Go back to the shortlist

Best Firm for Market Structure and Execution Consulting

Bank of America Merrill Lynch

The market share gains made by the US bank in electronic trading have been strongly supported by a dedicated team of market structure and execution consulting specialists that sit within its equities franchise. Led by Caleb Wright, this team works with institutional and hedge fund clients to determine the effect of new regulation and other market structure changes. The firm briefs heads of trading, CIOs, compliance and operational staff through one-to-one meetings and a series of events in Europe, the US and Asia, many of which included senior regulatory and exchange representatives.

KCG Europe

Few firms are as focused on market structure and quantitative trading as KCG, which was formed from a 2013 merger of US broker Knight Capital and electronic market maker Getco. In Europe, it is able to call on several executives with years of bulge bracket expertise. They include its CEO and UBS veteran Phil Allison, while Rob Crane joined from Goldman Sachs during 2015 to head up its agency broking offering. Virginie Saade, its head of European regulatory affairs and strategy, produces monthly market impact newsletters and meets clients regularly to address specific issues.

Morgan Stanley

Morgan Stanley, as one of Europe’s largest equities brokers for a decade, has always had a strong focus on market structure developments. This includes regular emails, client events and seminars, led by Eleanor Beasley. Clients say the broker’s market share gives it a unique insight into Europe’s market structure and regulatory issues.

RBC Capital Markets

While RBC does not have the largest European electronic trading franchises by volume, it has always had a strong pedigree in market structure and is valued for its conflict-free approach. It was where the founders of IEX, the US stock exchange made famous by Michael Lewis’ book Flash Boys, honed their trade. It has dedicated regional market structure teams in US, Canada and Emea. Joelle Tarrant leads the team in Europe, and who works as part of the bank’s global program trading and electronic trading desk. She advises the firm and clients on regulatory issues affecting the sector, as well as venue analysis, exchange trends and technology.


UBS has a team of five market structure and liquidity strategists across the globe, covering each asset class. It is led globally by Vlad Khandros and in Europe by Sarah Hay. The team briefs both clients and internal teams on the effect of regulation and other developments on trading market structure. They produce a monthly global newsletter, called Panorama, covering market structure and regulatory issues, as well as regular sales notes. It laos runs an extensive client event programme, and is scheduled to have co-ordinated more than 40 client market structure and regulatory events in 18 locations around the world this year.