best execution...when best execution was launched over four years ago, the magazine's predominant...

2013 Mediakitwww.bestexecution.net

innovation in a changing worldBBeesstt EExxeeccuuttiioonn

What is Best Execution?Best Execution is a quarterly publication providing news, commentary, insight and analysis into the world of securities trading.

Why is ‘best execution’ so important?‘Best Execution’ used to be just about “getting the best price”*. Now it is a core component in the investor protection measures that are being introduced tomarkets around the globe. In Europe the Markets in Financial Instruments Directive (MiFID) goes furthest by outlining Best Execution as the principle that allfinancial services firms must take all reasonable steps to obtain the best possible result for their clients**. This overarching requirement impacts the whole of thetrading lifecycle, from pre-trade, through trade execution, to post-trade. If the clients’ best interests are not being served then best execution is not being achieved.

What does Best Execution cover?Regulation is a fact of life, and its scope is getting broader and deeper. Under already challenging economic conditions, different markets, differentinstruments and different jurisdictions are in turn coming under the scrutiny of the regulators. In response market participants are having to innovate or die.Regulation is driving change, and Best Execution magazine charts the evolution and implementation of these regulations, and reports on the innovation thatis providing solutions that allow participants to meet both compliance standards and maintain their competitive edge. We cover the entire trading lifecycle,and as the reach of the regulatory authorities’ widens and as the buyside looks to diversify its investment strategies that includes all asset classes.

*A recent survey, conducted by London-based capital markets consultancy GreySpark Partners in association with Best Execution magazine, showed that the perception of best execution dependson your role in the markets. E.g. for the buy-side it is price that indicates best execution, but for the sell-side low latency and access to liquidity are the priority in achieving best execution.**Best execution and Article 21 of Markets in Financial Instruments Directive [MiFID]: The directive introduces the principle that all financial services firms carrying out transactions on their clients'behalf: "must take all reasonable steps to obtain the best possible result, taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other considerationrelevant to the execution of the order."

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Editor’s introduction

Dear Reader,

When Best Execution was launched over four years ago, the magazine's predominant aim was to cover the changes wrought by MiFID. Fast forward totoday and it is difficult to keep pace with the onslaught of regulation triggered by the financial crisis and the ensuing fallout. MiFID seems like a small yet stillsignificant piece although it never truly defined the practice of best execution The concept remains elusive and the recent MiFID Review has added little clarity.

What the directive did demonstrate though was how an industry can adapt and leverage change. It not only gave birth to a new generation of tradingplatforms but also a host of state of the art tools to source additional liquidity. In order words the regulation forced the financial services industry to developnew technological and homegrown solutions to keep and enhance their edge. The old refrain “innovate or die” took on a new meaning and the mantrareverberates as the sector looks to unearth opportunities in the wake of Dodd Frank and European Market Infrastructure Regulation (EMIR).

Best Execution has also stepped up the challenge and has broadened its remit as a growing array of asset classes across the geographical spectrum havecome under the best execution spotlight. What hasn’t changed is our in-depth analysis and insight. We are assessing how industry players are responding tothese seismic shifts and the different paths they are taking to achieve the best results for their clients.

Lynn Strongin DoddsManaging Editor, Best Execution


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MarketingOur aim is to provide a trusted channel for our clients to gain access to their target market. Over the last twenty years we have witnessed how the use ofmedia as a marketing channel has changed from one dominated by staid, conservative businesses to one in which small one-man operations can becomepublishing phenomena. The internet and associated technologies have empowered this revolution, but increasing fragmentation and the impact of socialmedia are creating as many challenges as opportunities.

While the methods for delivery may be changing, the objective is the same – to support and increase business. This can be achieved in a multitude of waysand for each organization the balance may vary, but our aim at Best Execution is to listen to our clients, build relationships and provide a palette ofmarketing options to effectively meet their objectives.

