2020 Virtual Trading Symposiums

Equities

"Baird Essential Insights"

Trading Observations to Improve Your Execution

Our Electronic Execution Services team hosted a virtual enrichment series for our clients and partners. The concise, interactive sessions addressed front-of-mind execution topics facing investors in 2020’s unprecedented markets.

Session 1 – "Are You Ready for Reg NMS II?"

Designed to serve as a quick, easy-to-follow guide to help our clients gauge their desks’ preparedness for Reg NMS II, this discussion featured buy- and sell-side perspectives.

The session deconstructed the nuance of the nascent changes to Reg NMS II, including the implications of key components of the proposal. Blaugrund spoke to SIPS and core data, while Ward focused on NBBO/round lots. Miller commented on order display without order protection.

Moderator:

  • Rich Lee
    Head of Program Trading, Baird

Speakers:

  • Michael Blaugrund - Chief Operating Officer, NYSE
  • Joe Ward - Head Trader, Virtus Investment Partners
  • Jack Miller - Head of Global Execution Services, Baird

Session 2 – "The Art of Trading: Leveraging Blocks and MEQs to Improve TCA"

This practitioner-oriented session focused on data-driven observations that aim to improve execution performance. The discussion provided pragmatic advice around the cost implications of block trading and MinQty usage.

The catalyst for the discussion was two recent studies conducted by Baird – one on quantifying the value of a block and another on MinQty.

Moderator:

  • Jacob Huck, CFA
    Vice President, Electronic Execution Services, Baird

Guest Speakers:

  • Ryan Cole – Equity Trader, U.S. Equity Division, RBC Global Asset Management
  • Patrick Dote – Director, Market Structure Research, IntelligentCross ATS
  • Brent Sullivan – Managing Director, Consumer Equity Trading, Baird

Session 3 – Post-Election Strategy

Baird’s Chief Investment Strategist, Bruce Bittles, shared his market insight around the U.S. Presidential election outcome and his outlook into year-end and 2021. Bittles, who has more than five decades of frontline financial market experience as a trader and strategist, is known for investor sentiment and positioning observations that lie beneath consensus headlines.

After sharing his perspectives on the historical precedent for market moves in election years, the technical condition of the market, valuations, and investor sentiment (and what it suggests), Bruce did a Q&A with session participants, fielding queries on topics including the Fed and 2021 expectations for GDP.

Moderator:

  • RJ Place
    Managing Director, Sales Trader, Baird

Speakers:

  • Bruce Bittles – Chief Investment Strategist, Baird