FCA)’s simplified listings regime, designed to boost growth and the UK’s capital markets, and better align the UK with international market standards.
Commenting on the publication of the final rules, Gary Simmons, managing director of equity capital markets at AFME, said: “We applaud the FCA on a bold overhaul of the current listing regime, which we believe, is a significant step towards increasing the attractiveness of the UK capital market and aligning the regime with international market standards. The new regime features a more flexible, disclosure-based approach, representing a move towards economic growth and accommodating increased risk appetite within the market.
“The rules retain the sponsor role, but outline a re-calibrated declaration requirement and will play an important role alongside the forthcoming changes to the public offers and admissions to trading regime this summer.”
Simmons added that AFME will continue to engage with the FCA “as this develops”.
Also reacting to the simplified listings regime, London Stock Exchange CEO Julia Hoggett said: “We congratulate the FCA on delivering the largest set of reforms to our listing rules in decades. It has been heartening to see how the entire ecosystem has come together to achieve this ambitious objective.
“It will ensure that companies listed in the UK can benefit from a listing regime that better supports their growth ambitions, increases investment opportunities for UK investors and supports the UK economy,” Hoggett added.
The new rules, which Chancellor Rachel Reeves said will help to “invigorate” the UK’s capital markets, will apply from 29 July 2024.
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Supporting the international cross-border team, Crane helps members to trade international markets live through low-touch and block trading capabilities. He also assists those who wish to hand off overnight orders to the firm’s global execution desks.
Crane has more than 20 years of industry experience and joins Liquidnet from SageTrader, where he was managing director and head of sales. The majority of his career has been spent at Instinet, where he was an international equity trader and, from 2020 to 2023, head of US international sales trading. He also served as an executive director for the firm.
Commenting on his appointment, Crane said: “Liquidnet is uniquely positioned to offer this type of service. With its global footprint, expertise in block trading, agency model and a 20+ year track record in delivering innovative trading solutions, we have all the necessary ingredients to offer buy-side traders the ability to trade anywhere in the world. I’m thrilled by the opportunities ahead. I look forward to working with the team at Liquidnet to further enhance our international trading capabilities and deliver exceptional value to our clients.”
Polo added: “As we continue to grow our international cross-border trading offering, I am particularly excited to draw upon Jeffrey’s extensive expertise and insight. His deep understanding of the global trading landscape and his proven track record in managing complex trading operations will be invaluable as we enhance our services and expand our market presence.”
©Markets Media Europe 2024
Using the technology, Euronext members will benefit from reduced latency and, as a result, faster and more reliable execution, the firm said.
EWIN provides a direct communication pathway between the two locations, with order submission from London Equinix LD4 to Bergamo Aruba IT3 completed in less than 4 milliseconds, Euronext stated. This significantly reduces the time it takes to send orders to its single liquidity pool, it added.
Euronext is offering the service in partnership with independent European microwave network provider McKay Brothers. The service has a full fibre back-up to ensure resiliency.
Since the direct microwave link between London and Bergamo has gone live, both Goldman Sachs and Morgan Stanley have confirmed deployment of the technology.
Commenting on the launch, Stéphane Boujnah, CEO and chairman of the managing board of Euronext, said: “The launch of EWIN marks an important milestone in Euronext’s commitment to innovation and excellence in the financial markets. With EWIN, we are enhancing our technological infrastructure to reinforce Euronext’s position as the leading listing and trading venue in Europe, and to provide our members with the tools they need to thrive in an increasingly competitive environment.”
Stéphane Tyč, co-founder of McKay Brothers and Quincy Data, added: “We are honoured to support Euronext’s creation of a groundbreaking wireless order entry offer. This will contribute to a more level playing field, democratise cutting-edge technologies, and improve the markets’ efficiency for investors.”
©Markets Media Europe 2024
Transaction Network Services (TNS) is expanding its market data offerings and will now support the Long-Term Stock Exchange’s (LTSE) new range of MEMOIR market data feeds.
Traders can now leverage TNS’ ultra-low latency infrastructure for global order routing and access to LTSE’s full range of multicast market data, including the three new LTSE data feeds available via the MEMOIR (Member’s Exchange Order Information Record). MEMOIR is a proprietary multicast data protocol developed by MEMX now available for LTSE traders via their new trading system.
