The relationship between high-touch trading and electronic execution is changing, as clients demand greater transparency and tighter integration across execution channels, according to Cam Gil, Managing Director and Head of Execution Services, Global Equities at CIBC. In an interview with Traders Magazine, he discussed how the bank is unifying its trading platform, adapting to shifting client expectations, and positioning its execution desk for the next phase of market structure change.
Please tell us about CIBC trading desk and your current priorities.
At CIBC, our equities execution platform is built around a single objective: delivering consistent, repeatable outcomes for clients across high‑touch and low‑touch execution. We view these not as separate businesses, but as complementary capabilities within one integrated platform – combining experienced traders, scalable electronic workflows, and a strong data and analytics foundation.
Our priorities are focused on unification and scale. For clients, this means execution that is tailored to their objectives and investment process, supported by evidence, and delivered through a true partnership model. Whether an order is executed electronically or requires high‑touch engagement, our focus is on clarity, accountability, and continuous improvement.”
What key trends are you seeing in equity market structure today?
We continue to see liquidity fragment across venues and protocols, which makes smart, dynamic access to both lit and off-exchange liquidity essential. At CIBC, that reinforces the importance of robust routing logic, strong venue relationships, and the ability to adapt in real time as conditions change.
We’re also seeing the industry raise expectations around transparency and measurement – more rigorous analytics on routing, venue performance, and total cost – so ‘best execution’ is increasingly defined by evidence, governance, and clear client reporting, not just a single metric.
Institutional clients are demanding more customized execution solutions. How are those expectations evolving, and what are they asking for most in the current environment?
Customization has moved from ‘strategy selection’ to ‘workflow design.’ Clients want execution that maps directly to their investment process – urgency, constraints, risk limits, and how they want to interact across regions and time zones. What we’re hearing most is a desire for flexibility and control: more parameterization, more transparency into where and how flow is executed, and tighter feedback loops through analytics. At CIBC, we respond by partnering closely with clients to calibrate the approach: combining low-touch automation where it adds scale and consistency, and high-touch judgement where market conditions, size, or sensitivity require it.
How do you see the relationship between low-touch execution and traditional high-touch trading desks developing over the next few years?
Both channels remain critical to our client offering as we continue to evolve based on our clients’ needs. Our focus is on value, specifically where these platforms intersect, and how we create a differentiated, high-impact experience. The leading desks will be those that can move seamlessly between electronic and human-led execution without losing context, intent, or measurement.
That’s a key priority for CIBC: building an integrated platform and operating model that allows us to start electronically, escalate when needed, and maintain consistent analytics and client transparency throughout – while still delivering a true white-glove, high-touch experience where it matters most.
Volatility has become a recurring feature of global markets. How has that changed the way clients approach trading strategies, risk management, and timing of execution?
With volatility becoming more persistent, clients are more deliberate about how they stage risk – breaking decisions into smaller increments, using more conditionality, and being ready to pivot execution style as liquidity shifts. We’re seeing greater focus on real-time risk management – adverse selection, impact, and opportunity cost – and more emphasis on timing around events, wider trading windows, and faster intraday feedback. At CIBC, we lean into this by combining data-driven tools with trader experience, so clients can adjust participation, venue exposure, and execution tactics as market conditions evolve.
How important are data, analytics, and post-trade performance measurement in shaping the modern execution desk, and where is CIBC investing most heavily?
Data and analytics are central to modern execution – clients want to understand not just the outcome, but also the ‘why’ behind it, with clear benchmarking and actionable diagnostics. At CIBC, we’re investing most heavily in two areas: scaling our low-touch and electronic capabilities, and strengthening the data layer around them.
That includes richer pre-trade decision support, more granular post-trade measurement, and tools that enable both clients and our traders to iterate quickly – testing what works, validating it with evidence, and continuously improving performance across market regimes.”
Looking ahead, what do you see as the biggest opportunities and challenges for equity trading desks over the next 12 to 24 months?
Over the next 12 to 24 months, the opportunity is to turn market complexity into an execution edge – using better connectivity, smarter automation, and more systematic measurement to deliver repeatable outcomes across venues and market regimes. The challenge is doing that while liquidity continues to fragment and event risk keeps evolving, so resiliency, governance, and transparent client communication will matter as much as pure speed.
For CIBC, that means continuing to invest in scalable electronic workflows, data-driven oversight, and a client partnership model that’s built around clarity, accountability, and continuous improvement.
