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Contents


Cover story


14


18


22 IN THIS ISSUE


 Profiles 14 A new exchange tapestry Hans-Ole Jochumsen discusses the challenges facing the NASDAQ OMX Group


18 Coping with complexity Chris Sims explains Ignis Asset Management’s take on regulatory changes


 Market opinion


22 Back to the drawing board Jannah Patchay of Agora Global Consultants makes the case for thinking out of the box


 Features 26 At your service


Execution consulting has gained traction. Lynn Strongin Dodds reports


Best Execution | Spring 2013


36 40


29 The jungle room Mary Bogan explores the ways to change the trading culture in the City


32 Big Brother is watching Heather McKenzie takes a look at market surveillance in the light of trading scandals


62 Scaling up for rebound? How will derivatives trading cope with a surge in volumes? Dan Barnes investigates


 Viewpoint


36 Keeping watch Jon Knight of Liquidnet Europe


38 Do HFTs really ‘Game’ buyside orders? Darren Toulson of LiquidMetrix


40 Should we be afraid of Goethe’s


Apprentice? Rob Boardman of ITG


3 5


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