Tom Lazenga, general manager, TNS Financial Markets, said: “TNS enables cost-effective access for the LTSE trading community, and we are delighted to be extending this to cover LTSE’s Depth, Last Sale and Top of Book feeds.”
TNS gives market participants access to the world’s markets that delivers real-time information and includes all US equities exchanges.
©Markets Media Europe 2024
The UK’s Financial Conduct Authority (FCA) has set out a simplified listings regime to boost growth and the UK’s capital markets, and better align the UK with international market standards.
The overhaul will see a single category and streamlined eligibility for those companies seeking to list shares in the UK, and give investors the information they need while maintaining investor protections to hold companies they co-own to account. The new rules, which Chancellor Rachel Reeves said will help to “invigorate” the UK’s capital markets, will apply from 29 July 2024.
Sarah Pritchard, executive director, markets and international, FCA, said: “A thriving capital market is vital in delivering investment to growing companies plus returns and choice to investors.
“Regulation is only part of the answer in helping the UK achieve sustainable growth. Other factors also play a significant role in influencing where a company decides to list,” Pritchard added.
The new rules remove the need for votes on significant or related party transactions and offer flexibility around enhanced voting rights. Shareholder approval for key events, like reverse takeovers and decisions to take the company’s shares off an exchange, is still required.
©Markets Media Europe 2024
This latest package consists of five elements. Once approved, the standards will facilitate the implementation of the consolidated tape provider (CTP) in the EU and contribute to a more informative pre- and post-trade transparency regime, the association said. European financial markets will also benefit from greater efficiency and competitiveness as a result of streamlined reporting requirements, it added.
The first element of the package considers amendments to rules on the liquidity assessment for equity instruments, on equity instruments and on the volume cap. A draft of the new implementing technical standard (ITS) on systematic internalisers (SIs) is also included, along with a section on the flags that should be used in post-trade transparency reports for non-equity instruments.
Considering input/output data around the equity CTP, the consultations include a section on ensuring alignment between transparency requirements and CTP specifications.
To adapt to the DORA framework and include provisions on circuit breakers, ESMA has also included new rules on the organisational requirements of trading venues.
ESMA is accepting comments on the consultations until 15 September for technical advice (Section 3), regulatory technical standards (RTS) 1 (Section 4), the RTS on input/output data for shares and ETFs CTP (Section 8), and the flags under RTS 2. Responses on the SI ITS Section 5), RTS 3 (Section 6) and RTS 7 (Section 7) can be made until 15 October.
A final report on the technical advice and the draft technical standards for RTS 1, the input/output data RTS, and RTS 2, including flags, will be submitted to the European Commission in December, with remaining mandates submitted in March 2025.
Patricia Moreno, head of equity product and quant research at BME Exchange, part of SIX, commented: “Given how quickly market conditions change, we welcome ESMA’s liquidity and equity market transparency assessment. Venues need to have a relentless focus on innovation to ensure that market participants can adjust to any future changes.”
©Markets Media Europe 2024
Iress extended its partnership with Dow Jones Newswires to give Iress news subscribers access to real-time market news covering all asset classes and geographies.
The real-time market news is integrated directly into customer workflows via Iress’s market data and trading software. Through the partnership, all of Iress’ global market data and trading customers will be able to access premium news from Dow Jones Newswires, including select content from The Wall Street Journal, Barrons, MarketWatch and Investor’s Business Daily.
Iress CEO, global trading and market data, Jason Hoang said: “It’s of critical importance that traders have access to trusted, accurate and timely information. Through this partnership, we believe that our clients can be confident that the information they use through Iress’s software is of the highest calibre and can be relied upon to help make better trading decisions.”
Dow Jones Newswires’ general manager, Joe Cappitelli, said: “Wealth and investing professionals around the world trust and rely on our premium news, insights and analysis to identify investment opportunities and better serve their clients. By integrating our real-time market news directly into customer workflows, Iress is creating even more value for their clients, enhancing their user experience and helping them make smarter investment decisions.”
In this regulatory round-up, the Commodities Futures Trading Commission outlines the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organisation (DCO) resources, while the European Securities and Markets Authority opens a consultation on liquidity management tools. Elsewhere, the International Capital Markets Association partners with Singapore’s NUS Asian Institute of Digital Finance on artificla intelligence best practices.
