FIXED INCOME MARKETS TRANSFORMATION: EQUITY FRAGMENTATION REVIVAL? October, 2015
|
|
- Loraine Powell
- 8 years ago
- Views:
Transcription
1 1 FIXED INCOME MARKETS TRANSFORMATION: EQUITY FRAGMENTATION REVIVAL? October, 2015
2 AGENDA 2 1. CONTEXT FIXED INCOME MARKET IS FACING NUMEROUS TRANSFORMATIONS 2. PLATFORMS PANORAMA & RECENT INITIATIVES 3. IMPACTS FOR THE TRADING COMMUNITY 4. GETTING TO KNOW AILANCY
3 FIXED INCOME MARKETS ARE FACING NUMEROUS TRANSFORMATIONS MIFID II BASEL III 3 Smaller Size REGULATION Platforms RFQ LIQUIDITY ELECTRONIC Fragmentation Algo Trading Drying Up BOND MARKET Smart Order Routing Several factors are dramatically reshaping the Fixed-Income Markets
4 A SIGNIFICANT DECLINE IN LIQUIDITY THAT IS GOING TO GET WORSE LIQUIDITY REGULATION ELECTRONIC 4 BOND MARKET THIN MARKET Overall bonds volumes have been increasing for the past years, due to an issuance boom, however turnover has decreased (the value of bonds traded divided the amount outstanding) Liquidity is more and more concentrated on a few number of bonds (80% of Liquidity concentrated on 20% of Bonds 1 ) Euro-denominated Corporate IG Volume Q Source : Dealogic SMALLER SIZE TRADES Trading has become fragmented The average daily number of trades in the corporate bond market has surged, but the size of these trades has declined. Those wanting to transact in size often need to slice and dice orders 3M rolling Avg for IG Corp bonds in the Secondary Markets Source : FINRA TRACE and T. Rowe Price 1 According to the Head of Financials at Union Investment
5 PAST REGULATIONS HAVE ALREADY RESHAPED THE MARKET AND FUTURES ONE WILL ACCELERATE SUCH TRANSFORMATION LIQUIDITY REGULATION ELECTRONIC 5 BOND MARKET December July July January December Q January April Q DODD- FRANK BASEL III EMIR Political agreement EEU Parlement vote ESMA technical advice ESMA technical standards Regional transposition MIFID II Decrease of Principal Liquidity New capital requirements have forced Market Makers and CIB to reduce the size of their propbook Their capacity to provide liquidity to the Market has consequently significantly decreased in volume and size of orders Increase of Transparency MIFID II will impose pre & post--trade transparency to bonds beyond a certain level of liquidity (see detail next slide) To meet those requirements, OTC Trading will need to shift on platforms displaying, quotes, interests, orders and report executed transactions (Post-Trade reporting)
6 Transparency Transparency MIF II NEW TRANSPARENCY REGIME WILL SPLIT THE BOND MARKET IN TWO WORLDS LIQUIDITY REGULATION ELECTRONIC 6 BOND MARKET 1 LIQUID BONDS Submit to Transparency unless few exceptions Criteria defined by ESMA (Cf next slide) 2 NON LIQUID BONDS Not submit to pre-trade trasnparency Standard Waivers Order mgt Facility* (iceberg) Size specific* Large in scale* Pre-trade RFQ and voice trading Pre-trade Post-trade Deferred Deferred Post-trade Deferred Market Structure will need to evolve to meet those new requirements with an expected shift from OTC to Platforms Such assets will remain predominantly traded OTC but the reduced liquidity will require new form of trading * see definitions next slide
7 LIQUIDITY CRITERIA ARE BASED ON AN INSTRUMENT BY INSTRUMENT APPROACH LIQUIDITY REGULATION ELECTRONIC 7 BOND ESMA has finally retains a bond s liquidity assessment based on an instrument by instrument approach MARKET (IBIA) : o Such evaluation will be done on a quaterly basis o Relevant competent authority by instrument will be in charge of this evaluation o Following criteria will be used to determine liquid bonds LIQUID CRITERIA WAIVERS Evaluated by Instrument on a quaterly basis Quantitative liquidity criteria (3 of them to be met to be classified as liquid) Average Daily notional Amount Average Daily Number of Trades Percentage of days traded over the period EUR 2 80% Order management facility : orders held in an order management facility of the trading venue pending disclosure Size specific to the instrument : inactionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument, which would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors Large in scale : orders that are large in scale compared with normal market size For the first quarter after issuance Bond Type Bond Liquid classes Issuance size (Greater or equal to) Sovereign Bonds Public, Covertible, Covered, Corporate, other bonds Pre-trade Trade percentile Post-Trade Large In Scale Size specific to instrument 60 (except covered bonds 40) 80
8 BOND TRADING IS STILL IN THE BEGINNING OF ELECTRONIFICATION LIQUIDITY REGULATION ELECTRONIC 8 BOND MARKET WHY BOND MARKET IS NOT ALL ELECTRONIC LIKE EQUITY? Instruments traded There is a major difference between Bonds and Equities related to the number of instrument traded When a corporate raises capital through equity, it does it through one equity instrument versus several debt instruments (one for each Issuance at a specific rate & maturity.) Chicken & Egg Electronic platforms exists since several years but have failed to capture a vast majority of the bond market liquidity. So far liquidity was easily accessible through Market-Makers with some reluctance to drive flow through Platforms due to Market Information Leakage For one Vodafone stock traded in Europe, 20 Vodafone Bonds can be traded % of electronic trading Bonds US Treasuries 23% 37% EU Gov Bonds 31% 37% Source : WHAT WILL CHANGE? The recent lack of liquidity of the OTC Market Structure will urge Investors to find other source of liquidity and accept some Market Information leakage by posting interests/orders on electronic platforms Additionally, for liquid bonds falling under MIFID, it will become anyway a requirement to offer pre-trade transparency either through a SI, MTF or OTF status
