1. What do you see as the biggest challenges in your industry for the next 12-18 months?
The ability to identify what is really meant by a consolidated tape and to deliver the right answer with minimal cost. Also the increasing return of verticalised clearing which is going to be difficult to overcome but is likely to mean higher costs in the long run.
2.What's your view on high-frequency trading? Do they add any value to the market?
Yes I think there is a place for every type of strategy in the market and there are those that look at longer term views and those that have a much shorter time horizon. Everyone is entitled to invest time and resources in the strategy most appropriate for them. I think high frequency traders generally add value.
3. So if you had a magic wand and you could change one thing in trading today, what would you do?
I think we need to fix clearing in Europe as the current scenario of multiple clearers is adding cost to the market and the end investor.
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