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New Regulatory Regime Continues to Affect the Global Economy

- Capital set to enter an increasingly competitive marketplace
- Buy-side urged to coordinate activities

TradeTech Europe, the World’s largest equity trading and technology summit, is due to be held this year between 20th-22nd April at the ExCeL London. Now in its tenth year, the event is set to bring together the largest international players as they review the main challenges that have beset the financial industry and address the measures that should be adopted to sustain growth in the wake of the crisis.

The buy-side conference, which this year will incorporate an insightful ‘sell-side only’ day, will include high-level discussions on key themes that have shaped the economy and which continue to play an important role in how the financial industry will evolve. Among the speakers at the 2010 event are Paul Donovan, Managing Director & Global Economist, UBS; Betsy Anderson, Head of Trading, Ignis and Clive Williams, Head of European Equity Trading, T Rowe Price.

Speaking on the impact of the downturn and market changes in equities trading, Mr Donovan, UBS, said: “There is no question that we are entering into a more regulated environment. With government playing a larger role in the activities of the banks and global trade, the result is a slower trend growth rate than we have seen in the past 15-20 years. Furthermore, the heightened regulatory era that we are now entering will significantly affect the cost of capital. Increased banking regulation is likely to constrain the available supply of capital. As traditionally wealthy countries seek to upgrade their physical infrastructure to cope with growing environmental constraints, and emerging economies seek to build physical infrastructure in order to raise their living standards, the global economy will also experience a significant increase in investment demand. This supply and demand shift will inevitably force a higher price. As a result, we can expect to see an increased competition for capital over the next few years.”

“It’s all very well to standardise, regulate and re-aggregate what we now have, but it is important to remember that when this happens, we lose the commercial reality - competition,” added Ms Anderson, Ignis. “We need to be able to retain a competitive edge, a differentiator. With our technology spend, it is vital to be aware what is out there and to spend wisely to retain that edge. Importantly, it is the ability to implement and maintain an infrastructure that can adapt and take advantage of commercial and competitive opportunities, that will make a real difference as the new waves of regulation gather momentum.”

Many of the streams, debates and discussions at the event will also examine the role of the buy-side trader, and how it is likely to change as the economy recovers. Mr Williams, T Rowe Price, highlighted: “Traditionally, the challenge has been the lack of coordination between the various asset class trading teams. Business is now starting to become better at connecting their results and working as one unit rather than several, and this is a trend we will continue to see. In addition, the use of electronic trading and how we trade is very topical. The debate is now about what technology you have on your desk, as opposed to pre-Lehman Brothers when much of the work was outsourced to brokerages and this wasn’t as relevant.”