36 | AMERICAS
Market Recon Some senior traders and technologists who attended the roundtable event said they were there to gather market intelligence, i.e. assess industry trends and vet what an individual firm is doing versus what the broader marketplace is doing. In multi-asset trading in particular, there is ample opportunity to learn from earlier movers. “Firms are at varying stages in the migration to a multi-asset class environment – some are just starting, some are fully multi-asset,” said Rob Hegarty, Managing Partner at Hegarty Group and roundtable moderator. “Others prefer to keep equity separate from fixed income and currency, at least for now.” As drivers of the migration to multi-asset trading, Hegarty cited increasing cost pressures; opportunities for collaboration; the availability and ubiquity of data; the rise of quant resulting in cross-asset strategies; advancements in available technologies such as Execution Management Systems; and new asset classes such as cryptocurrency. One roundtable participant noted that consolidation of trading technology across asset classes is a lengthy process, and there is the question of whether
GLOBALTRADING | Q4 • 2018
“All of the consolidation and activity in the tradingtechnology space highlights the need for integrated workflows and increased automation across asset classes,” said Varghese Thomas, Chief Operating and Strategy Officer at TradingScreen.” technological products are mature enough to support multiple trading scenarios. This person said one approach to technology is to leverage vendor platforms to handle ‘plain vanilla’ tasks, which frees up traders to concentrate on higher-value, more strategic workflow.
Fixed Income TCA: A Competitive Differentiator