2012年全欧洲贸易团队：德意志得分一个帽子伎俩

从多个经纪人获得欧洲股权研究的金钱经理更愿意通过德意志银行;该公司在机构投资者就职的第一名亚博赞助欧冠全欧洲贸易团队民意调查。摩根士丹利第二次，其次是BOFA Merrill Lynch全球研究三分之一。与我们的2012年结合全欧洲研究团队survey — in which we asked buy-side analysts and money managers to name Europe’s best equity research teams in 50 industries, countries/regions and macroeconomic disciplines — we requested that respondents rank the brokerage firms they use on the quality of trading services provided and to tell us which firms field the best overall sales forces. (We tallied responses to the latter question to produce the全欧洲销售团队。）超过800名投资专业人员，在约490家公司，欧洲股权资产统称为3.9万亿美元，回复了我们关于贸易服务的问题。在全欧洲贸易团队中，Deutsche Bank在全欧洲贸易团队中得分一个帽子伎俩：德国公司也领导今年的全欧洲研究团队（其排名第1位）和全欧洲销售团队。Money Managers必须在其他资格标准中消耗来自多个经纪房屋的研究，以参与我们的研究团队调查。客户引用“良好的全面研究产品”，“明智的风险价格”和“细心服务”的原因，他们认为Deutsche的交易超过所有其他人。该团队由欧洲，中东和非洲现金交易负责人的Stuart McGuire指导。“我们提供卓越，竞争风险定价和价格改善，”伦敦麦圭尔说。“我们还提供领先的市场流动性，包括我们的黑暗游泳池，超级。Superx欧洲经纪人过境系统是12月欧洲最大的无张流动性游泳池，平均每月平均每天3.63亿欧元股票。“去年该公司推出了隐身2.0，其第二代寻求算法。“Stealth使用先进的高频alpha模型在明亮和黑暗场地的机会上源事流动性，”McGuire解释道。 “It rapidly captures trading opportunities when it discovers quality liquidity.” More innovations are in store for this year. “We will be rolling out sales trading algorithms, which increase efficiency while enabling the high-touch traders to focus on providing execution excellence, competitive risk pricing and managing the risk orders,” he says. McGuire notes that trading costs will likely rise this year owing to increased regulation, shorter reporting timelines and demand for greater transparency, among other factors. “Trading methods are becoming polarized due to market stress,” he observes. “Some clients are leaning toward sales trading — for blocks, risk capital and expertise — while others prefer direct control of their orders through our algorithms. Also, as flow reduces, clients are more selective about the trades they pass to the high-touch desk and they are constantly reviewing their broker lists — meaning brokers need to stay relevant in changing times.” “They have been very helpful in key markets in Europe,” says one New York–based portfolio manager. “Execution and flow are both very good.” Investors also have high praise for the team at Morgan Stanley. “The pan-European trading floor can control and share between teams, countries and clients all the relevant news coming through,” says one Europe-based fund manager. “People like Gaston Cortijo are very valuable, helping clients to receive precisely what they want in a timely manner.” Another buy-sider praises the firm’s transition management desk. “Since all our equity investments are outsourced to external asset managers, we only directly trade with brokers if we have significant in- or outflows or changes in external managers — and they are pretty accurate in their transaction-cost predictions,” says this supporter, who also applauds the team’s “hands-on and excellent client service. The traders we deal with are all worth mentioning: Karin Russell, Gary Spreadbury and Naveen Baid.” The 30-member Morgan Stanley squad is co-captained by Bradley Bilgore, European head of cash equity trading, and Craig Verdon, head of equity trading for Europe, the Middle East and Africa; both are based in London and work with associates headquartered in Frankfurt, Madrid, Moscow and Paris. “All of our disciplines — cash, electronic and programs — approach the client base as one team,” says Bilgore. “This enables us to focus on clients’ needs efficiently.” This structure also is well suited to a region riddled with sovereign-debt crises. “In Europe the macroeconomic landscape has made trading equities much more complex,” he adds. “The cross-product information flow has become critical for success.” BofA Merrill earns plaudits for its “attentiveness to different order sizes and the overnight order coverage that extends through 4:30 p.m.,” says one U.S.-based money manager. “We appreciate our Merrill trading contact, Nicholas Shepard, who makes available his mobile number to cover any changes or adjustments on overnight orders. Merrill also has a strong trading back-office team that has worked with us over the years to ensure improved trade settlement.” Daniel Sanders, London-based head of Europe cash equity trading, says BofA Merrill employs “an integrated global solution that provides consistent performance and enables us to be flexible and innovative. This coordinated platform, aligned with our market-leading alpha generation, delivers significant value to our clients.” That it does, declares one portfolio manager. “What differentiates BofA Merrill on the execution side is the depth and breadth of their market share across Europe, and notably their dominance of flows in the U.K. midcap space,” this respondent says. “While a number of bulge-bracket brokers move increasingly toward a more electronic, direct-market-access-driven model, BofA appears committed to protecting its high-touch franchise with a large and experienced sales trading desk — and with that comes proper know-how and the ability to source liquidity that might not be available elsewhere.” This client considers “Alexander Frost’s hedge fund sales trading team to be unparalleled, with our sales trader Ross Duncan filtering the noise to highlight the news and key flows that we actually care about.” Adds another backer: “As a fund manager, I want to be able to trade quickly and efficiently at a price-efficient level, and BofA Merrill’s trading operations enable me to do this. In addition, my sales trading team — Michael O’Connor and Alastair Edmonds — keeps me in touch with all the latest market developments.”

桑德斯说，留在事物的顶部并不容易完成任务。“行业面临的最大挑战是在低批量环境中继续提供流动性和卓越的卓越。宏观和监管的不确定性都导致了较低的股票卷，这反过来要求我们继续开发我们的交易产品，并专注于应对客户的不断变化需求。“