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Published Papers » Published Articles, 2009

DMA and the Buy-Side: Getting to the bottom of naked sponsorship and high-frequency trades

Fidessa’s David Polen shares his insights on DMA and how its many drivers including the drive for latency is changing who trades and how they trade.

Buy-Side Technology Awards - Best overall buy-side product and best compliance product for 2009

Last year Fidessa LatentZero was a clear winner in the best buy-side compliance category, which meant that the London-based front-office vendor would have to do something quite special to surpass that achievement. BST is happy to report that Sentinel did indeed eclipse last year’s performance by securing a full house of votes to win the compliance category without any other product getting so much as a mention. This is some achievement, although it’s not altogether surprising given Sentinel’s maturity – it was LatentZero’s ‘launch’ product back in 1999 – and its levels of sophistication.

This year’s product of the year award is, for the first time, shared. Another first for this Buy-Side Technology Awards is the ‘full house’ phenomenon, where a product receives the maximum number of votes from the judging panel. This happened in two categories – best buy-side compliance product and best buy-side risk/portfolio analytics product – won by Fidessa LatentZero’s Sentinel and Algorithmics’ Algo Risk Service respectively.

The marriage of compliance and risk

Steve Carrier-Simon of Fidessa LatentZero looks at how asset management firms can prepare themselves for the bumpy road ahead by breaking down the barriers between legal, risk management and compliance teams.

The financial crisis has caused great upheaval throughout the global markets, and the post-fallout form of the market is yet to take its final shape. Equally uncertain is the eventual regulatory framework that will give it structure and boundaries. What is certain, however, is that regulation is changing, becoming more wide-reaching and more in tune with a global marketplace, with an inevitable impact upon asset managers, not just in terms of the compliance tools they put in place, but even in the way the firm is structured to address compliance and risk.

Published: Global Investor, November 2009

Compliance in the spotlight

There is no doubt that the collapse of Lehman Brothers profoundly changed the face of the financial industry. The idea that large financial institutions were too big to fail was proved to be false and everyone from prime brokers to fund managers to investors were forced to re-evaluate their attitude to risk, transparency and regulatory oversight. The fund management industry has experienced a sharp increase in focus on issues like counterparty risk, while widespread regulatory changes mean that fund managers need to prioritise compliance exposure management if they are to continue attracting investors in the future.

Published: Funds Europe, October 2009

The algorithm method

The use of algorithms is growing among buy-side dealers but a number of issues still remain as regards testing the effectiveness of these algorithms.
Chris Gregory, Head of Connectivity for Fidessa LatentZero is interviewed.

Published: Funds Europe, October 2009

Compliance in the spotlight

Published: MENA Fund Manager, October 2009

Video: Dark Pools of MiFID

Whilst one of the aims of the MiFID directive was to provide greater transparency across the European trading landscape, Steve Grob is interviewed for the FT TV channel and argues that the growth in the number of dark pools has, in fact, resulted in reduced transparency.

Published: FT.com site, 24 September, 2009

The price of the position

Anyone who thought they could manage their positions based on individual instrument duration, along with instrument market value-to-fund ratios, has recently learned some harsh lessons. Fixed-income fund managers are looking for new levels of effort to overcome the lack of liquidity, human resources and capital that confront them. They’re even asking whether a different approach entirely is required to overcome these obstacles, as Fidessa LatentZero’s David Blocker, Head of Fixed Income Product Strategy.

Published: Buy-Side Technology, October 2009

Special Report: Trading in Canada 2009

Canadian Trading Recap: Market participants navigate the change, challenge and competition in the quickly changing Canadian trading landscape. TORONTO – After many years of resisting change, Canada’s conservative market participants are grappling with unprecedented market structure changes wrought by the global financial meltdown. Veteran global dealers and investors, along with new entrants, are competing with incumbents as new technologies lead to rapid change in an ever-evolving marketplace where those who can’t adapt and advance are left behind

Published: Markets Media Magazine, September/October 2009

Fixed Income – Can FIX do for fixed income what it’s done for equities?