9 DO YOU THINK NOTHING WILL CHANGE? 9 REGULATION LISTEN TO THE CROWD. LIQUIDITY BOND MARKET ELECTRONIC The challenge for the coming years will be to make markets more efficient and therefore less dependent on banks for the financing of liquidity. An ecosystem capable of generating new sources of liquidity must be created. Intermediating the bond markets is shifting from a principal risk-taking business for banks to a brokerage business. In the high-volume government bond markets, tradeexecution algorithms will be new drivers of efficiency. In the corporate bond markets, new systems will drive efficient internalizing of orders and matching across networks of dealers. We believe the secondary trading environment for corporate bonds today is broken there are four drivers which, together, have the potential to substantially improve liquidity in the corporate bonds market : More all to all trading venues not just dealer-tocustomer or dealer-to-dealer Adoption of multiple electronic trading (e-trading) protocols not just request for quote (RFQ) or central limit order book (CLOB) Standardisation of selected features of newly-issued corporate bonds Behavorial changes by market participants recognizing the fundamentally changed landscape It is striking that the dramatic technological advances that have transformed the equity markets over the past decade have had only a modest impact on the trading of fixed income securities I don t think there s a problem with liquidity. It s that you can t find it
10 AGENDA CONTEXT FIXED INCOME MARKET IS FACING NUMEROUS TRANSFORMATIONS 2. PLATFORMS PANORAMA & RECENT INITIATIVES 3. IMPACTS FOR THE TRADING COMMUNITY 4. GETTING TO KNOW AILANCY
11 THE MARKET IS REACTING TO RESTORE ACCESS TO LIQUIDITY 11 From a Principal based model TO an Agency broker-like liquidity seeking model NEW LIQUIDITY MODEL Broker/dealer inventories are down 65% since 2007 Asset managers cannot find the liquidity required from dealers Buy-Side now own 90% of the outstanding bonds They will have to seek and find it among other buy-side inventory Platforms Numerous initiatives are coming to the market right now. New Crossing platform for fixed income corporate bonds designed specifically for the buy side Fixed-Income Dark pools allowing traders to seek for liquidity without information leakage New concepts : Pre-Trade information networks Platforms to exchange information on inventories for a better price discovery and facilitate liquidity seeking
12 PLATFORM PANAROMA 12 In anticipation of MIF II market structure changes, a revival of initiatives PRE ALL TO ALL Govies Mixed EuroMOT (BORSA ITALIANA) Market Axess 1 Tradeweb MTS Bondvision Bloomberg Galaxy (TRADINGSCREEN) MIFI wave 2 Post-crisis calm Corporate ExtraMOT (BORSA ITALIANA) EuroTLX (LONDON STOCK EXCHANGE) Vega-CHI BondMatch (NYSE EURONEXT) BondCube Liquidnet Tradecross (Deutche Boerse minority) (TRADING SCREEN/BUY-SIDE)) 3 MIF II wave DEALER PTF Corporate FI CROSS (STATESTREET) BondPool (Morgan Stanley) Gsessions (Goldman Sachs) CreditPlace (HSBC) POSIT FI (ITG) «PRE-TRADE NETWORK» CONCEPTS Legend Platform RFQ CLOB Dark-Pool Pre-trade network Leader Other Information network Inventory seeking ALGOMI (TBD ) B2SCAN (MTS ) 3 NEPTUNE (MULTIPLE BANKS) Inventory Information network Closed (Shareholding) AILANCY EUROPEAN FIXED INCOME PLATFORMS PANORAMA In the context of current dried liquidity, the Market is trying to reinvent the Fixed Income Market Structure with new concept and initiatives such as Bond Dark Pool, Information Network, Buy-Side communities,
13 FOCUS ON RECENT INITIATIVES LIQUIDITY NETWORKS 13 PROJECT NEPTUNE CONCEPT Create common protocol for exchanging information about securities inventory available in the market The scope of Project Neptune is pre-trade and therefore complementary to the electronic trading initiatives Illustration Standardized network of information for pre-trade liquidity based on FIX protocol Buy- Side Sell- Side Sell- Side (1) (1) (1) (1) Buy- Side Buy- Side FIX (1) (1) (1) Sell- Side Sell Side (1) (1) (1) Trading Interests Sell- Side Buy- Side DETAIL WHY? Allow much wider connectivity among market participants Increase likelihood of counterparties finding eachother in a disparate and heterogeneous environment WHO? More than 25 financial institutions (Buy-Side and Sell-Side) including Aviva Investors, AXA IM, Nordea Investment Mgt, Standard Life Investments, BNP- Paribas, Goldman Sachs, Morgan Stanley, State Street, JP Morgan, Credit Suisse, WHEN? Nov-14: set of best practices for the use of FIX protocol defined Jan-15 : agreement on details May-15 : In implementation phase Expected Live-date not communicated
14 FOCUS ON RECENT INITIATIVES LIQUIDITY NETWORKS ALGOMI-HONEYCOMB CONCEPT Use historical market data (trades, IOI, Portfolio, ) to graphically display who are the potential Buyers & Sellers of a particular illiquid Bond Create a real-time internal network of salespeople and traders (a Bond Social network ) trading on a particular bond (chat, direct connection, list of people active on a bond) Inspired by Social Network technology Illustration Honeycomb graphical display of potential liquidity Social Network of people active on a specific bond FINTECH INNOVATION OF THE YEAR (EUROMONEY-2015 AWARDS)) 14 DETAIL WHY? Only 1.5% of bonds now trade every-day, which means the market needs to rethink and find new ways of exchanging information, sharing and using data WHO? Former UBS Executive on fixed-income Backed by a Private Equity Fund (20m$ raised) 140 employees WHEN? 2012: creation of the firm 2014 : launch of Honeycomb with sell-side then buy-side May 2015 : 10 Banks & 50 Buy-Side using the product
15 FOCUS ON RECENT INITIATIVES LIQUIDITY NETWORKS B2SCAN CONCEPT Search engine that allows buy-side traders to search for axed bonds By aggregating bank inventory, runs and axes, it enables asset managers to search for the bonds they wish to trade, identify an appropriate counterparty and execute the trade on MTS BondVision. Illustration Combined offer of B2SCAN to search for a potential counterparty and Bondvision to execute the trade Buy-Side Pre-Trade B2SCAN Trade Bank Bank Bank Bank 15 DETAIL WHY? Significantly increases the probability of a successful trade and improves the efficiency of the execution workflow process. WHO? Partnership between MTS Bondvision & B2SCAN (search engine for bonds) MTS part of London Stock Exchange Group facilitates a number of electronic regulated markets for fixed-income (including BondVision) WHEN? Jan-15: launch of partnership between MTS & B2SCAN
