compliant and robust infrastructure for both sides of the
market. Therefore there could be
a squeeze in vendor resources.
This is clearly a huge challenge in
understanding the complexity of
how our business partners will
price us in a new world which
will inevitably have a net increase
to the industry cost base.
Looking at MiFID II
specifically, how will
certain aspects such as
trade reporting impact
the trading desk?
Sadly this seems to be a moving
target, which to date has consumed huge amount of resources
across the buy-side as we interpret what our obligations are
entering a new regulatory regime.
With ESMA’s decision to further
delay assessments for becoming Systematic Internaliser until
September 2018 it presents further uncertainty for the industry.
Traders will now have to have full
understanding of reporting obligations at their firm which will in
turn affect how they send flow to
With cost considerations
coming more to the fore,
do you see a future of
outsourcing the trading
I guess this comes down to a
matter of scale, larger houses
that have the support infrastructure (risk, compliance, legal) and
Fast and Furious
How would you think a typical head trader
unwinds after a week of volatile markets and
hectic trading? Watch TV? Maybe play a bit of
football? How about flying a private plane or
driving a supercar around a racing track? Adrian
Biesty does it all, and more! He is also a keen
snowboarder, plays the drums and the guitar,
and dabbles in clay shooting.
His active lifestyle has to keep up with the fast-paced world of trading.
Biesty has had to fight for his right to lead a
global trading firm. Starting at Brewin Dolphin
in 2001 as a senior equity and fixed income
trader in 2001, before moving to London in
2003 to take on a similar role at JP Morgan.
By 2003, Biesty had moved to Louis Capital
Markets in a more senior role. He was in charge
of the company’s equity trading and market
making businesses. He spent over seven years
at the company before being poached by
Barclays to become director of global dealing
and sales trading. Four years later, Biesty
moved back to the buy-side with Lombard
Odier Investment Managers as its head of
He holds Securities Institute certificates in
derivatives, securities and financial regulation
and is a member of the Chartered Institute for
Securities and Investment (CISI). He also
obtained a Bachelor of Arts degree in
economics from Heriot-Watt University.