{"id":47095,"date":"2017-05-11T12:28:40","date_gmt":"2017-05-11T16:28:40","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/human-high-touch-trading-stay\/"},"modified":"2024-04-12T05:54:12","modified_gmt":"2024-04-12T09:54:12","slug":"human-high-touch-trading-stay","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/human-high-touch-trading-stay\/","title":{"rendered":"Human high-touch trading is here to stay"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a037dbd13909]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a037dbd13909'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Human high-touch trading is here to stay<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a037dbd19b82'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">May 11, 2017<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a037dbd1b6a5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by John D&#8217;Atona Jr. from Traders Magazine and was licensed by Bloomberg.<\/em><\/p>\n<p>The death of the sales trader is definitely exaggerated and not true. He is here to stay.<\/p>\n<p>Live long and prosper, Mr. Sales Trader.<\/p>\n<p>The buy-side trader has come out and openly said it wants the human sales trader on a phone ready to discuss the equities market or orders. While algorithms are OK, they will not replace the human in terms of need and importance. Boom. Mic drop.<\/p>\n<p>In a recent study titled \u201cThe Voice of Trading\u201d by Greenwich Associates, the market consultancy noted that voice communications remain a \u201cstill essential\u201d component of institutional trading. Despite the trend towards electronic trading, voice communications between traders and their clients still sit at the heart of global financial markets, they write.<\/p>\n<p>The report illustrates that despite the undisputed fact that algorithms, dark pools and electronic market makers have transformed trading, institutional investors actually execute the majority of their order flow via \u201chigh-touch\u201d channels\u2014usually via telephone.<\/p>\n<p>\u201cHello, is there anybody out there?\u201d<\/p>\n<p>\u201cEven in U.S. equity markets, often viewed as one of the most electronic markets in the world, high-touch trading, or single-stock trades routed to a sales trader, still represents the largest execution channel,\u201d said Richard Johnson, Vice President of Market Structure and Technology at Greenwich Associates and author of the report.<\/p>\n<p>And while high-touch trading and low-touch or electronic trading have historically been siloed and completely independent of one another, voice communications now play a role even when trades are routed through electronic channels. Greenwich data uncovered that 9 out of 10 of the trading professionals participating in a 2016 Greenwich Associates study use voice communications in electronic trades, primarily for post-trade interaction \u2013 either discussing trade performance and receiving allocation instructions &#8211; and pre-trade interaction such as confirming order receipt, discussing market conditions or expectations for the trade.<\/p>\n<p>\u201cMuch of this pre- and post-trade interaction could be conducted via chat or email. \u201cBut the fact that so many traders still rely on voice communication when trading electronically speaks to the more personal nature of a phone conversation and the nature of the buy-side\/sell-side relationship,\u201d Johnson said. \u201cVoice communication helps traders convey nuance, build trust and develop stronger relationships with their clients and brokers. And trading is\u2014and always has been\u2014a relationship business.\u201d<\/p>\n<p>Just ask the buy-side trader. At a recent industry conference Dallas Lundy, Director of Trading at Atlanta Capital Management said he believes the sell-side broker is an extension of him \u2013 and he needs that interaction.<\/p>\n<p>\u201cThat interaction is very valuable and give brokers a chance to know us. I don\u2019t want to be another trader on a call sheet,\u201d Atlanta Capital Management\u2019s Lundy said. \u201cIf that\u2019s the case, I might as well use another algo. If you don\u2019t call us, you\u2019re not going to get our next order, and that\u2019s if we gave you a first one.\u201d<\/p>\n<p>Cheryl Cargie, head trader at Ariel Investments has also gone on record as preferring and wanting brokers to contact her and make the trading relationship personal. And in order to have such a relationship, the brokers should call and add their own personal touch when dialing a trader. Otherwise, move over and let the next broker down the bench get a try as the institutional trader is often limited in resources, time and patience.<\/p>\n<p>\u201cJust pick up the phone. It\u2019s really easy to do. Call us,\u201d said Cargie.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a037dbd1d7cd]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a037dbd1d7cd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a037dbd208b6'] = 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flow via \u201chigh-touch\u201d channels\u2014usually via telephone.<\/p>\n","protected":false},"author":1634,"featured_media":24753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[444],"tags":[445],"series":[],"class_list":["post-47095","post","type-post","status-publish","format-standard","hentry","category-trading","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Human high-touch trading is here to stay | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Despite the fact that algorithms, dark pools and electronic market makers have transformed trading, institutional investors execute the majority of their order flow via \u201chigh-touch\u201d channels\u2014usually via 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