In the wake of significant market disruption and heightened volatility following the US election, Lee Ferridge, Head of Macro Strategy for North America at State Street Global Advisors, joins CMXtra host David McClelland for a timely and crucial discussion. Now, more than ever, traders need to understand the potential ramifications of the election's outcome. They delve into the immediate market reactions, the risks of a US recession, and how fiscal and trade policies could reshape global markets. The conversation also explores the knock-on effects for European fiscal policy, the US dollar, and emerging market vulnerabilities. This episode provides essential insights for anyone looking to navigate the current climate of uncertainty and prepare for what lies ahead.

Episode Summary:

Join host David McClelland as he sits down with:

Natan Tiefenbrun, President North American and European Equities, CBOE

Laetitia Visconti, Product and Business Manager, Former Barclays Head of EMEA Market Structure and Market Access

Jim Kaye, Executive Director, FIX Trading Community

Robert Miller, Head of Market Structure & Liquidity Solutions, Kepler Cheuvreux

In this episode of CMXtra, we delve into the challenges and opportunities presented by automation in the European primary bond market.

Join host David McClelland as he sits down with industry experts:

- Olivier Dermaux, Executive Director - Fixed Income Strategy at S&P Global Market Intelligence

- Chetna Mistry, Head of London Portfolio Operations and Senior Trader at WAMCO

- Asif Sherani, Managing Director, Head of DCM Syndicate EMEA at HSBC.

Together, they explore how technology and collaboration can streamline the new issue process for buy-side participants, the need for standardisation in adopting new solutions and how the buy and sell side can collaborate to achieve this, as well as the implications of automation for buy-side and sell-side interactions. The panel also examines advancements in automating the new issue process, role of platforms like S&P, Bloomberg, and DirectBooks in reducing manual operations, how new technology initiatives such as AI and Blockchain are changing the game, and the potential for tokenization in new issuance, looking at both the benefits and challenges it presents. 

In this special episode, join CMX host David McClelland as he sits down with three rising stars in the trading world, all CMX shortlisted future trading leaders. Gain insights into the future trajectory of the trading desk from the individuals who are shaping it:

1.     Sam Knight, Head of Global eTrading, Fidelity International (UK)

2.     David Biser, Managing Director, Co-Head of Trading, Campbell & Co. (USA)

3.     Brendan McMurtray, Vice President, FX Electronic Trading & Market Structure Analyst, T. Rowe Price (USA)

• Building cross-asset low touch trading frameworks: Sam Knight, Head of Global eTrading at Fidelity International, shares his journey of building a global low touch trading engine across various asset classes. Learn about the drivers behind this initiative, its functionality, and the benefits of a cross-asset approach, especially in the context of resource constraints.

• Automating to dominate: David Biser, Managing Director and Co-Head of Trading at Campbell & Co., discusses how automation is reshaping the trading landscape. Discover how Campbell & Co.'s trading desk structure supports a multi-asset approach and acts as a risk mitigator for the firm. David also reveals the specific strategies they've implemented to stay ahead of the curve in automation, particularly in equities and FX.

• The development of data-driven trading: Brendan McMurtray, Vice President of FX Electronic Trading & Market Structure Analyst at T. Rowe Price, guides us through establishing the best path to trade in FX. Brendan shares his insights on data source ingestion, leveraging data for a competitive edge, and enhancing decision-making for long-term scalability. He also highlights the importance of data quality management and the role of data in advising portfolio managers.

Tune in to Rising Stars in Trading for an exclusive look into the future of finance, featuring candid conversations with the individuals shaping it.

Join our specials guests: 

Rich Turner, Senior Trader, Currency Solutions, Insight Investments

Ray Uy, Global Head of Fixed Income Trading, Invesco

Hosted by:

- David McClelland - Technology reporter and presenter, BBC presenter and transformation lead in financial services, media and telecoms

David McClelland sits down with Rich Turner, Insight Investments and Ray Uy, Invesco. They discuss how you can showcase and champion the role and contribution of the trading desk both internally and to external clients. This includes the role of alpha contribution on the desk, the critical role of analytics when demonstrating value, the role and measurement of qualitative performance, and the necessity of effective cross-departmental communication. 

The discussion also highlights the balance between centralised and integrated trading structures, the impact of technology on trading practices, and the critical nature of strong relationships when navigating market volatility.

- Eoghan O’Reilly, Senior Fixed Income Trader, Abrdn 

- Matt Coupe, former sell side Director of Market Structure at one of the major sell side firms, and cross-asset market structure and eTrading expert, as well as the co-chair of FIX EMEA.

