More than a year has passed since the introduction of new best execution requirements under MiFID II, but for many buy-side ﬁrms the diﬃculties and costs of complying with these rules have only continued to grow. Of course, the intention behind MiFID II is to create additional safeguards in order to protect the market and its participants from a repeat of the 2008 ﬁnancial crisis. The architects of the Directive may even have expected that the new rules would be relatively straightforward to implement, particularly with many instruments having already been pushed onto lit, centrally cleared exchanges under EMIR and MiFIR. But we now know that the new requirements have created an additional layer of complexity for most market participants, not just those few that may have been failing to achieve best execution in the first place.
Tourmaline Partners, LLC, one of the world's leading outsourced trading solutions firms, today announced the hires of two senior professionals, spurred by continued growth in Australia and Asia. Matt McShane has joined as Director of Operations for Asia, while Simon Twiss has joined as Director of Pan-Asia Trading.
A recent survey of Traders Magazine readers, representing a broad spectrum of buy-and sell-side professionals, found that 28% work for firms that have either already outsourced some of their trading and back-office operations or are actively considering doing so. That may not sound like a big number, but given outsourced trading’s longstanding reputation as a niche service for hedge funds only, it qualifies as a significant figure.
In the US, a buy-side firm outsourcing its trading desk to a specialist provider isn’t new; but in Europe, it’s been less common, until recently. In this Financial Markets Insights video, Mike O’Hara of The Realization Group talks to Aaron Hantman, CEO, and Andrew Walton, Head of European Business, at Tourmaline, one of the leading providers of outsourced trading solutions to the buy side, about the drivers behind the trend and which functions are appropriate for outsourcing.
Tim O’Halloran, Managing Director at Tourmaline Partners, answers questions on the global impact of MiFID II and the rapid growth of outsourced trading in this interview with HFM Technology.
A new Greenwich Associates report, Outsourced Trading: Helping the Buy Side Improve Execution and Enhance Operational Efficiency investigates outsourced trading and the perception of U.S. institutional asset management and hedge fund professionals toward this growing industry.
Institutional asset managers are increasingly turning to outsourced trading desks to meet the challenges of heightened best execution requirements, market structure changes and shrinking commissions, a new report by Greenwich Associates reveals.
Buy-side firms can improve execution and save costs by outsourcing all, or parts, of their trading operations. Andrew Walton, head of European business at Tourmaline Partners, shares his experience and observations.
Tourmaline Partners, LLC, one of the world's leading outsourced trading solutions firms, today announced the addition of an "execution dashboard" to its client website to provide its buy-side clients with greater transparency into their total broker research spend.
Outsourced trading business Tourmaline Partners has hired former SAC Capital trader Seth Hoenig and ex-HSBC and JP Morgan senior trader Aidan Toomey as managing directors.
STAMFORD, CT – August 9, 2018 (GLOBE NEWSWIRE) – Tourmaline Partners, LLC, one of the world’s leading outsourced trading solutions firms, today announced that industry veterans Seth Hoenig and Aidan Toomey have joined as Managing Directors. These new hires represent a significant addition to a robust team of senior trading professionals who are addressing a growing demand for Tourmaline’s trading and commission management services.
More and more buy-side firms are re-examining ways to improve their workflow and operational efficiencies as market regulations like MiFID II eliminate many past practices such as research bundling and soft dollaring.
Technology and innovation continue to disrupt industries and businesses around the world, and the investment management industry is no exception. Regulation – in the form of MiFID II – now adds a new challenge to an industry already wrestling with technological change in both equity trading and research. In a conversation with Traders Magazine, Tourmaline Partners CEO Aaron Hantman and Managing Partner Tim O’Halloran discuss how these trends are impacting their business.
STAMFORD, Conn., Jan. 23, 2018 /PRNewswire/ -- Tourmaline Partners, LLC, a global institutional trading solutions firm, is pleased to announce the opening of their new office in Sydney, Australia.
As implementation of The Markets in Financial Instrument Directive II (MiFID II) draws near, conventional wisdom is that few industry players – both broker-dealers and investment managers – are fully prepared to meet its requirements. In our second of two articles, we look at the more concerning fact that there now seems to be near universal agreement that the regulation will mean there will be less money spent on investment research and less investment research produced—an outcome that is not good for anyone.
(Bloomberg) -- Christopher Sarkis has joined Tourmaline Partners LLC as a managing director in the firm’s institutional equities group. Sarkis was most recently the head of institutional equity sales at Rafferty Capital Markets for five years. Prior to that, he worked in the institutional equity group of Cantor Fitzgerald for 10 years. He joins Tourmaline after a period of “significant global growth” for the firm over the past year, according to Chief Executive Officer Aaron Hantman.
STAMFORD, Conn., Oct. 23, 2017 /PRNewswire/ -- Tourmaline Partners, LLC, a global institutional equity and derivatives trading solutions firm, is pleased to announce the launch of their new commission management website to accommodate a growing client demand for CCA and CSA administration.
As implementation of European Union’s Markets in Financial Instrument Directive II (MiFID II) draws near, unbundling - the separation of research and trading - is taking greater hold. In the U.S., we have seen a number of mergers, closings and downsizings over the past year as the sell-side positions its business accordingly.
Those who have been in the financial services industry since a time before acronyms like MiFID were in vogue likely recall a time when building a ‘financial supermarket’ was the new strategic plan. In the 1990s, combining brokerage, banking and insurance companies under a single umbrella to provide one-stop shopping for all things financial was heralded as the future of our business. Introduce a repeal of Glass-Steagall and it was off to the races.
STAMFORD, Conn., Oct. 18, 2016 -- Tourmaline Partners, LLC, a global institutional equity and derivatives trading firm, is pleased to announce a significant senior-level management expansion to address a growing demand for its outsourced trading services. Tourmaline has hired two senior industry executives, Tim O'Halloran and Sean Riley, to join their team in their Stamford, CT headquarters.