1. What do you see as the biggest challenges in your industry for the next 12-18 months?
Regulation and technology are continuing to reshape our industry. This gives the regulators a headache as the neat dividing lines that once existed between the buy side, sell side and venues are fading away. In its place we are seeing market participants borrow each others technology and business models in their bid to step over each other in the hunt for liquidity.
2. What's your view on high-frequency trading? Do they add any value to the market?
HFT trading is a phenomenon that is very much here to stay and so its probably irrelevant to debate their value. The real issue is whether they should be obliged to provide genuine market making services all the time and not just when they feel like it.
3. So if you had a magic wand and you could change one thing in trading today, what would you do?
It's not very fashionable but improving the interoperability of clearing is still probably the biggest impediment to lowering the complete costs of trading in today's fragmented markets.
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