events

Workshop Cluster 5: "Management der Wertschöpfungskette im Wertpapierhandel"

Uwe Schweickert,
Best Execution and transaction cost analysis in wholesale equity trading

Order execution quality does matter in wholesale equity trading. It often makes a difference in investment performance and becomes more relevant in the context of a developing Best Execution regulation in European markets. The presentation reviews Best Execution regimes and motivates a transaction cost analysis methodology to benchmark wholesale equity transactions. A first application gives evidence on empirical results with the objective to optimize the execution process for institutional order flow.


Gregor Pujol,
MiFID-Umsetzung in Deutschland

Seit dem 1. November 2007 sind die Bestimmungen der "Markets in Financial Instruments Directive" (MiFID) von geregelten Märkten und Wertpapierdienstleistungsunternehmen anzuwenden. Die Umsetzung der wesentlichen Maßnahmen ist in den jeweiligen Grundsätzen der Auftragsausführung (Best Execution policy) zu dokumentieren und an die Kunden zu kommunizieren. Dieser Beitrag präsentiert die Ergebnisse einer Analyse von 75 Ausführungsgrundsätzen der größten Kreditinstitute und Onlinebroker in Bezug auf die Erfüllung der gesetzlichen Mindestanforderungen, identifizierbarer Best Practices sowie auf die genannten Ausführungsplätze, die nach Ansicht der Wertpapierfirmen für die Erzielung des bestmöglichen Ergebnisses in Betracht kommen.


Bartholomäus Ende,
An Insight to the Adoption Decision for Technology-Driven Execution Opportunities among the top 500 European Buy-Side companies

New technology-driven execution opportunities enabled Buy-Side companies to perform self-directed trading. On the one hand the Buy-Side gains more independence from their brokers. On the other hand technology satisfies increasing demands in terms of promptness, cost efficiency as well as more trading control. Despite these advantages not all Buy-Side companies adopt the new technology-driven execution opportunities. Against this background the presentation outlines the current results of an E-Finance Lab study among the top 500 European Buy-Side companies. In doing so, an overview is provided concerning the Buy-Side's attitude towards new trading technologies. Furthermore, statistical results will be briefly discussed that present drivers and inhibitors for technology adoption.