It turns out the sloganeers were right — Brexit indeed meant Brexit. And now the UK and European Union are increasingly pursuing separate paths to markets regulation, including different policies on such critical topics as dark and OTC trading. All of this means not just more fragmentation and complexity for market participants, but also the real possibility that market shares will shift between the two jurisdictions, with related implications for the future of major financial centers in the region. Our panel, featuring policymakers from the UK and France as well as the region’s biggest venue operator and a major agency broker, attempt to make sense of it all.
Exchange groups are beginning to contemplate and plan for a future in which matching engines and data feeds migrate from physical data centers to cloud-hosted environments. Within the past year, for example, both CME Group and Nasdaq have announced partnerships — with Google and Amazon Web Services, respectively — to bring today’s exchanges into the cloud. Such a move could transform low-latency trading, creating both opportunity and risk as the world of servers in cages that proprietary-trading firms and major brokerage houses have spent decades optimizing gives way to a new and unfamiliar landscape. We’ll discuss these issues from every angle with senior executives at AWS, Nasdaq and powerhouse trading firm Jane Street.
A host of disruptive newcomers has transformed retail brokerage in recent years, attracting individual traders with slick apps and commission-free transactions. These firms soared to new heights as pandemic lockdowns and stimulus checks lured a new generation to participate in financial markets. But now, as regulators respond to 2021’s “meme-stock” frenzy with a host of sweeping reforms, these disruptors may find themselves disrupted by strict new rules that upend the market-structure status quo. How will they respond? Senior executives from three major trading apps discuss what the future holds.
With technology constantly advancing, data forever expanding, “meme-stock” fever raging and regulators preparing to upend equity market structure, managing a buy-side trading desk is more challenging than ever. How do today’s trading chiefs make the most of the latest innovations, analyze broker performance, source liquidity amid surging off-board segmentation and keep up with structural complexity — including the prospect of 24/7 trading? Hear top traders representing a diverse array of asset managers share their views on these important topics.
After soaring pandemic volatility, volume and retail participation triggered unprecedented disruptions in US equity markets, Securities and Exchange Commission Chair Gary Gensler is pushing through sweeping, once-in-a-generation reforms. The raft of rule proposals is expected to upend everything from tick sizes to off-exchange internalization. How will they affect market participants? Who will be the winners and losers? Hear executives from major exchanges, brokers and money managers offer their views on what could be the biggest revamp of US equity market structure since the last major regulatory overhaul began a quarter-century ago.