Will Winzor-Saile

Will joined Redburn in 2015. Prior to this he worked as an Electronic Execution Specialist at Fidessa. Will holds a first-class masters in Maths and Physics from the University of Warwick.
Execution Analytics

Buyback to the Drawing Board

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Over recent years we have seen a surge in corporate buybacks as the preferred way to deliver value to shareholders.

As someone who has spent years studying institutional trading and market structure, a buyback sounds like the perfect order; they are long running, passive trades with huge broker discretion. Yet for some reason, they often appear to be traded in a very clumsy fashion.

In this paper we review some recent buybacks and see how much a poorly executed buyback can really cost the corporate issuer and their shareholders.

Market Structure

A brief history of Market Structure

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3In the beginning there were exchanges, each stock was listed on a single exchange and all trading took place on a single venue such as the LSE, NYSE etc. Over time competition has been introduced and those same stocks can be traded in multiple places (MTFs in Europe, ATSs in the US). Exchanges such as […]