Equities trading focus | FTT | Denis Orrock
a strong execution partner and having a comprehensive offering whether it is high or low touch. It is also very important to listen and talk to clients to develop an execution offering along with high quality service that meets their needs. We have integrated the two
trading desks of CA Cheuvreux and Kepler and now have one team and service that covers electronic trading, cash trading as well as portfolio trading. We offer a wide range of products including direct market access, algos, high touch trading and research. It is being run out of
London, which has a greater focus on large cap stocks and Paris, which has a greater emphasis on small to medium- sized caps. We also have offices in all major European centres as well as New York, Boston and San Francisco.
What do you foresee as the challenges and opportunities? When you talk about future challenges I think one thing is for certain, we are operating in an environment that will continue to change and evolve at a fast pace. With increased regulatory and political pressure
now influencing the market structure the challenges of tomorrow will be very different to the challenges we face today. You only need to look at the unintended consequences of MiFID I implementation leading to widespread fragmentation and the explosion of HFT. You would have not predicted this in 2007. As for opportunities, we will
continue to focus on integrating the two brokers and to help our clients who are facing the same challenges as ourselves. We will also continue to reinforce our offering with innovative and new products. n
Too late to hold back the tide
duties that are either active or being implemented in countries around the globe. These taxes, whilst being conceptually similar in principle, often are referred to as something other than a Financial Transaction Tax (FTT). In the Americas, eight out of 35 countries have some form of transaction tax (including Bolivia, Columbia and Peru), while in the Asia Pacific region almost half the countries there have such a tax.
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here are approximately 40 transaction taxes or stamp
Amid much speculation about whether, when and in what form an EU-level Financial Transaction Tax (FTT) might be imposed on securities trading in Europe, Denis Orrock* suggests that burying your head in the sand is not an option.
It is becoming clear (especially since the MEP’s landslide vote in favour of an FTT on 3rd July) that the tide that is now lapping at the shores of Europe (and in particular France and Italy) is part of a much stronger global swell that, despite the debate and political rhetoric, will not be turned back by any one jurisdiction or even region. Most commentators would
agree that some form of EU Financial Transaction Tax is inevitable. Yes, it will probably be delayed and certainly it will be diluted, but the tax and its inherent operational challenge will not disappear. Whether the transaction fee is 1.0 per cent or 0.01 per cent, the operational task remains the same. And irrespective of the decisions taken at an EU level, there is still
Best Execution | Summer 2013
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