A graduate of EDHEC Business School, Antoine started his career at Morgan Stanley in London where he was Head of Program Trading for Continental Europe. He took over as Head of Execution Services, EMEA for Deutsche Bank during eight years before joining Exane BNP Paribas as Head of Execution in 2013.
Could you present the Exane BNP Paribas trading platform to us?
At Exane BNP Paribas, we have built a strong Execution platform delivering a full range of services including high touch sales trading, trading, facilitation, program trading, ETF and electronic trading. In the last few years, we have invested significantly to automate our execution process in order to deliver the highest possible level of client service. This involved the implementation of new technologies to support the growth of electronic trading and a focus on an algorithmic approach to Execution. Our expert team made up of Quants and IT professionals is, of course, critical to this development.
Today, we are really pleased to be ranked in first place in five categories in The Trade's Algorithmic Trading Survey for Long-Only investors: (1) Reducing Market Impact, (2) Execution Consistency, (3) Customisation, (4) Flexibility and Sophistication of Smart Order Routing and (5) Data On Venue / Smart Order Routing.
Mifid 2 has brought huge changes to the European Equities industry. How did it impact the Execution business and what are you doing differently as a result?
Our aim in recent years was to position our Execution business to benefit from the three major consequences of Mifid2: (1) Automation, (2) Concentration and (3) Best Execution. Electronic continues to increase its share of the market and our market share in this segment has risen 50% in two years as flows concentrate on the providers who can offer the greatest scale or highest quality. Best Execution is a big positive for us. As investors use stricter quantitative criteria when directing flow, they trade more volumes on the highest performing platforms - like ours. We know we need to offer clients a top platform to win, so we will keep investing, adapting and innovating to deliver high quality service, further increase market share.
How would you define our positioning on the market?
Our positioning is unique. Our human-sized structure gives us great facility to adapt in a highly competitive environment. Here at Exane BNP Paribas, we have a strong culture of innovation and a high focus on R&D combined with an entrepreneurial spirit which makes us very close in culture and creativity to a Fintech company. Alongside this, the partnership with BNP Paribas gives us the recognition and visibility associated with one of the world's leading banks. We have disrupted the traditional models to bring a new approach to Execution and a specific client offering, built around transparency and customisation.