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Trading at the frontier

The TRADE

In nothing short of a baptism of fire, he took his first steps into trading in January 2007 in the build-up to the global financial crisis. Given the liquidity landscape can often be more sparse or difficult to navigate, the use of local brokers alongside the bulge brackets is something Willis thinks is essential to minimise market footprint.

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The 20 greatest trading innovations

The TRADE

Usually hosted by bulge bracket banks, SIs are an internalising mechanism that allow banks to execute flow over the counter or off exchange. In Europe, the SI regulatory regime was introduced in 2007 as part of the Mifid I regulation. TCA can be done in-house but is also offered by third party providers.

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