Bruno Trigo, Head of Trading, XP Investimentos
AT: How does XP fit in the market?
BT: XP is the biggest independent broker in Brazil, we are not attached to any banks. In 2015 we are ranked third in terms of volume in equities and options, and second in terms of number of contracts in futures on the exchange. We have a broker dealer in the US, XP Securities, with two offices: New York is focused on the north-south flow - so foreign clients trading LatAm - and the Miami office is the opposite - Brazilian investors trading US and Europe markets.
We trade equities, options and futures. We also have desks for fixed income, security lending, commodities and we are also market makers. We offer all services the institutional and retail clients need.
We have an electronic trading desk with two main focus. Connectivity and OMS integrations, trading platforms, colocation and all of the high frequency traders' specific demands. Also algo trading strategies that are developed internally by XP. These execution algos are offered to our clients and used by our trading desks.
AT: BVMF was actively welcoming HFT. How has that worked out?
BT: They did many improvements on their technology, in the trading and post-trading environment, along with new policies for HFT discounts. Their partnership with CME brought the new matching engine PUMA and new market data was established - the Unified Market Data Feed. The integration of clearings is an important project on the post-trading aspect.