16 FOCUS ON RECENT INITIATIVES DARKPOOLS TRADECROSS CONCEPT Buy side designed crossing platform for Fixed Income corporate bonds. New and innovative trading model that is not offered today on traditional platforms to ensure trade confidentiality and reduction of market impact Illustration 16 DETAIL WHY? Current trading platforms does not meet buy-side expectations to protect information leakage and market impact WHO? TradingScreen and 15 of the largest Long-Only Asset Managers in Europe WHEN? Nov-14: initiative launch Jul-15 : Go-live of TradeCross with 15 Buy-Side Phase II to come with 40 mores Buy-Side
17 FOCUS ON RECENT INITIATIVES DARKPOOLS 17 LIQUIDNET FIXED INCOME CONCEPT All-to-All anonymous electronic network for corporate bonds Illustration Two order-books A visible central limit order book A Block-Trading facility (Darkpool) for firms order >$5M where visibility of the order is limited to the contra orders within proximity to each other. 2 Order Books, one classical visible central limit order-book and one dark dedicated to blocs Client Lit Book DarkBook Blocs >5M DETAIL WHY? Combining an established Corporate Bond platform (Vega-CHI) with LiquidNet Network would create one of the largest institutional liquidity pool dedicated to corporate bonds WHO? LiquidNet acquisition of Vega-CHI, a Bond-Platform created in 2010 initially dedicated to Convertibles Bonds WHEN? March-14: LiquidNet purchase Vega-CHI Q : Launch scheduled
18 AGENDA CONTEXT FIXED INCOME MARKET IS FACING NUMEROUS TRANSFORMATIONS 2. PLATFORMS PANORAMA & RECENT INITIATIVES 3. IMPACTS FOR THE TRADING COMMUNITY 4. GETTING TO KNOW AILANCY
19 MIFII Non Liquid Bonds MIFII Liquid Bonds A REDEFINED TRADING PROCESS 19 HISTORICALLY OUR VIEW POST MIF II A process driven by the prevailing Market Structure Buy Side Main used channel Voice/Chat Banks Risk Buy Side Porfolio Mger A more fragmented and complex process Electronic Best Ex SOR ALGO Slice Historical Platforms Market Axess Bloomberg Tradeweb. Porfolio Mger Dealing desk PM often directly involved in the process Electronic Used for the most liquid Govt bonds Market Axess Platforms Bloomberg Tradeweb. Dealing desk Portfolio Manager will have to stepback from the execution process Digital Liquidity Seeking Liquidity network ALGOMI B2SCAN Tradecross POSIT NEPTUNE Brokers/ Banks Darkpool Liquidnet Execution Execution Platforms A Trading process dramatically impacted with: an Equitisation of the process for the MIFII liquid bonds submit to Pre-Trade transparency new way of trading and finding liquidity for the Non-Liquid ones
20 MIFII Non Liquid Bonds MIFII Liquid Bonds IMPACTING THE WHOLE VALUE CHAIN 20 1 Buy Side Porfolio Mger Dealing desk BUY-SIDE WILL NEED TO ADAPT THEIR ORGANISATION, PROCESS & SYSTEMS TO THIS NEW ENVIRONMENT 2 3 Electronic Digital Best Ex SOR ALGO Slice Liquidity Seeking Historical Platforms Bloombe rg Market Axess Tradeweb ALGOMI B2SCAN Tradecross POSIT NEPTUNE Brokers/ Banks. Liquidity network Darkpool Liquidnet Execution Execution SELL-SIDE WILL NEED TO INNOVATE TO PROVIDE NEW OFFERS AND PRESERVE THEIR TRADITIONAL BUSINESS AGAINST THE NEW LIQUIDITY NETWORKS INITIATIVES Dealing desk organization & systems More time will need to be dedicated to order execution (slice & dice, liquidity seeking, best exec monitoring) that will even more require the use of centralized dealing desk and technology for such asset class with portfolio mangers fully stepping down from execution Electronification of the liquid bond market The Liquid Bond Market will run through an «Equitisation» with More fragmentation Higher usage of electronic execution New Algo/Smart Order routing sell-side offers Enhanced technology (OMS/EMS, TCA, ) to achieve and monitor best execution New way of finding liquidity The Non Liquid Bond Market will need to find new way to facilitate access to liquidity with new digital networking initiating directly competing with the traditional business of Brokerage Sales trading A fast moving environment A flurry of platform will emerge with decision to made on which and how to connect As always after a period of expansion we will face consolidation
21 ARE YOU READY? WHAT ARE THE IMPACTS FOR THE BUY-SIDE? 21? Is my organization adequate? The increased complexity of finding liquidity in a more and more fragmented environment requires deeper expertise to achieve Best Execution and source liquidity. To face those challenges, the use of centralized dealing-desk (internal or external) will be re-inforced? Is my OMS/EMS at level? Technology matters to access pre-trade information, to be connected to Platforms, to monitor execution, to route & slice orders in a fragmented world Vendors must adapt themselves to this new environment and as always some will go one step further?? How to monitor Best Exec? Which Platform, Network,? Best Exec is a well-know concept for Equities, but what does it mean for Bonds? With Pre-Trade transparency, it will now be possible to measure Best Execution for Liquid Bonds, and Market Data Providers will play a crucial role on it. However for non-liquid ones, it will be a question of measuring if all best efforts have been achieved to find liquidity where it sits? With the flurry of new Platforms, Information Networks, the question will be to position itself, either through an exhaustive or selective connectivity, or by using new offer such as Aggregators or Liquidity Seeking proposed by Brokers? Ready to Transaction Report? Finding liquidity and achieve Best Execution will be a hard work, but it will not be all. The level of details required by MIF for Transaction Reporting (Portfolio Manager ID, Trader ID,.) and the risk for fines surrounding it,will require heavy upgrade of its System & Control framework.
