Profile | Frank Troise Optimising the equation
Best Execution ask Frank Troise to explain how ECS is expanding its product offering in support of its clients’ goals.
Are you happy with the progress of the group over the past two and half years? My main focus when joining was to revamp the product offering and strengthen our sales and client service capabilities. I am very pleased with the feedback we have received from clients. We have tracked our progress in terms of client feedback, market share, and financial results. Even in these low turnover market conditions we have grown our market share across the regions by over 25% a year.
Can you explain in greater detail about your product offering and how your client services differ from the past? Our global product offering is geared toward accessing liquidity for our clients. As a starting point we overhauled our technology infrastructure and strengthened our quant team. Our global products leverage models designed by the quant team at the core.
Combining the new infrastructure with the models, we rolled out a new suite of algos, smart order routing and crossing products. Achieving best execution is at the heart of these products. For instance, to simplify usability, we rolled out our Aqua algo. Aqua caters to client trading strategies running the gamut from passive to aggressive. Aqua employs multiple quant models including fair value, dynamic minimum fill, dark order placement and quant posting that are constantly calibrated to current market conditions. The overhaul of our product offering ties in with our new approach to client service introduced in the fourth quarter of 2010. We added personnel and implemented a proactive approach. We now
Best Execution | Autumn 2012
work much more closely with our clients to best match our capabilities with their trading strategies. We also have what we call a best execution task force which is a team consisting of quants, electronic traders, and product managers who work closely with clients to help optimise their trading strategies. This approach has been rolled out across the US, London, Hong Kong, Australia, Tokyo and Mumbai. A main objective for our products, client sales, and service teams is to have a global approach with local delivery and market expertise.
Staying with the global theme can you please expand on your initiatives in Asia? We have invested significantly in our Asian team and product offering and have seen the results. Our market share in Asia has grown by 50% year over year. We recognised we had a big gap in our product offering in the region and decided to act on this opportunity. We were not pursuing the same strategy as in the West and we have changed that by rolling out the same products and platforms in Europe and the US into Asia. We now have client facing personnel on the
ground in Tokyo, Hong Kong, Sydney, and Mumbai and our next generation execution products are already live in Tokyo, Hong Kong, Australia, Taiwan, Singapore, Indonesia, India, and Malaysia with Thailand and the Philippines planned for delivery in the next few months. Lastly, we deployed technology and quant teams locally in this region.
What multi asset class offering do you have? Multi asset class trading has become increasingly important for clients. We built our infrastructure
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