Americas
CFTC confirms stability of derivatives clearing firms
The Commodities Futures Trading Commission (CFTC) has confirmed the stability of derivatives clearing firms, in the face of extreme market conditions, following eleven volatility simulations.
The CFTC report, Supervisory Stress Test of Derivatives Clearing Organizations: Reverse Stress Test Analysis and Results, outlines the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organisation (DCO) resources.
The report concluded that the DCOs studied hold “sufficient financial resources to withstand many extreme and often implausible price shocks”, even with multiple clearing member defaults.
Conducted by the CFTC’s Risk Surveillance Branch of the Division of Clearing and Risk, the stress test was the most comprehensive to date, examining nine DCOs across futures and options, cleared interest rate swaps, credit default swaps, as well as foreign exchange (FX) products.
The test used actual positions as of 1 September 2023, and simulated eleven volatile dates since 2020, including market stresses from the COVID-19 pandemic, the war in Ukraine, and recent inflation-related impacts.
EMEA
AFME’s Jacqueline Mills appointed to ESMA’s securities and markets stakeholder group
The Association for Financial Markets in Europe’s (AFME) managing director, head of advocacy, Jacqueline Mills, has been appointed to the European Securities and Markets Authority (ESMA)’s Securities and Markets Stakeholder Group (SMSG).
Starting on 1 July 2024, the new members of the SMSG will begin their four-year term, during which they will provide ESMA with guidance on policy matters and be consulted on technical standards and guidelines.
Mills brings extensive sell-side experience and expertise to the SMSG. As AFME’s head of advocacy, she is responsible for shaping and delivering the association’s advocacy efforts across external stakeholders in the EU27 and UK.
Caroline Liesegang appointed to European Banking Authority’s nanking stakeholder group
AFME’s Caroline Liesegang, managing director, head of capital and risk management, sustainable finance and research, has been appointed to the European Banking Authority (EBA)’s Banking Stakeholder Group (BSG).
The BSG is composed of 30 members and focuses on examining specific technical issues related to its work plan and formulating opinions to be sent to the EBA on key areas of relevance. In particular, the BSG will be consulted on actions concerning regulatory technical standards, implementing technical standards, guidelines, and recommendations.
ESMA opens consultation on liquidity management tools
The European Securities and Markets Authority (ESMA) has opened its consultation on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive.
The draft regulatory technical standards define the constituting elements of liquidity management tools (LMTs), with further guidelines on the LMTs of UCITS and open-ended AIFs. These guidelines are in place to support managers in the selection and calibration of their LMTs with consideration to their investment strategy, liquidity profile and the fund’s redemption policy.
Three ESMA board members appointed for second terms
The European Securities and Markets Authority (ESMA) has reappointed three members of its management board.
Thorsten Pötzsch, chief executive and director of securities supervision for asset management at BaFin, Rodrigo Buenaventura, chairman of the Comisión Nacional del Mercado de Valores (CNMV), and Eduard Müller, executive director of the Austrian Financial Market Authority (FMA), begin their second terms on the board from 1 October. They will hold the positions until 31 March 2027.
Global
ICMA and the NUS Asian Institute of Digital Finance announce strategic collaboration
The International Capital Market Association (ICMA) has partnered with the Asian Institute of Digital Finance (AIDF), a university-level research institute under the National University of Singapore, to advance educational excellence with industry relevance.
ICMA and NUS-AIDF have signed a Memorandum of Understanding (MoU) to develop the AI Governance Executive Programme in Global Capital Markets, designed to equip participants with advanced insights and practical competencies in AI risk management practises.
Georgina Jarratt, managing director and head of fintech and digitalisation, ICMA, said: “Raising and maintaining high professional standards in financial markets through training and education has always been a core part of ICMA’s mission. We are delighted to be collaborating with the National University of Singapore to deliver a programme on AI and risk management, a key topic that will shape the future of the capital markets.”
ICMA provides guidelines for Sustainability-Linked Loan financing Bonds
ICMA’s Green, Social, Sustainability and Sustainability-Linked Bond Principles have announced guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB). The Principles are the global standard for the $5 trillion sustainable bond market that represents the largest source of market finance dedicated to sustainability and climate transition, available internationally to corporates and financial institutions, as well as supranationals, agencies and sovereigns.