22 EVENT ARE YOU READY? PUBLICATION EVENT PUBLICATION PUBLICATION HOW AILANCY CAN HELP YOU? YOUR CHALLENGES AILANCY EXPERTISE 22 Is my organization adequate? A specialist of buyside organisations Survey - Outsourcing in AM Is my OMS/EMS at level? A market tools expertise Benchmark - OMS/EMS Benchmark - PMS How to monitor Best Exec? An acquired expertise in the equity market Ailancy Speaker on Best Exec Roundtable Ailancy Platform panorama Which Platform, Network,? Initiatives watch and several RFP Brokers realised Ready to Transaction Report? A recognized MIFII expertise MIF II FUTURE CHANGES
23 ARE YOU READY? WHAT ARE THE IMPACTS FOR THE SELL-SIDE? 23? Is my offer adequate? The structural changes of the liquidity make it a MUST to rethink its offer New Information Network initiatives and Buy-Side darkpools are directly competing with the traditional business of bloc intermediation and Market-Making? Is my IT Platform at level? Technology matters to access pre-trade information, to be connected to Platforms, to provide best execution IT platforms need to be upgrade to this new environment? How to monitor Best Exec? Best Exec is a well-know concept for Equities, but what does it mean for Bonds? With Pre-Trade transparency, it will now be possible to measure Best Execution for Liquid Bonds. However for non-liquid ones, it will be a question of measuring if all best efforts have been achieved to find liquidity where it sits?? Which Platform, Network,? With the flurry of new Platforms, Information Network, the question will be to position itself, in line with its offer strategy : exhaustive connectivity to be an Aggregator, DMA offer, Added- Value offer (e.g SOR, ALGO, ), launch of its own Platform (SI, OTF, MTF)? Ready to Transaction Report? Finding liquidity and achieve Best Execution will be a hard work, but it will not be all. The level of details required by MIF for Transaction Reporting (Portfolio Manager ID, Trader ID,.) and the risk for fines surrounding it,will require heavy upgrade of its System & Control framework.
24 EVENT ARE YOU READY? PUBLICATION EVENT PUBLICATION PUBLICATION HOW AILANCY CAN HELP YOU? 24 Is my offer adequate? A specialist of Sell-side offers Multiples RFP to select Brokers RFP Benchmark OMS/EMS Is my OMS/EMS at level? A market tools How to monitor Best Exec? An acquired expertise in the equity market Ailancy Speaket on Best Exec Roundtable Ailancy Platform panorama Which Platform, Network,? Initiatives watch and several RFP Brokers realised Ready to Transaction Report? A recognized MIFII expertise MIF II FUTURE CHANGES
25 AGENDA CONTEXT FIXED INCOME MARKET IS FACING NUMEROUS TRANSFORMATIONS 2. PLATFORMS PANORAMA & RECENT INITIATIVES 3. IMPACTS FOR THE TRADING COMMUNITY 4. GETTING TO KNOW AILANCY
26 GETTING TO KNOW US 26 Our missions cover all players in the banking and financial industry Banks Credit Institutions Investment Firms Asset Managers Insurance Companies, Pension Funds The scope of our involvement Market studies and strategic positioning Definition and implementation of operational strategies Support in product development projects Process design and analysis Post-merger integration & transition programs Partnership, outsourcing, and synergy research IT Strategy Improvement of operational performance and profitability Regulatory change advisory and implementation Marie-Thérèse AYCARD Financial markets Risk / compliance Private banking Anne PLAZANET Asset Management Securities services Life insurance Pierre MONTEILLARD Retail banking Financial services Philippe DENYS Retail banking Private banking IT strategy Thibaut DE LAJUDIE Capital markets Securities services Online banking Sadik FILIPOVIC Insurance Pension funds Silver economy Séverine LE VAILLANT Retail banking Private banking Organization and process optimization Christophe DAVIES Retail banking IT strategy Distribution
27 AILANCY EXPERTISE OF THE ENTIRE SECURITIES VALUE CHAIN 27 References in Brokerage Investors Brokerage Clearing Settlement Agent Custody References in Asset Management References in Settlement and Custody
28 INVESTMENT SERVICES RECENT STUDIES Asset Managers operations outsourcing Practices - SURVEY Vision et perspectives par typologie d acteurs Comment tirer partie des évolutions de Target 2 Securities? Relation Client Our outsourcing tends to impact a larger part of Asset Managers operations departments Eclairage sur les impacts et les questions structurantes sur les business model, l organisation et le système d information Une nouvelle configuration poussant les acteurs à revoir leur organisation Post-Marché Etude Benchmark : Gestion des réclamations par les établissements bancaires et par les assureurs Benchmark des OMS/EMS Market Data dans un nouvel univers réglementaire et technique Bourse en ligne Organisation de la fonction MOA Face aux évolutions du marché, comment identifier les opportunités potentielles et repenser ses choix d équipement. Quelles solutions mettre en œuvre pour optimiser la gestion des données financières? Le renouveau des offres de bourse en ligne répond-il aux attentes des clients? Comment impliquer les métiers, quelle contribution à la gouvernance du système d information?
