Trading | Execution consulting
“Today we are seeing the evolution of execution consulting into other asset classes. However, this does not happen overnight”
Robert Shapiro, Bloomberg Tradebook
with clients to develop systems for splitting inventory between high and low touch to maximise effi ciency and performance,” says Jackson. Brian Schwieger, head of EMEA execution sales and consulting at Bank of America Merrill Lynch also sees a greater move towards bespoke products. “There is defi nitely greater customisation which can range from providing minor tweaks to a clients’ strategy through to designing and implementing new strategies to meet a client’s specifi c trading objectives. Through execution consulting, we are able to drill down deeper into algo behaviours and performance to offer a more granular view of the best way to trade. We can also offer systematic solutions for increasing trading desk productivity like fi ltering off smaller orders that can be automated so traders focus on the more diffi cult ones that need the human touch.”
Moving across
Although execution consulting started in the equities space, Berke sees the service migrating to other asset classes. “This new hybrid sales person, the execution consultant, part trading partner and part trading guide, has developed the DNA to survive and thrive in the new normal of trading in the capital markets,” she says. “Sellside equity trading rooms have been reorganised
28
and reconfi gured. In one fi rm, pods of experts across multiple verticals – equities, futures, ETFs, algorithmic trading – team up to serve a unique set of clients; in another, individuals develop the skills to bring one type of client across both high- and low-touch trading solutions.”
Jim Kwiatkowski, global head, transactions sales, marketplaces, fi nancial and risk, Thomson Reuters also sees a gradual shift occurring. “Just as with equities, execution quality analysis has become important in the FX markets and we are seeing increased demand for consulting services. This was not commonplace fi ve to six years ago. Part or our service includes using our analytics to help clients better understand and improve upon their current execution strategy.” Robert Shapiro, global head of trading and execution consulting at Bloomberg Tradebook echoes these sentiments. “Five years ago, the main focus was on equities and it involved taking full service traders and making them electronic. Today we are seeing the evolution of execution consulting into other asset classes. However, this does not happen overnight and we spend a great deal of time extensively training sales traders through our accreditation programme. We see this as one of our main differentiators and it underpins our technology and analytics.” ■
Best Execution | Spring 2013
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100