The Guidelines for Sustainability-Linked Loan financing Bonds (SLLBs), developed jointly with the Loan Market Association (LMA), define a dedicated bond instrument designed for issuers wishing to finance or refinance a portfolio of eligible sustainability-linked loans (SLLs) aligned with the LMA’s Sustainability-Linked Loan Principles (SLLP). SLLBs may serve as an incentive to enhance the robustness of sustainability-linked loan structures in the market over the longer-term.
The Principles also released further guidance around clarifications to support KPI selection and a new SLB disclosure data checklist; an expansion of the SLB KPIs Registry related to environmental themes; and a new annex of the Impact Reporting Handbook covering potential environmental and/or social risks associated with eligible project categories for green bonds.
ISDA confirms development of industry notices hub
ISDA will develop an industry-wide notices hub, it has announced, following support from global buy- and sell-side institutions on the endeavour.
Currently, under the ISDA Master Agreement, termination-related notices must be delivered under particular prescribed methods – including physical delivery. However, if company address details have been changed or physical delivery is possible, users risk considerable losses.
The new secure, central, online platform will provide immediate delivery and receipt of critical termination-related notices, with automatic alerts sent to the receiving entity. Market participants will be able to update their physical address details through a single entry, with the platform accessible by multiple designated individuals at each firm regardless of geographical location.
The implementation of the service will reduce the risk of uncertainty and potential losses for both senders and recipients of the notices, ISDA stated.
©Markets Media Europe 2024
While research budgets have been stabilising after six years of price depreciation, Mike Carrodus, CEO of Substantive Research, warned that research spending is still a long way from pre-MiFID II levels. This situation will not be immediately ameliorated if the FCA’s new rules allow for European research spending to approach US levels, he added, stating: “Even if research costs do end up chargeable to asset owners once again the new procurement rigour in research valuation and payments from the buy side is going nowhere. If this market is to reflate materially, there will need to be new demand for new asset classes, and new supply required to justify additional payments in future.”
In the US, research budgets rose by 15% as a proportion of AUM in 2024; in Europe, this figure was just 4%. US research budgets are able to bounce back more quickly than their European counterparts due to the larger budgets of investment professionals, the report explained.
These figures also demonstrate why UK and EU regulators have been under political pressure to allow asset managers to return research costs to end investors, Substantive Research said.
READ MORE: Buy side expects research budgets to stabilise post-rebundling
Research budgets have increased by 2.2% YoY in absolute terms, the report found, a shift that Carrodus said “fundamentally changes the dynamics of the research market”.
“Within that figure, some providers are increasing pricing and driving greater consumption of meetings and calls with their sector analysts. We are back to a market of winners and losers, instead of almost all research providers experiencing price deflation year after year,” he continued.
Within these budgets, the majority of spend is allocated to brokers. Down by 1% since 2023, this group received 85% of funds in 2024. Tooling and analytics solutions grew by 1% YoY, an increase which Substantive Research expects will accelerate in the 2025 budgeting cycle. Independent research providers took an average 8% of the budget and expert networks 2%, both remaining unchanged since 2023.
Research budget concentration to the top 10 brokers rose from 54.8% to 54.9%, a marginal difference but something that Substantive Research says needs to be monitored. Change here could signify that the FCA’s reforms are encouraging competition as intended, it stated.
Looking ahead, Carrodus told Global Trading: “For the full year it’s going to be hard to call whether this trend persists. A group of firms who didn’t cut budgets immediately post-MiFID II will definitely be reducing their payments at the end of this year, but this is against a backdrop of a number of particularly US managers increasing their research spend. That doesn’t necessarily mean there will be more money for brokers however, as new spend is often targeted at alt data, expert networks and aligned transcription services, as well as analytics and tooling.”
A total of 60 asset management firms participated in Substantive Research’s survey, with a 60/40 split between those headquartered in Europe and North America and a 75/25 split between long-only and hedge fund managers. The firms represented a collective US$20 trillion or more in assets under management.
©Markets Media Europe 2024
Global Trading is an industry-leading news service for the global equities capital markets: providing information, education, insights and analysis for senior professionals working within trading and execution across Europe, the UK, North America, APAC and other emerging markets. With a focus on the intersection between the buy and sell-sides, Global Trading covers all industry elements from technology and trading strategies to regulation, best execution, market structure and liquidity.
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