29 CONTACT US 29 Our details AILANCY 32, rue de Ponthieu Paris Tel: Fax: Thibaut DE LAJUDIE Tél thibaut.delajudie@ailancy.com Jérôme CHARPENTIER Tél jerome.charpentier@ailancy.com Alexandre BRUNO Tél alexandre.bruno@ailancy.com
Fixed Income TCA. TCA and its use in fixed income reducing cost, bringing transparency and moving towards electronic trading in fixed income
Fixed Income TCA TCA and its use in fixed income reducing cost, bringing transparency and moving towards electronic trading in fixed income Why do Fixed Income TCA? MiFID II hasn t changed best execution
More informationInternational Capital Market Association ICMA
International Capital Market Association ICMA MiFID II, Liquidity & Electronic Trading MiFID II, Liquidity & Electronic Trading Agenda: 1. MiFID II Consultation Paper - Summary 2. MiFID II Consultation
More informationhange reates pportunity.
hange reates pportunity. Fundamental changes in bond market structure have created a new liquidity-scape, and new opportunities to improve execution quality. Trading Venues Fixed Income A market structure
More informationSetting the Scene. FIX the Enabler & Electronic Trading
Setting the Scene FIX the Enabler & Electronic Trading Topics Overview of FIX and connectivity Direct Market Access Algorithmic Trading Dark Pools and Smart Order Routing 2 10,000+ firms use FIX globally
More informationFIX messages which helped to provide pre-trade price estimates and greater post-trade transparency on fills.
n THE TRADE 100 Peace in our time A s The TRADE was preparing for launch, Richard Semark was about to make a leap of his own. After 17 years working for the buy-side, first at AXA Investment Managers and
More informationLiquidity and Transparency in the Danish Government Bond Market
101 Liquidity and Transparency in the Danish Government Bond Market Jens Verner Andersen, Financial Markets, and Per Plougmand Bærtelsen, Market Operations SUMMARY During the autumn of 2003 a number of
More informationScope of the Securities Regulations
CHAPTER2 Scopeofthe SecuritiesRegulations T hemifidencompassesinvestmentfirms,regulatedmarkets,andmtf.itregulates investmentadviceasaservicerequiringauthorization.theu.s.regulationsfocus on brokers and
More informationAddressing the Liquidity Challenge Corporate Bond New Issue Standardization
Addressing the Liquidity Challenge Corporate Bond New Issue Standardization Joanne T. Medero Managing Director March 20, 2015 The challenge deteriorating liquidity in the corporate bond market Challenged
More informationEvolutionary Change. The future of electronic trading in European cash bonds. April 2016
Evolutionary Change The future of electronic trading in European cash bonds April 2016 1 This paper is provided for information purposes only and should not be relied upon as legal, financial, or other
More informationElectronic Bond Trading Review
Electronic Bond Trading Review Part 1: 'Electronification' of the old market structure - Market size and trends today Part 2: Structure evolution - where the life-cycle may lead Ingo Mainert Thijs Aaten
More informationCOMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a
EUROPEAN COMMISSION Brussels, XXX SEC(2011) 1227 COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT
More informationInvestment Technology Group Investor Overview
Investment Technology Group Investor Overview ITG Inc., member NASD, SIPC. 2006 All rights reserved. Not to be reproduced without permission. 91306-61314 Safe Harbor Statement This document may contain
More informationMiFID 2: markets. Summary. Key business impacts. Key business impacts. Trading venues. Trading and clearing requirements. Algorithmic trading
Key business impacts Trading venues Trading and clearing requirements Algorithmic trading Trading venues systems, circuit breakers, electronic trading and tick size regimes Pre- and post-trade transparency
More informationFixed Income Industry Benchmarking Survey 2014
Fixed Income Industry Benchmarking Survey 2014 Executive Summary: The fixed income market is on the verge of going through a radical industrial change with regulatory drivers pushing electronification
More informationFocus: Fixed income electronic trading /17. Finger on the button
Focus: Fixed income electronic trading /17 Finger on the button Fixed income electronic trading is growing, so is regulation. Industry experts gathered to tell Lynn Strongin Dodds how they see the market
More informationValdi. Equity Trading
Valdi Equity Trading Valdi EDA Orders VALDI SOLUTIONS FOR EQUITY TRADING Traders on electronic markets face enormous challenges in maintaining and growing their profitability. The drive for greater efficiency
More informationEuropean Fixed Income Advent of the Platforms
European Fixed Income Advent of the Platforms Contents Introduction 3 Impact of Basel III 3 The View from Europe The Impact of MiFID II 3 Evolution is Necessary but What is the Right Model? 4 New Models,
More informationMunicipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery
Cognizant 20-20 Insights Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery An integrated, consolidated bids wanted platform can make all market bids available, regardless
More informationAIMA BRIEFING NOTE. The interplay between European and US derivatives trading rules. July 2015 (version 2)
AIMA BRIEFING NOTE The interplay between European and US derivatives trading rules July 2015 (version 2) Disclaimer This document is provided to and for AIMA members only. It is intended as indicative
More informationFX Trading: A Changing Landscape FX Trading and Technology Trends in 2011
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011 OVERVIEW Rules of swap trading regulations in the Dodd-Frank Act are expected to be finalized in 2011. As the initial deadline
More informationOrder book for Retail Bonds. Efficiency and transparency in trading bonds for private investors
Order book for Retail Bonds Efficiency and transparency in trading bonds for private investors We aim to respond to private investor demand by offering a cost-effective, transparent and efficient mechanism.
More informationEXANE GROUP EXECUTION POLICY
EXANE GROUP EXECUTION POLICY DISCLAIMER Exane 2015. All rights reserved. No part of this document may be reproduced in any form or by any means - electronic, mechanical, photocopying, recording or otherwise
More informationBLOOMBERG FOR EXECUTION MANAGEMENT
EMSX FIXNET BTCA BLOOMBERG FOR EXECUTION MANAGEMENT JUN // 27 // 2012 EMSX CONTACT DETAIL 2»Janos Renz-Hotz jrenzhotz@bloomberg.net +44 (0) 207 673 2057 +44 (0) 782 725 4400»Help Help from within EMSX
More informationPACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING)
PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING) 1 INTRODUCTION 1.1 This policy is not intended to create third party rights or duties that would not already exist if the policy had
More informationValdi for Equity Trading High performance trading solutions for global markets
Valdi for Equity Trading High performance trading solutions for global markets EDA Orders SunGard s VALDI: SOLUTIONS FOR Equity Trading Traders on electronic markets face enormous challenges in maintaining
More informationHigh Frequency Trading Background and Current Regulatory Discussion
2. DVFA Banken Forum Frankfurt 20. Juni 2012 High Frequency Trading Background and Current Regulatory Discussion Prof. Dr. Peter Gomber Chair of Business Administration, especially e-finance E-Finance
More informationEUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER
EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER 22 City Road Finsbury Square London EC1Y 2AJ Tel: +44 (0) 20 7448 7100 Fax: +44 (0) 20 7638 4636 Email: info@apcims.co.uk DRAFT TECHNICAL
More informationQ1. What is a systematic internaliser?
MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals
More informationJ.P. Morgan Asset Management Institutional Order Execution Policy Disclosure
J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure 1 Introduction and scope The rules of the Financial Services Authority ( FSA ), in implementing the Markets in Financial Instruments
More informationImplications of e-trading in fixed income markets Received: 11th February, 2002
Implications of e-trading in fixed income markets Received: 11th February, 2002 Graham Harry Cross works in the fixed income unit at Van Der Moolen UK, specialising in German Pfandbriefe trading. He was
More informationEuropean Union trading fees are still +113% higher than similar fees within the US
European Union trading fees are still +113% higher than similar fees within the US Despite large decreases in brokerage commission rates across Europe, all-in trading costs remain high within European
More informationNorth American Electronic Bond Trading Forum
Investors and issuers attend for free* 3rd Annual North American Electronic Bond Trading Forum The only independent meeting place for European high yield professionals May 10th & 11th, 2016 The Union League
More informationTrends in e-fx Options Market August 2007
Trends in e-fx Options Market August 2007 Lars Hakanson Stephane Malrait Table of Contents e-options Market Picture The e-trading Ratio vs. Voice The e-trading Ratio vs. Voice per Geographical Zone e-options
More informationESMA MiFID II / MiFIR Consultation and Discussion Papers General Comments on Market Structure Issues
1 August 2014 ESMA MiFID II / MiFIR Consultation and Discussion Papers General Comments on Market Structure Issues Financial markets have changed and technology has evolved meaningfully since 2007 when
More informationUS Futures Trading 2012: Buy-Side Demands in an Evolving Marketplace
US Futures Trading 2012: Buy-Side Demands in an Evolving Marketplace February 2012 Executive Summary Author: Matthew Simon Futures markets are about to become a lot more competitive. As buy-side portfolio
More informationELECTRONIC TRADING GLOSSARY
ELECTRONIC TRADING GLOSSARY Algorithms: A series of specific steps used to complete a task. Many firms use them to execute trades with computers. Algorithmic Trading: The practice of using computer software
More informationTrading ETFs For Best Execution On & Off-Exchange
Paul Amery, Moderator Editor, Journal of Indexes Europe, IndexUniverse.eu Trading ETFs For Best Execution On & Off-Exchange Matt Hougan, Moderator Global Head of Content, IndexUniverse Pedro Fernandes,
More informationContinued Investment in Fixed Income, Despite Low Returns
Issue 90, January 2013 Continued Investment in Fixed Income, Despite Low Returns What is the Impact on the Buy Side? Written by Judy Blackwell & Kathy McDermott The economic turmoil that began in 2008
More informationForeign Exchange Contact Group The future of the e-forex. Macalli Louis. Frankfurt, 10th June 2009
Foreign Exchange Contact Group The future of the e-forex Macalli Louis Frankfurt, 10th June 2009 The future of the e-forex From the phone-based FX to the e-forex : main features and short term issues.
More informationPictet Asset Management: Summary of Best Execution Policy
Pictet Asset Management: Summary of Best Execution Policy January 2015 1. Introduction The Markets in Financial Instruments Directive ( MiFID ) requires all investment firms when executing orders on behalf
More informationFlash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers
www.pwc.lu/regulatory-compliance Flash News European Parliament adopts MiFID II 23 April 2014 Following the political agreement reached on 14 January 2014 by the European Parliament, the Council and the
More informationMarket Analysis The Nature and Scale of OTC Equity Trading in Europe April 2011
Association for Financial Markets in Europe The Nature and Scale of Equity Trading in Europe April 2011 Executive Summary It is often reported that the proportion of European equities trading that is over-the-counter
More informationMiFID/MiFIR: The OTF and SI regime for OTC derivatives
MiFID/MiFIR: The OTF and SI regime for OTC derivatives The International Swaps and Derivatives Association (ISDA) would like to take this opportunity to set out its views on the elements of European Commission
More informationInvestor survey of fixed income liquidity 2013
Investor survey of fixed income liquidity 2013 Association for Financial Markets in Europe Sponsored by: About AFME The Association for Financial Markets in Europe (AFME) is the voice of Europe s wholesale
More informationTrade Cost Analysis: A Component of Risk Management
Trade Cost Analysis: A Component of Risk Management Coordinator: Jim Bryson As transaction cost management moves into the daily forum, transaction costs must be viewed daily and used to manage risk and
More informationMiFID II Trading Venues And High Frequency Trading
MiFID II Trading Venues And High Frequency Trading MiFID II Trading Venues And High Frequency Trading This is the third part in a series of Legal Longs on the MiFID II Directive [2014/65/EU] and the Markets
More informationGlossary of useful terms linked to markets in financial instruments IN ALPHABETICAL ORDER
Glossary of useful terms linked to markets in financial instruments IN ALPHABETICAL ORDER Access requirements Admission to trading Algorithm Algorithmic trading Appropriateness test Approved Publication
More informationBank of Canada Workshop on Regulation, Transparency, and the Quality of Fixed- Income Markets
Financial System Review Bank of Canada Workshop on Regulation, Transparency, and the Quality of Fixed- Income Markets Lorie Zorn In February 2004, the Bank of Canada hosted a two-day workshop, Regulation,
More informationArgus response to consultation questions
Argus response to consultation questions Argus has decided to limit its response to those questions it considers most directly relevant to its business and the markets for which is provides post-trade
More informationSELL-SIDE EXECUTION & ORDER MANAGEMENT SOLUTIONS (SSEOMS) A Bloomberg Trading Solutions Offering BE AGILE
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SELL-SIDE EXECUTION & ORDER MANAGEMENT SOLUTIONS (SSEOMS) A Bloomberg Trading Solutions Offering BE AGILE EXPAND YOUR REACH Bloomberg
More informationU.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS
U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS Direct trading access to European bonds MTS will provide U.S. institutional investors with real-time pricing and the ability to trade electronically
More informationn Buy-side trader Sören Steinert, Quoniam Asset Management Photos: Thorsten Jansen
Photos: Thorsten Jansen 30 n the trade n issue 21 n jul-sep 2009 Approaching two thirds of your trading is selfdirected and you stand out amongst your peers as a prolific user of algorithms. What drove
More informationLondon Stock Exchange Group plc. Xavier Rolet Chief Executive. September 2010
London Stock Exchange Group plc Xavier Rolet Chief Executive September 2010 Agenda Competing in an Age of Austerity Overview of business and strategy Cash equities markets overview and actions to strengthen
More informationDesignator author. Selection and Execution Policy
Designator author Selection and Execution Policy Contents 1. Context 2 2. Best selection and best execution policy 3 2.1. Selection and evaluation of financial intermediaries 3 2.1.1. Agreement by the
More informationCHALLENGES IN A FRAGMENTED WORLD THE INVESTOR PERSPECTIVE
FONDMÆGLERSELSKABET A/S CHALLENGES IN A FRAGMENTED WORLD THE OR PERSPECTIVE KLAUS BENTIN SENIOR EQUITY TRADER ASSET MANAGEMENT AGENDA Liquidity Transparency Settlement Cost 2 LIQUIDITY THE ROAD TO MONEY.
More informationOTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP
OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market
More informationTerms of Business. 03 March 2014. Authorised and regulated by the Financial Conduct Authority
Terms of Business 03 March 2014 Authorised and regulated by the Financial Conduct Authority Our Particulars The full name of our firm is Winterflood Securities Limited ( Wins ) The address of our registered
More informationFX Trading and Technology Survey 2014
FX Trading and Technology Survey 2014 EXECUTIVE SUMMARY Regulation is a top concern and major catalyst for change in the FX market. This view reflects the uncertainties and pressures placed on businesses
More informationFX Trading and Technology Trends 2012
FX Trading and Technology Trends 2012 FX algorithms for trade execution are on the rise and here to stay. With the rapid growth of electronic trading and proliferation of trading platforms, multi-bank
More information1 st Annual European Covered Bond Investors Survey
1 st Annual European Covered Bond Investors Survey May, 2009 European Covered Bond Dealers Association an Affiliate of SIFMA ECBDA Investor Survey Overview European Covered Bond Dealers Association (ECBDA)
More informationEuropean Corporate Bond Trading the role of the buy-side in pricing and liquidity provision
European Corporate Bond Trading the role of the buy-side in pricing and liquidity provision Brian Scott-Quinn and Deyber Cano Summary Corporate bond markets are being radically changed by a confluence
More informationMarket Trends in Finance & Technology / An Open Platform for Business Growth
Market Trends in Finance & Technology / An Open Platform for Business Growth Brennan Carley, Global Head of Enterprise Platform and Analytics November 2015 Agenda The market Regulation An open and agile
More informationEQUITY RISK CONTROLS. FPL Risk Management Committee
EQUITY RISK CONTROLS FPL Risk Management Committee TABLE OF CONTENTS Objective...3 Overview...3 The Client/Broker Relationship...4 Benefits of Risk Controls...4 Typical Workflow...5 Implementation of Risk
More informationTHE ROLE OF. Interdealer Brokers in the Fixed Income Markets
THE ROLE OF Interdealer Brokers in the Fixed Income Markets THE ROLE OF Interdealer Brokers in the Fixed Income Markets INTRODUCTION Broker/dealers and other financial institutions utilize the secondary
More informationEuropean Bond Pricing Sources and Services: Implications for Price Transparency in the European Bond Market. April 2005
European Bond Pricing Sources and Services: Implications for Price Transparency in the European Bond Market April 2005 2005 The Bond Market Association European Bond Pricing Sources and Services: Implications
More informationCMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck,
CMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck, 22 January 2015 Contents Introduction current status
More informationNEONET SECURITIES The European Specialist in Execution Services
NEONET SECURITIES The European Specialist in Execution Services Neonet Securities is a specialist in execution, offering a unique range of services in the rapidly changing electronic trading landscape.
More informationFIXGLOBAL.COM G L OBAL T R ADING MEDIA KIT 2015
FIXGLOBAL.COM G L OBAL T R ADING MEDIA KIT ONLINE THE GLOBALTRADING BRAND GlobalTrading is the premier global educational platform for the electronic trading industry, and the GlobalTrading Journal has
More informationDiscover MTS BondVision. Multi-dealer-to-client trading
Discover MTS BondVision Multi-dealer-to-client trading MTS BondVision connects users directly to one of the largest networks of liquidity providers available on one online trading platform. Why choose
More informationFX Trading: A Changing Landscape
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011 1 This report is based on an online survey conducted by StreamBase Systems in 2011. Overview Rules of swap trading regulations
More informationNewEuroMTS Overview. October 2005
NewEuroMTS Overview October 2005 1 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates
More informationClient Order Execution Policy
Client Order Execution Policy Client Order Execution Policy Application The EU Markets in Financial Instruments Directive ( MiFID ) and corresponding rules of the Financial Conduct Authority ( FCA ) requires
More informationTable of content. MiFID II: getting ready for implementation
Table of content MiFID II: getting ready for implementation The European Council adopted a set of legislation on 13 May 2014 regulating the trade in financial instruments and the investment services sector.