What are the objectives?Brand awareness - for many established providers a campaign of brand awareness and brand reinforcement is core to their marketing programme, but inthese fast moving markets it is equally valuable in demonstrating their association with new capabilities, or to new markets. The same pace of change isbehind the constant emergence of new players for whom brand awareness is perhaps more critically important, but requires a process of ‘build’ rather than‘maintain’. Expanding brand awareness and increasing visibility are key.

Thought leadership – the dramatic and fundamental changes of recent years have heightened the importance of becoming associated with new ideasand demonstrating direction within the industry. Reaching the right audience and delivering an insightful and authoritative message can be hugely valuablefor all market participants.

Client information – providers of services need to ensure that prospective as well as existing clients have a reliable, trusted channel providing news andcomment, whether it is about the launch of a new product or service, key personnel changes, a client event, or just a reliable source of client news andcontact information.


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MARKETING

What are the channels?Display advertising - The impact of display advertising is key to meeting the objective of brand awareness. In print the value proposition is not just theamalgam of the quality of the publication and the quality of its readership but to an increasing degree, where it is seen. To that end we have negotiated a series ofmedia partnerships with leading conference organisers at which Best Execution is now distributed. Portable and more ‘user-friendly’ than reams of marketingliterature in a multitude of formats Best Execution is an excellent information vector for exhibitors and non-exhibitors alike. (See page 9 “Where Else?”)

Thought Leadership - Print is still the ideal medium to display thought-leadership. While there is an inexorable shiftin people’s reading habits, the time spent on mobile apps or the web is qualitatively different to the time spent readingprint publications. For that reason we are strong advocates of running thought-leadership pieces in our magazine, butmirrored online to cater for all our readers. In addition to our Opinion Shaper interviews, which are exclusive and byinvitation only, we also run Viewpoints. Viewpoints are opinion pieces, but differ qualitatively from a ‘CorporateStatement’ (see below) in that they are developed together with the editorial team, adhere to strict editorial guidelines,and are only ever available as part of a package. Viewpoints can be supplied as soft or hard copy reprints for the clientto disseminate via their own channels.

Corporate Statement – when display advertising is not enough. New product or service news, or a detailed announcement that needs a 500 or 1,000word in-depth explanation - with the option of carrying charts and diagrams - is best served by a Corporate Statement.

Directory – traditionally we have always provided a print directory for all our clients, but online the options are multiplied. On our new website we willsatisfy almost all of the Client Information objectives in one channel. The options depend on the client, from a basic ‘listing’ to a virtual client ‘microsite’,hosting client video, press releases, whitepapers, multiple hyperlinks, and even client-related news syndication.

eNewsletter / e-mail marketing – targeted e-mails carrying client advertising and/or announcements, complements the online information and printadvertising channels. Either standalone, or as part of our new eNewsletter.

Social media marketing / Social media monitoring – although this will not roll out until 2013 we are developing social media marketing strategies asmore clients investigate the potential value in using these new channels. Added to which we will also be incorporating the means to measure theeffectiveness of clients’ social media marketing initiatives. For more information on how we can work with you please contact your sales representative. For our rates see page 10.


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MARKETING

In this rapidly changing environment Best Execution does not publish an in-depth editorial calendar in advance. A detailed quarterly synopsis for isavailable on request .

Our editorial structure comprises a number of regular components:

FEATURESUnder our remit best execution is not achieved unless a clients’ bestinterests are served at every stage of the trading lifecycle, and to reflect thiseach issue will carry a number of in-depth features covering all aspects ofbest execution in securities trading across the trading lifecycle and acrossasset classes.

Themes we will be covering in 2013:• Regulation & compliance – At no time has the regulatory burden beengreater or wider-reaching than today. It is imposing seismic structuralreforms and the challenges to comply and remain competitive areimmense. We analyse the evolution, impact, and implementation of newrules and regulations across the globe and their impact on financialservices (including the topics below). • Execution venues – Exchanges and alternative trading facilities; tradingplatforms, alternative markets.• Technology – trading systems, trading tools, low-latency, the Cloud,Apps, compliance solutions, network solutions.• TCA – Pre- and post- trade tools; benchmarks, research.• Data management – Market data; latency; European consolidated tape;storage & audit systems.

