Richard Worrell, Head of EMEA Equity Trading at Janus Henderson Investors

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  • Key focus areas for 2022:

  • We are in the midst of an OMS transformation as well as changing EMS and TCA provider. It is a huge task to get through but it will take the desk to the next level which is exciting. We have hired a Trainee Quant researcher to get under the hood of our TCA in far greater detail than ever before. The fund manager is always the key focus for the trading desk at Janus Henderson though and understanding how we can go further to support and add value to them is paramount.

  • Biggest issue in Market structure 2022:

  • Regulatory divergence is a worry as the FCA & ESMA seem to be heading in different directions on a number of things. The FCA and EU Commission are asking practitioners what they think though through multiple consultations. That is positive and allows us to offer a practitioners view on regulation that helps support better outcomes for investors. To be frank, European market structure feels like a battle at times, there are almost endless consultations and I would prefer to be discussing innovation that saves our client’s money rather than restrictions on mid-point or which venues we can trade on.  I would love to see a real time, pre trade, multi asset Consolidated tape – that’s the goal!  It will help enhance Best Execution and improve understanding of liquidity to assist risk management. In the blue sky scenario, it will showcase the EU capital markets as being attractive to the end investor.

  • The future of the workplace:

  • The industry and our own company deserve a lot of credit for their efficiency during the Covid19 pandemic. We started to work from home efficiently very quickly, thanks to our IT department. Our team enjoy a mix so currently we have three days in office and two from home with flexibility. However, this is not mandatory as we allow individuals to manage it themselves and consider the team impact in their decisions. For me personally, it is great to work from home on a Friday so I’m already at home at 5pm to be with the family! Equally I believe that collaboration and development really happens best in the creative combustion of an office environment.  

 

  • What is the best way to attract new talent to the trading desk?

  • I discussed this with our trainee Francesca. On the positive side, she felt the democratisation of finance has attracted lots of younger talent and most firms have initiatives and training programme to make them feel part of company. On the flipside, there are limited job opportunities by jurisdiction. Finance is arguably centred around a few hubs – e.g. Frankfurt, Paris and London etc and this limits opportunities. There are not enough trainee programmes for trading like the IMC and CFA. It’s great that the IA, FIX Trading Community and Plato Partnership are all looking at this. We had over 100 applicants for our recent junior roles so the interest is there but I think developing specific training is an interesting area for the industry to consider.

 

  • My top tips for #Buysidepositivity:

  • You have to be happy with what you are doing and if you are not happy then make a change! From a managers standpoint, dealing with people as individuals is very important in my opinion. Engaging with them one on one to work out where their strengths are and what makes them happy is important.  That engagement should help both sides to understand their purpose and be fully engaged. Mentors and coaching are also important. Friendships can develop, ideas shared and problems can be solved through such relationships. Mental health is so important and I very much support your #buysidepositivity campaign.