More informationEuropean Demand for US Listed Equity Options Andy Nybo
European Demand for US Listed Equity Options Andy Nybo V09:029 September 2011 www.tabbgroup.com TABB Group Credit Default Swaps: Industry Projections March 2009 1 Executive Summary European investors believe
More informationORDER EXECUTION AND CONFLICTS OF INTEREST MANAGEMENT POLICIES
ORDER EXECUTION AND CONFLICTS OF INTEREST MANAGEMENT POLICIES Best execution policy of Orey Financial, Instituição Financeira de Crédito, SA, hereinafter the "Company". 1 Introduction 1.1. This policy
More informationMiFID II: The new market structure paradigm
February 2014 MiFID II: The new market structure paradigm Overview On 14 January 2014, after months of negotiations, EU legislators reached political agreement on reforms to the Markets in Financial Instruments
More informationUntil recently, the majority of
Identifying the real value of algorithms in a fragmented market Charlie Susi* Until recently, the majority of algorithmic trading strategies used in the global marketplace have been created to address
More informationAlgorithmic Trading: Perceptions and Challenges. By Gordon Baker and Shashi Tiwari
Algorithmic Trading: Perceptions and Challenges By Gordon Baker and Shashi Tiwari November 2004 Abstract Increasing competition in the algorithmic trading space and prospective phenomenal growth in Direct
More informationPreventing market abuse: Can market surveillance really improve amidst fragmentation and low-cost competition?
Preventing market abuse: Can market surveillance really improve amidst fragmentation and low-cost competition? Stock exchanges perform a vital function in society by enabling the listing and trading of
More informationHeightened Bond Liquidity Risk is the New Normal. Shushanik Papanyan Senior Economist BBVA Research USA
Heightened Bond Liquidity Risk is the New Normal Shushanik Papanyan Senior Economist BBVA Research USA Houston, TX September 10, 2015 The Signs of Weakened Liquidity The erosion of liquidity is more of
More informationMarket-leading fixed income solutions: A focus on the Nordic region
Market-leading fixed income solutions: A focus on the Nordic region MTS is Europe s premier electronic fixed income trading market, with over 500 unique counterparties and average daily volumes exceeding
More informationFixed Income ETFs and the Corporate Bond Liquidity Challenge Greg Walker, CFA Managing Director, Head of ishares Business Development
Fixed Income ETFs and the Corporate Bond Liquidity Challenge Greg Walker, CFA Managing Director, Head of ishares Business Development March 3, 2015 For professional clients / qualified investors only Agenda
More informationThe London Stock Exchange
The London Stock Exchange 15 CHAPTER 2 The London Stock Exchange 2.1 What is the London Stock Exchange? 15 2.2 The market place 15 2.3 The Main Market 15 2.4 AIM 16 2.5 Dealing on the markets 16 2.6 Investors
More informationMiFID 2 for asset managers
Summary Key business impacts Duties to clients Dealing in the markets Organisational requirements MiFID 2 for asset managers Summary The revised Markets in Financial Instruments Directive and the related
More informationHigh frequency trading
High frequency trading Bruno Biais (Toulouse School of Economics) Presentation prepared for the European Institute of Financial Regulation Paris, Sept 2011 Outline 1) Description 2) Motivation for HFT
More informationORDER EXECUTION POLICY
ORDER EXECUTION POLICY Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary
More information2015 GLOBAL ASSET MANAGEMENT SURVEY
2015 GLOBAL ASSET MANAGEMENT SURVEY It's not what happens to you, but how you react to it that matters." -Epictetus A survey carried out globally by Linedata. INTRODUCTION It's not what happens to you,
More informationSeptember 24, 2012. The Securities and Futures Commission 8/F Chater House 8 Connaught Road Central Hong Kong
The Securities and Futures Commission 8/F Chater House 8 Connaught Road Central Hong Kong Dear Sir or Madam: Re: Consultation Paper on the Regulation of Electronic Trading The Investment Company Institute
More informationUnderstanding Equity Markets An Overview. James R. Burns March 3, 2016
Understanding Equity Markets An Overview James R. Burns March 3, 2016 Agenda I. Trading Venues II. Regulatory Framework III. Recent Developments IV. Questions 2 Trading Venues 3 A Few Key Definitions Algorithmic
More informationCredit Suisse Asset Management Limited UK Order Execution Policy December 2013
Credit Suisse Asset Management Limited UK Order Execution Policy December 2013 Table of Contents 1. General information about this Policy 1 2. CSAML s Core Best Execution Obligations 2 3. Placing Orders
More informationSAXO BANK S BEST EXECUTION POLICY
SAXO BANK S BEST EXECUTION POLICY THE SPECIALIST IN TRADING AND INVESTMENT Page 1 of 8 Page 1 of 8 1 INTRODUCTION 1.1 This policy is issued pursuant to, and in compliance with, EU Directive 2004/39/EC
More informationElectronic Trading in Fixed Income and Derivatives: 15 Years of Innovation
SPECIAL REPORT Electronic Trading in Fixed Income and Derivatives: 15 Years of Innovation BUILDING BETTER MARKETS years Technology Has Transformed Fixed Income and Derivatives Trading. With a Growing Push
More informationTrading Services. Your Business Without Limits TM
Trading Services Comprehensive solutions for today s complex markets Your Business Without Limits TM Give Yourself a Competitive Edge Today, when milliseconds count, you need reliable resources to help
More informationTech worries hit BUYSIDE TRADING
BUYSIDE TRADING Tech worries hit dealing desks There is a lag between the rate of change in the trading world and the speed with which technology providers can help fund management firms cope, finds Nicholas
More informationFixed Income ETFs: Navigating Today s Trading Environment
Fixed Income ETFs: Navigating Today s Trading Environment Karen Schenone, CFA Vice President, ishares Fixed Income Strategy Khoabane Phoofolo Vice President, ishares Capital Markets Today s Speakers Karen
More informationTheviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and
Theviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and thepresenceofthem,oroflinkstothem,ontheimfwebsitedoesnotimplythattheimf,its ExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpresedinthepapersor
More informationTransparency in the context of Secondary Markets Bond Trading
MiFID II Transparency in the context of Secondary Markets Bond Trading February 2015 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware
More information