By Peter Fredriksson – Chairman and Co-Founder of Baymarkets
Now in its 10th year, the much anticipated Nordic Trading Briefing event will be returning once again to Stockholm this September. With yet another cutting edge agenda of the key topics affecting the region’s trading community, the day will bring together the leading figures of the industry to debate and inform the delegates in this not-to-be-missed conference.
This year will also be the last time that my colleague Morten Lindeman, co-founder of Infront, and myself will be chairing the day’s events. Having had the privilege to serve in this role for the past few years, it has been wonderful to see this event evolve into one of the most important trading conferences in the calendar for institutions and firms from across the whole region. Morten is also soon to step down from his role as chairman of Infront, the business he founded and grew in a just a few years from its humble beginnings to the major firm it is today, now employing more than six hundred people.
Bente Landsnes, former CEO of Oslo Bors, will provide this year’s keynote address and, like many attending the conference, I am hoping she might share with us a little of the inside story surrounding her involvement in the exchange’s recent acquisition discussions. We all followed the twists and turns of the five-month bidding war between Nasdaq and Euronext, which of course ended with Euronext’s acquisition of the exchange this summer, and it will be interesting to find out what the exchange’s plans are for the future.
Assessing the major events
Following on from Bente’s insights, Morten and I will be providing the conference with our update on the key developments that have impacted the region over the past twelve months. We will of course be looking at on the fallout from Nasdaq’s clearing member default, which happened just shortly before last year’s conference. The past year has also seen Nasdaq’s acquisition of Cinnober, which we’ll be discussing in more depth, while also looking ahead to what changes are likely to be in store for the market in the coming months.
The first panel session of the day will be a new addition to the agenda and one which is garnering a lot of media attention at the moment, namely the rise of interest in Environmental, Social and Governance (ESG) issues in the investing community. Here in the Nordics we have been at the cutting edge of ESG initiatives for many years, so it makes sense that our trading firms should also be looking at how we can also be leading the way in this field. Then, in the afternoon, delegates have a choice of panel discussions to attend. One panel will focus on the long-running challenges facing the Nordic equity liquidity landscape and what can be done to further its evolution. The other will be a welcome return of a dedicated commodities panel, which I am delighted to be moderating. This promises to be a very insightful discussion, particularly in light of last year’s Nordic power default, with enough time now having passed to evaluate if any lessons really have been learnt.
Regulations and the future
The next two streams on the agenda also offer a choice of topic, with the first of these panels tackling the issues facing the ETF market and the impact of MiFID II on this lucrative space. Or alternatively, delegates can attend a discussion on how fixed income is continuing its transformation and whether its evolution to greater electronification is continuing apace, or if the impact of regulations such as MiFID II has put the brakes on. I will be particularly interested to learn how the panelists expect the upcoming Fundamental Review of the Trading Book (FRTB) will impact the Nordic markets, and how this might work alongside other industry developments, such as the changing role of asset managers as liquidity providers.
There are also a wide range of other topics in the afternoon as well, with everything from the impact of MiFID II on investment research and the evolution of best execution and TCA, right through to what the viable alternatives are likely to be to Libor, plus a look at the future of clearing, presented by the ever-insightful Dr Daniela Peterhoff. There will even be an Oxford-style debate about the complex and often controversial issue of a consolidated tape. Personally, I am looking forward to the final panel of the day which look at the realities of AI and robo-investing, which in my view hasn’t really taken off as predicted. So I will be very interested to hear whether the experts think it is working well and, if so, why we don’t hear of more success stories?
Overall, I’m delighted to be helping preside over this varied and insightful event for the final time and which, having already run for a full decade, I believe will continue to grow in popularity for many years to come.
Agenda link: https://www.fixtrading.org/nordic2019agenda/