Answer Options	Response Percent
Sourcing liquidity	34%
Protection against HFT and information leakage	11%
Fragmented trading platforms	40%
Accurate risk analysis	62%
Regulation and compliance	44%
Reporting and transparency	32%
Measuring best execution, managing	16%
Sourcing reliable data	35%
Generating value from your sell side partners	16%
Managing a declining headcount – Having to do more with less	10%
Other (please specify)

What are the top three challenges you are facing in 2016/17?

 

Answer Options	Response Percent
The data edge – A quest for increased transparency	39%
Re-evaluating your current broker relationships under Mifid II	24%
Finding the best research provider	26%
Finding alternative methods to source liquidity	42%
Cross-training, training skills of current traders	40%
Investing in new technology to streamline the trading desk	59%
Streamlining across asset classes	45%
Reduce trading desk operational cost	25%

What are the top three biggest priorities for your equities trading desk in 2016/17?

 

Answer Options	Response Percent
We see consolidation now	25%
Consolidation in the next 5 years	40%
Will stay the same	20%
Liquidity remains fragmented	15%

Are we likely to see venue consolidation or will liquidity remain fragmented?

 

On a scale of 1-5, how concerned are you about information leakage when a broker is called? [1 being the most concerned]

Answer Options	Very Concerned	Concerned	Indifferent	Not Concerned	Not Concerned at all	Rating Average	Response Count
	23	44	24	9	0	0.00	100
answered question							100
skipped question							0

 

When deciding which broker to work with, what is the most important criteria?

Answer Options	Response Percent	Response Count
Cost-effectiveness	26%	26
Risk management	38%	38
Breadth of coverage	20%	20
Quality of research	5%	5
Quality of algo	11%	11
answered question		100
skipped question		0

 

How is finding liquidity best achieved?

Answer Options	Response Percent	Response Count
Increased trading in dark pools	24%	24
Buy-side to buy-side trading initiatives	16%	16
Partnering with HFT	5%	5
High-touch trading	18%	18
SOR tools	2%	2
Algos and customizes metrics	35%	35
answered question		100
skipped question		0

 

On the back of market structure developments, who do you believe has ended up with more control of liquidity in equites markets vs. pre 2008 financial crisis?

Answer Options	Response Percent	Response Count
Asset managers and hedge funds	34%	34
Primary dealers	13%	13
Market makers	26%	26
Agency style banks	8%	8
Trading platforms	10%	10
Exchanges	9%	9
HFT Firms	0%	0
answered question		100
skipped question		0

 

Response to Mifid II – what are you doing?

Answer Options	Response Percent	Response Count
Re-tooling broker vote in preparation for compliance to regulation	21%	21
I will comply in the next 5 years – to wait and see approach	26%	26
Evaluating independent research providers	30%	30
Looking to resource research internally	23%	23
Does not apply to me, not taking any action	0%	0
answered question		100
skipped question		0

 

 How likely is it that global markets will become fully unbundled in the next 5 years?

Answer Options	Response Percent	Response Count
Very likely	43%	43
Somewhat likely	50%	49
Unlikely	7%	7
Very unlikely	0%	0
answered question		99
skipped question		1

 

 

Answer Options	High spend	Low spend	Looking to customize	Response Count
Market data terminals and feeds	32	39	29	100
TCA/venue-analysis	44	36	20	100
OMS High spend	30	52	18	100
EMS High spend	31	48	21	100
Data analytics	80	14	6	100
Algo providers	49	46	5	100
Co-location, networking, hosting	24	65	11	100
answered question				100
skipped question				0

How are you planning to spend your tech budget 2016/17?