K&K Global Consulting Ltd: Shaking up markets: David Miller Interview

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16 May 2016

Earlier this month, the European Commission published its delegated acts on MiFID II. The Buy-side Perspectives caught up with David Miller, head of EMEA trading at Invesco UK, to share some thoughts around regulation, trading venues, broker relationships and how electronic trading is changing. 

Q. What are your thoughts on the increasing levels of regulation faced by the buy-side? 

David Miller: Regulation will have the biggest effect on our ability to trade going forward – how it will affect liquidity, in particular dark trading. The increasing cost of capital will also become a major factor. 

Q. How do you feel the new regulatory environment, in particular MiFID II, will affect the trading landscape? David Miller: A shake up is inevitable in trading venues. Dark pools will change the way they operate, and I do expect a reduction in the number of trading venues available to buy side traders. There are aspects of the MiFID II regulation that I see as an attempt to move more trade onto the lit markets, but some orders and stocks really don’t benefit from trading on lit venues. I believe we will see an increase in broker intermediated block trading. As regards small and mid-cap stocks I do not believe there is much, or has ever been much depth in the lit markets, and we will continue to utilise more specialist brokers to source liquidity. Our concern is that those brokers may reduce in number in the Future.

Continue reading the full article at http://www.buysideintel.com/#!david-miller/msnhg

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