Hosted by: 

- David McClelland - Technology reporter and presenter, BBC presenter and transformation lead in financial services, media and telecoms

In this episode, we delve into the evolving landscape of dealer wallet share with special guests Eoghan O’Reilly, Senior Fixed Income Trader at Abrdn, and Matt Coupe, an expert in market structure and eTrading. We examine the rise of new liquidity providers, such as agency brokers and non-bank entities, alongside traditional Tier 1 banks. Our discussion covers the impact of cost pressures on the buy side, leading to the shrinking and restructuring of dealer panels across various asset classes.

Our guests highlight the strategies available for optimising relationships with sell-side partners, focusing on the role of traders, algorithms and platforms. They also share advice on how to measure and quantify the value of counterparty relationships, the importance of dealer reviews, and incentivising mid-sized sell side players. Finally, Eoghan and Matt explore the effects of electronic trading on these crucial relationships and emphasise the need for continuous communication and engagement.

In this final installment of our 3-part series leading up to the Capital Markets Xchange event on June 27, 2024, in London, join our expert panel and special guest host David McClelland as they explore how to build a winning trading desk by fostering a high-performing team. This episode features:

Nigel Todd - Head of Global Forex Trading, Fidelity International

Alison Hollingshead - COO, Investment Management, Jupiter Asset Management

Rosanna Bruni - Strategic Advisor & Board Director, Capital Markets + Diversity & Inclusion Champion

Jeff Schwartzman - Global Head of Learning & Organizational Development, TPICAP/Liquidnet University

Our experts underscore the importance of trust, a clear vision, purpose, autonomy, accountability, and psychological safety in creating a robust team culture. They tackle the challenges of recruiting diverse talent and underscoring the necessity of continuous learning and development.

Highlighting the significance of empathy, respect, and kindness, we discuss how these attributes contribute to effective leadership and an inclusive environment. They also delve into balancing modern performance metrics, advisory roles, and adding value to investments, emphasizing the need for strategic succession planning and skill diversification to mitigate key person risks.

Join CMXtra for insights and advice on:

Today we take a deep dive into the transformative journey towards T+1 settlement, a milestone set by regulatory bodies to foster greater operational efficiency and compliance in the trading sphere. This episode brings together visionary leaders from Baillie Gifford, Invesco, and Evenlode Asset Management, as well as insights from ICMA, to illuminate the path through the complexities of this transition.

From operational risks to the nuances of FX transactions and liquidity, our guests discuss not just the challenges but the vast opportunities—streamlining processes, embracing cutting-edge technology, and the power of collective action. As we approach the critical May 28 deadline, we delve into how firms are gearing up, the broader impact on the financial markets, and the prospects of moving towards even more efficient settlement cycles like T0.

Join us for an inspiring look at how adapting to these changes paves the way for competitive edges, cost savings, and a more resilient market.

Welcome to the first episode of CMXtra- The Capital Markets Exchange Podcast. Our first episode looks into AI and the trading desk. Is this finally moving from buzzword to a reality for traders? And if so, where should you start, how should you apply it, and what outcomes should you be looking for?

David McClelland - Technology reporter and presenter, BBC presenter and transformation lead in financial services, media and telecoms

Andrew Claeys - Head of Systematic Trading, Allspring Global Investments

Iro Tasitsiomi - Head of Investments Data Science at T. Rowe Price

David Foster - Co-Founder at Applied Data Science Partners and Author of "Generative Deep Learning: Teaching Machines to Paint, Write, Compose and Play"

Naturally, as the episode is about AI, we have let AI have a listen to our episode to do the hard work for us and write the episode synopsis:

In this episode, the hosts discuss the application of artificial intelligence (AI) in the trading desk and its potential to make trading more efficient. They explore the concept of generative AI and its ability to enrich, condense, and transform information. The guests highlight the importance of summarization and the challenges of ensuring accurate and complete summaries with generative AI. They also discuss the maturity of AI technology and the barriers to its implementation, as well as the regulatory challenges in using AI in regulated industries. The conversation explores the implementation of AI in the financial industry, specifically in buy-side trading desks. The guests discuss the need for experienced traders to analyze and build AI systems, the importance of customization and differentiation in the market, and the potential value propositions of incorporating AI into trading strategies. They also address the challenges of regulation and the impact of AI on the workforce. The conversation concludes with advice for traders looking to implement AI, including starting with small projects and focusing on the low-hanging fruit.