While the influence of FIX has spread rapidly in global equity trading markets, its role in broader asset classes has been less vociferous. FIXGlobal asked market leaders, MarketAxess, TradeWeb and Fidessa LatentZero for their views on the impact of FIX in the fixed income arena. David Blocker, Fixed Income Product Strategist for Fidessa LatentZero, joins the debate with a different perspective

Published: FIXGlobal, September 2009

OEMS Leads the Way

Following a year in which the financial markets have undergone dramatic changes, both expected and unexpected, the world of the buy-side trader has been radically transformed. The post-MiFID fragmentation of liquidity in the equity markets, combined with post-crunch demands for operational control have placed buy-side traders under a more intense level of scrutiny than ever before. But demands for transparency, along with the need to demonstrate the value of the trading desk and streamline expenditure, have pushed the integrated order and execution management system (OEMS), first introduced to the market by LatentZero in 2006, to the fore once more

By: Robin Strong, Director of Market Strategy
Published: Traders Magazine, September 2009-09-16

Algotraveller: Leapfrog Economics?

Canada’s adoption of automated trading has been sudden and fast, and the transformation isn’t over yet. Demand is “skyrocketing” for advanced trading solutions, and there’s fierce competition between established and new trading venues. Have Canada’s markets leapfrogged whole stages of evolution, and if so, what’s in it for the rest of us?

Interviewed: Martin Hakker, managing director Fidessa Canada corporation
Publication: Automated Trader Magazine, Q2 2009

Cost conscious AMs look to enhance efficiency in their operations

All it took was the US subprime mortgage debacle to illustrate how unchecked risk went to unprecedented heights and ultimately led the world down the road to the worst financial crisis since the Great Depression. Subsequent tougher regulations to be

Interviewed: Richard Jones, CEO
Published: Asia Asset Management, June 2009

Inside the Middle East

What have the past few months been like for financial services firms in the Middle East and the vendors that provide technology and solutions to them? What are the priorities in a global crisis? Where is the next opportunity? Waters sat down with Robin Strong, director of market strategy for Fidessa LatentZero, to get some answers

Published: Waters, June 2009

Floating on a system for fixed income

The world may have fallen out of love with collateralised debt, but even in difficult trading conditions portfolio managers still need to look at complex fixed-income instruments to deliver alpha to their clients. Fidessa LatentZero’s David Blocker explains why selecting and investing in the right system for fixed income portfolio and trade management is critical to success

Published: Buy-Side Technology, May 2009

Compliance 2009: Who's pulling the strings?

Compliance, like risk management, has traditionally been seen by buy-side firms as a somewhat onerous business process that at times curtails their portfolio managers’ ability to generate returns. But this scenario has changed markedly

Interviewed: Robin Strong, Director, Market Strategy for Fidessa LatentZero, and Jeff Ng of Alliance Bernstein
Published: Buy-Side Technology, April 2009

Counterparty compliance

With the exception of hedge funds working in statistical arbitrage and other volatility strategies, 2008 is certainly a strong contender for the title annus horribilus. The brutally swift withdrawal of liquidity, the ban on short

Interviewed: Peter John, Derivatives Product Manager
Published: HFM Week, March 2009

Hedge funds prepare for legal crackdown

Harsh new regulation of the hedge fund industry is widely expected in the wake of the financial meltdown and the Madoff affair. Crackdowns have been threatened on almost everything from short selling and the use of derivatives

Interviewed: Richard Jones, CEO
Published: Financial Times, 26 Jan 2009

Buy Side Bolsters Controls

Complex client mandates, regulations, and the current market turbulence are causing firms to refocus on compliance technology - manual controls will no longer suffice. By Rob Knight, Director - Head of Operational Compliance

By: Rob Knight, Director - Head of Operational Compliance for Baring Asset Management
Published: Waters, Jan 2009

Japan presents tough environment

Although Japanese investors appear keen to invest in hedge funds, the environment for selling products in the country is difficult and highly regulated. The challenges facing funds seeking Japanese investors is explored

Interviewed: Hiroshi Matsubara from the Fidessa LatentZero office in Tokyo is quoted
Published: Hedge Funds Review, Jan 2009