• Market infrastructure – Clearing and settlement, order routing systems;order management systems; connectivity.• Market issues – Business models, high frequency trading; accessingliquidity; best practice; risk management; post-trade costs.• Asset class focus – An in-depth look at a specific investment vehicle.

• Exclusive “i2i” interviewsIn each issue we conduct a numberof exclusive interviews with marketexperts. From the buyside, sellside,market infrastructures and vendor

communities, we speak to the menand women shaping the solutionsof tomorrow.

• Market opinionEach issue will include market opinion from well-known commentators andanalysts such as: • Anthony Kirby, Ernst & Young - Anthony Kirby is director regulatory &risk at Ernst & Young, and chair of the cross-industry forum, MiFID bestexecution working group.


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EDITORIAL

• Bob MacDowall, Consultant -Bob’s research addresses theprincipal challenges and opportu-nities affecting the Europeanbanking, securities, and invest-ment management markets.

Other opinion pieces have come,or will be coming from: Richard Balarkas, PeterRandall, Jerry Brunton, MarcusHooper and Jerry Lees.

• ResearchBest Execution has an alliancewith GreySpark Partners, aleading Capital Marketsconsultancy to bring you awindow on Capital MarketsIntelligence – a research andstrategy offering which deliversresearch reports on currentindustry topics. In addition to

working together Best Execution will feature regular synopsis articles onGreySpark’s latest reports. http://research.greyspark.com

• AnalysisBest Execution is also pleasedto announce a partnership withIFS LiquidMetrix, London-based experts in financialmarket data research andexecution quality analysis. IFSdeveloped the LiquidMetrixsuite of services focussed onexecution quality assessment,transaction cost analysis and pre-trade cost prediction across increasinglyfragmented global equity markets. Their European market fragmentation dataand analysis will be published in Best Execution. http://www.liquidmetrix.com

Best Execution’s coverage is driven by current events and market news and thereforewe reserve the right to change any element of our coverage without prior warning.


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Provisonal publishing calendar:ISSUE MONTH FEATURES DEADLINE AD DEADLINEJANUARY 2013 30.11.2012 07.12.2012APRIL 2013 15.03.2013 22.03.2013JULY 2013 05.07.2012 12.07.2013OCTOBER 2013 04.10.2013 11.10.2013

EDITORIAL

Who gets it? • Buy-side institutions [traders, asset managers, hedge-fund managers, pensionfund managers, portfolio managers, analysts, insurance firms]• Sell-side institutions [investment banks/broker-dealers and their sell-sideresearch arms]• Print-run = 7,000 (Av. 2009-2012).• Frequency = four times a year.

Where does it go?

Asia and Australasia 5% Nordic region 7% Europe 27.5% UK 26.5%USA 32% ROW 2%

Buy-side1. CEO 5%2. CIO 6%3. Head of Trading 19%4. Head of IT 11%5. Head of Operations 9%

Sell-side6. CEO 3%7. CIO 4%

8. Head of Equities 15%9. Head of Fixed Income 4%10. Head of Research 4%

Market infrastructure / Other11. Associations 3%12. Exchanges 6%13. Technology vendors 9%14. Regulatory bodies 2%

Geographical distribution(clockwise from 12 o’clock)

Asia and Australasia 5% Nordic region 7% Europe 27.5% UK 26.5% USA 32% ROW 2%


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READERSHIPWhere else?• Best Execution is a media partner at an expanding range of industry events,both large and small. Leading partnerships include Worldwide BusinessResearch (WBR), Fix Protocol (FPL), AFME, Terrapinn, the Mankoff Company,MarketForce, Mondo Visione Exchange Forum and the British Bankers Association.

