Forefront Communications

Markets Media: Outlook 2019: Robert Dykes, TORA

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Amanda Perrucci

Amanda Perrucci

Robert Dykes , CEO of TORA, shares the lessons of 2018 and what 2019 holds for equity trading and institutional crypto.

What was the most important lesson of 2018?

In 2018 we saw the implementation of MiFID II, which was a big deal for OEMS vendors and their clients. Not only did it raise the bar for best execution bar, but it implemented complex new trade and transaction reporting requirements. To become compliant, buy-side firms had to upgrade their OEMSs, implement new advanced trading tools, integrate with a host of new partners and even update their FIX specifications. For buy-side firms that were heavily invested in legacy OEMS platforms the work needed to get ready for MiFID took the better part of 2017 and a good chunk of early 2018.

For TORA’s clients, however, it was a much different story, with the work necessary to prepare for MiFID II taking a fraction of the time. So, from our perspective, one of the most important lesson learned in 2018 had to be that it’s now time for firms to adopt flexible, easily upgradable and cost-effective cloud-based solutions. Given the struggles that many firms had preparing for MiFID, and the realization that regulations will continue to change in Europe and in other markets around the world, transitioning OEMS capabilities to a cloud-based solution is a strategy that seems more practical every day.

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