n THE TRADE HO T 100 n www.thetradenews.com 51
n THE TRADE HOT 100
After graduating from Surrey University with a BSc in Business and Economics, Michael Horan started as a market maker with ABN Amro,
before becoming a pit trader with Tullet & Tokyo.
He then joined Instinet UK, servicing buy-side institutions, just when
the technological revolution was starting to take hold.
“We were one of the early adopters and developers of algorithmic trad-
ing tools and portfolio trading, which has put me in great stead today. I
have now been running trading for Pershing UK for 10 years.”
Horan’s main responsibility is to develop trading solutions for the
Pershing client base, which ranges from wealth managers to sell-side insti-
tutional broker dealers.
He says: “I also spend a lot of time on market structure and regulation,
to ensure that we can continue optimising our trading businesses to suit
our clients’ needs.
“Right now, the most important thing is to ensure that we maintain
liquidity-seeking innovation in equity markets, whilst keeping fragmen-
tation contained. However, the fixed income market is going to be an
interesting one to watch in the run up to Mifid II, due to its resilience in
balancing the pre and post trade transparency regime against a backdrop
of receding bank inventory.”
Pershing, like everyone else in trading, is working on Mifid II implemen-
tation at present and Horan is at the forefront.
He says: “The drive towards data transparency, the reduction of sys-
temic risk, and the continuing refinements to market structure (particularly
around fixed income and equities) are initiatives, we welcome in helping
us to grow our business.”
“Given the new delay to the (Mifid II) directive, 2016 will be more of a
‘transition year’ across the industry, with structural changes happening in
2017,” he says. n
Head of trading services
BSc Business and Economics