Event locations cover London, New York, Paris, Frankfurt, Toronto, Chicago,Stockholm, Oslo and Istanbul and amongst others comprise: all TradeTech events,all FPL events, select AFME events (Post-Trade; European Market Liquidity etc.),TSAM (Technology Solutions for Asset Managers), HIFREQ TRADE, World ExchangeCongress 2013, AlgoTrade (London), SIFMA Financial Services Technology Expo(New York); High Frequency Trading World Europe, Mankoff “After the Bell” paneldiscussions (New York, London, Chicago); Nordic Back Office, BBA’s EMIR Seminar,The European Exchanges Summit

Who should advertise?• If your clients include the buy-side, the sell-side or market infrastructuresthen you should speak to:

Scott Galvin, Director of Sales & Marketing e-mail: [email protected] tel: +44 (0)20 7928 6796

*All figures above are based on three year moving average.

BBeesstt EExxeeccuuttiioonn RATES

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ADVERTISING RATESCost per insertion x1 x2 x3 x4FULL PAGE £5,400 -7.5% -15% -25%HALF PAGE £3,150 DOUBLE PAGE £9,000 INSIDE FRONT £8,100 INSIDE FRONT-DPS £10,350INSIDE BACK £5,850 OUTSIDE BACK £9,000

Guaranteed positions +15% Approved agency rate 10%Corporate statements As per ad ratesViewpoint/Off-the-shelf Only available to multiple insertion bookings at a

surcharge of 50% to the applicable page rate.Directory listing £300 per entry or £1,000 for four entriesSubscription £135 / $225 per annum

Rates are in £ sterling – prevailing US dollar and euro rates apply at time of booking(based on the spot rate +3%). Additional charges apply for non-standard materials. Allrates are exclusive of VAT, which will be charged at the appropriate rate, whereapplicable. Cancellations – space reservations cannot be cancelled except at thediscretion of the publisher. All accepted cancellations revert to rate card and are liableto a 30% fee.

ONLINE MARKETING OPTIONS - prices available on application.

MARKETING PACKAGESAt Best Execution we understand that clients are looking for a marketingexposure that goes well beyond straightforward advertising. We are thereforeable to offer a strictly limited number of marketing packages to include thefollowing items in each issue:

� A two-page article. Depending oncontent, this can either be an expertopinion (Viewpoint) or aproduct/service history anddescription (Off-the-shelf), written incollaboration with our editorial team;or a corporate statement (logo andcontacts included).

� A PDF of your article onpublication for your own marketinguse (with accreditation)

� A full page advertisement in aprime position

� A directory listing

� 50 free copies of the publication.

� Total package cost of £14,985 for participation in two editions only, or £24,300for participation in four editions.

Viewpoint

Off-the -she

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BEST CONTACTS: Editor: Lynn Strongin Dodds | [email protected] | m: +44 (0)7754 501 677Publishing Director: Ian Rycott | [email protected] | m: +44 (0)7800 913 005Sales Director: Scott Galvin | [email protected] Advertising & mechanical data: [email protected] | Subscriptions: [email protected]: Best Execution Magazine, Moment Media Ltd., 117 Waterloo Road, London SE1 8UL. United Kingdom

telephone +44 (0)20 7928 6796 | web: www.bestexecution.netBest Execution, ISSN No. 2042-180X


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SPECIFICATIONSFull page trim-size w.170mm x h.225mm

type-area w.145mm x h.195mm bleed-size w.176mm x h.231mm

Half page horizontal* w.145mm x h...95mm vertical* w...70mm x h.195mm

Double page Supply as two single pages. If text runs acrossgutter, allow at least 12mm text gap for gutter onboth pages. *Bleed option possible on request.

Printing requirements - we require digital files, which should be supplied as PDFs.No liability for colour variance will be accepted unless reference proofs are also provided.

The PDF should be output to Pass4press standards (a set of best practice guide-lines that focuses on the complete workflow). For more detailed instructions werecommend you visit their website where guides and Plug-ins are available as freedownloads for most operating platforms: http://tinyurl.com/bvwshx9

SPECIFICATIONS

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