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 […]

Trading the Macro

US earnings season looms large

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Join us for the next in our series of calls aimed at helping dealing desks navigate an ever more complex macro picture. Nine of the largest US companies account for just shy of 30% of the S&P 500’s market capitalisation and these companies all report their Q3 results in a two week period from 13 to 27 October. They are sure to have a significant bearing on European sectors and markets.

From Amazon to Visa, Apple to P&G we will present on our key expectations for these market moving names as well as the all- important read across to key peers in Europe.

Trading the Macro

Higher for Longer?

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Please join our Chief Economist Melissa Davies and Ben Denney from our Technicals Team for the next in our series of calls focussed on helping dealing desks to navigate a challenging macro picture. We will discuss what key indicators are telling us about the global economy, where bond yields might go from here (and the implications for equities) and what data points and market levels to watch out for.