bobsguide was present for the sixth annual FIX Protocol Ltd (FPL) trading conference for financial market participants in Europe, Middle-East and Asia (EMEA) which took place in the City of London last week at the Old Billingsgate market.
The event was a great opportunity for both buy and sell sides to see what vendors and exchangers are doing whilst gaining insight into changes in the market space. The morning and afternoon sessions consisted of excellent content covering regulation, commercials as well as the technical aspects of what FPL represents.
“It is interesting to note that a number of vendors are now offering on-demand market data which will dramatically decrease costs for both buy and sell sides.” Carl Weir, Co-Chair of FPL Global Cross Asset Committee commented.
In light of Alistair Darling’s opening keynote speech, the morning session focussed on whether or not best execution should be a competitive advantage or a given standard. The panel included Stephen McGoldrick, Co-Chair Regulatory Subcommittee, FIX Trading Community, Director, Market Structure, Deutsche Bank and Richard Metcalfe, Director, Regulatory Affairs - Institutional and Capital Markets .
Regulators around the globe are working to maintain the integrity of the financial system. Many firms use the same systems globally and the same can be said for regulation. As a result, another focus of the morning sessions included an overview of the status of US regulations that may affect trading in the EU.
From a technical perspective Hanno Klein, EMEA Chair, Global Technical Committee, Co-Chair Global Exchanges & Markets Committee, FIX Trading Community, Senior Vice President at Deutsche Börse led the discussion exploring how the FIX Trading Community Global Technical Committee has looked at the business challenges impacting the trading community and developed technical solutions to address them. “FIX Trading Community's working groups will continue to develop technical functionalities to support business needs over the coming year,” Hanno Klein commented.
The post-lunch streams focussed on challenges members face in emerging markets as well as opportunities in the world of market data. As trading increasingly moves electronic, market fragmentation continues and trading decisions are made based on increasingly broad sets of data. Consequently, the requirements and usage of market data are changing. One of the more challenging questions up for debate was: when does an emerging market cease to be emerging?
It became apparent from a number of the afternoon sessions that there is a growing consensus amongst the industry to use mutually agreed standards in order to reach higher efficiencies and lower costs for post-trade processing. In relation to this Laura Craft, Co-Chair Global Post Trade Working Group, FIX Trading Community, Director, Equities and Fixed Income, Traiana and
David Pearson, Co-Chair Global Post-Trade Working Group, FIX Trading Community, Strategic Business Architect at Fidessa, provided an update on what the FIX Trading Community Working Group have been working on. This update touched on post-trade processing as well as the issue of solving equities.
Keynote speaker and footballing legend Kevin Keegan added a touch of humour and entertainment to close the EMEA Trading Conference as he shed light on his career highlights and the importance of collaboration and trust in any industry.