Some years after the introduction of Regulation NMS spawned a plethora of new trading platforms in the US, the implementation of MiFID in Europe has brought about a revolution in securities trading this side of the Atlantic, greatly increasing the opportunities for new trading platforms and products.
The creation of Turquoise last year, and its steady growth since then, has been a recent prominent manifestation of this phenomenon. But it can be seen just as clearly in the success of Chi-X and Nasdaq OMX, in the role of crossing networks in identifying 'dark pools of liquidity' and avoiding so-called 'toxic pools', as well as in the introduction of a code of conduct for the clearing and settlement industry. Furthermore, there has been a stream of vertical and horizontal mergers between sell-side firms and organisations.
The recent financial crisis has affected these developments, but it has not stopped them in their tracks. Indeed, this new situation means not only are there calls for further regulation, it has also brought the processes of MiFID, the debate about central counterparties and the technology of best execution under even more scrutiny.
All those serving the market, whether they be exchanges, multiple trading facilities, data providers, technology providers or clearing and settlement houses, must be aware that the initiative now lies firmly with a leaner and meaner buy-side, and it is on this basis that this conference sets its agenda.
Senior buy-side professionals from financial institutions, including fund managers, UK banks and building societies, hedge funds and foreign banks in London, will find the answers to many of their questions about the direction of the marketplace at this conference. It will also be of value to regulators, exchanges, multiple trading facilities, providers of financial information, suppliers and their advisers.