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MiFID II Reaches Across the Pond: Is This the Calm Before the Storm?

Despite the view that MiFID II is a European regulation, US investment managers are experiencing disruption as they align their research payment and execution practices with the influential standard.

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As the SEC Tick Pilot is soon to expire, in your opinion, was it a solid fact finding mission or folly?

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March 1, 2014

Fast Forward

By John D'Antona Jr.

Troise: Since 2010, the electronic sales and electronic trading teams have grown and the desk has approximately doubled in size globally.


Traders: Do you find you are spending more time now than four years ago educating the buyside? What are your conversations with them like now?

Troise: They are a very sophisticated group of users. The conversation now is far more about transparency, performance, and custom analytics and execution strategies. The business has evolved beyond periodic canned TCA reports with slippage against standard benchmarks.

Ciment: We have always worked very closely with the buyside. Clients are willing to work with us to help improve their trading process. Sometimes they take it, sometimes they may not, but we are building trusted partnerships with our clients.

Troise: It is like taking an exam in school, except that the pencils are never down in this exam. The buyside is constantly giving you an exam. You can never put the pencil down and say, "Done, let's pack away," that the course is over.


Frank Troise is the Global Head of Electronic Client Solutions

Daniel Ciment is the Americas Head of Electronic Trading Solutions


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