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Portfolio trading is on the up but only some can make it pay

The TRADE

Electronically, it is a relatively new phenomenon to the last four to five years, and the protocol has gained momentum alongside other forms of electronic trading that differ from request for quote (RFQ) protocols on multi-dealer platforms, as participants look to minimise their market impact and avoid information leakage.

Portfolio 102
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Fireside Friday with… Stifel’s Raymond Powell

The TRADE

That is something that the mid and smaller brokers can access relative to the bulge bracket who don’t really see that as an important USP for the business right now. We all know it is very cheap and easy to trade electronically but you’re not necessarily fulfilling your liquidity obligations.

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Next Level of Video Game Dealmaking in Sight

The Deal

“Interestingly, we’ve seen the enterprise value of big companies in the console space rising over the past quarter,” Barbour added, pointing to Electronic Arts, Take-Two, Ubisoft Entertainment SA and Capcom. Bulge-bracket deal expectations may also be a factor. “I

S&P 52
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Trading at the frontier

The TRADE

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. Due to lower demand, bulge brackets will sometimes not cater for the particulars of what frontier traders are looking to execute.

Trading 57
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Fixed Income Research: The Overlooked Younger Brother of Equity Research?

Mergers and Inquisitions

Liquidity is also more limited, and more trading is still done over the counter (OTC) rather than electronically. Banks do not appear to offer many internships in this area, so if your goal is a bulge bracket bank , you’ll likely have to work in other credit roles first and network your way in.

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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. However, DMA is the process of directly connecting electronically to an exchange in order to trade on exchange securities without using a broker or intermediary.

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