Exclusive: Traiana Losing Staff as Criticism Over Rising Data Costs Mounts
- Another executive at the firm has left as frustration with post-trade costs mounts
Finance Magnates learned on Thursday that senior Traiana executive Bob Linton will join Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology company Cobalt next month.
A Cobalt spokesperson that Finance Magnates spoke to on Thursday evening declined to comment on the move.
Linton is the second senior Traiana executive to move over to Cobalt in less than three months.
Back in November, Anoushka Rayner joined the post-trade services firm as Global Head of Sales and Business Development. The former FXCM executive had been working in Traiana's New York office for almost three years.
A source with knowledge of the matter told Finance Magnates that Linton's move is indicative of ongoing internal problems at Traiana and EBS.
According to the source, there has been an exodus of personnel since CME Group completed its Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of NEX, the parent company of both Traiana and EBS, back in November.
"[Traiana and EBS] are haemorrhaging staff," the source said, "A lot of people, especially from EBS, are joining banks. Then you have others like [Linton and Rayner] who are joining tech companies."
Data costs bite at Traiana
The source of discontent seems to be rising post-trade costs, with many banks now spending over $500 million a year to meet those expenses.
"Traiana was already facing criticism for high costs," the source said. "And then they increased them again in the past few weeks. They've been given a lot of stick for that."
Data costs have been rising across the board since MiFID II was introduced in January of last year. With exchanges now required to unbundle pre and post-trade data, firms are having to pay for smaller chunks on information which, cumulatively, cost more than they did prior to the legislation being enforced.
Finance Magnates reached out to Traiana for comment on this story but, at the time of publication, no response was forthcoming.
Finance Magnates learned on Thursday that senior Traiana executive Bob Linton will join Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology company Cobalt next month.
A Cobalt spokesperson that Finance Magnates spoke to on Thursday evening declined to comment on the move.
Linton is the second senior Traiana executive to move over to Cobalt in less than three months.
Back in November, Anoushka Rayner joined the post-trade services firm as Global Head of Sales and Business Development. The former FXCM executive had been working in Traiana's New York office for almost three years.
A source with knowledge of the matter told Finance Magnates that Linton's move is indicative of ongoing internal problems at Traiana and EBS.
According to the source, there has been an exodus of personnel since CME Group completed its Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of NEX, the parent company of both Traiana and EBS, back in November.
"[Traiana and EBS] are haemorrhaging staff," the source said, "A lot of people, especially from EBS, are joining banks. Then you have others like [Linton and Rayner] who are joining tech companies."
Data costs bite at Traiana
The source of discontent seems to be rising post-trade costs, with many banks now spending over $500 million a year to meet those expenses.
"Traiana was already facing criticism for high costs," the source said. "And then they increased them again in the past few weeks. They've been given a lot of stick for that."
Data costs have been rising across the board since MiFID II was introduced in January of last year. With exchanges now required to unbundle pre and post-trade data, firms are having to pay for smaller chunks on information which, cumulatively, cost more than they did prior to the legislation being enforced.
Finance Magnates reached out to Traiana for comment on this story but, at the time of publication, no response was forthcoming.