MiFID II & Best Execution: How Leaning on Specialists Can Help

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 Adds to Senior Leadership in Australia, Addressing Continued Growth in the Asia-Pacific Region for its Outsourced Trading Business

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.

Outsourced Trading: Opportunity Amid Disruption — Markets Media

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.

The Growth of Outsourced Trading

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.

Tourmaline Partners Adds Industry Veterans Seth Hoenig and Aidan Toomey to Trading Team

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.

CEO CHAT: Aaron Hantman, Tourmaline Partners — Markets Media

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.

MiFID II Research Update: Whiskey Bottles and Brand New Cars…

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. 

Tourmaline Hires Sarkis to Expand Institutional Equities

(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.

MiFID II: CSAs, RPAs and Specialization

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.

Tourmaline Partners, LLC Announces Key Hires, Tim O'Halloran and Sean Riley

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.