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Greg Azrak
Head Of Business Development at Adroit Trading Technologies
Greg Azrak is the Head of Business Development at Adroit Trading Technologies, a leading trading system for institutional OTC investors.1 He joined the company in March 2021, bringing with him over 20 years of experience in the financial services industry.2
Professional Background
Prior to joining Adroit, Greg held several notable positions:
- At J.P. Morgan, he led global spread e-commerce as both a product manager and sales manager.1
- He managed sales teams and client relationships in credit fintech, futures and options, and OTC derivatives clearing.1
- He worked at MarketAxess in sales, further enhancing his industry knowledge.
Education and Expertise
Greg is a graduate of the University of Virginia.2 His extensive experience has given him a deep understanding of workflows for large long-only and levered fund managers, which aligns well with Adroit's product strategy.1
Role at Adroit
As Head of Business Development, Greg's responsibilities include:
- Leading the client agenda
- Delivering Adroit's offerings to a sophisticated global buy-side client base1
- Working to grow the company's footprint and deepen client relationships1
Why He Joined Adroit
Greg chose to join Adroit because of the opportunity to work with an innovative and motivated team. He expressed enthusiasm about bringing his perspective and passion for solving buy-side traders' problems to the company.1
Adroit's founder, Anil Jaglan, praised Greg's integrity, personality, and his ability to build high-quality relationships with buy-side, sell-side, and other market participants over his career.1
Highlights
Innings and Outings at FILS
I loved Brad Levy's observation that many solutions are in the late innings of delivering bond market efficiency, but that we are in the early innings of those solutions converging. Convergence and combination carried through the panels and sidebars.
🔸 There’s a reason Fixed Income Leaders Summit is not called the IG E-trading Leaders Summit 🔹 FI is not just about liquid corps.
- Munis got more airtime this year, swaps less
- Skepticism around a single solution across “generic” (gov, IG) and more nuanced (EM, HY, CLO, muni) FI
- Protocols/concepts like RFM and algo trading can bleed from 1 market to the next, but success is not a given and adoption is slow
- Margin optimization through clearing will further tie solutions across markets
🔸 Data + data = data 🔹 Data + analytics + good tech = something actionable.
- “Actionable” varies by asset class
- The right combo of data, analytics and tech enables automation, even in trickier markets like munis
- “PT is old news”...traders need pre-trade analytics and broader elements not available on individual venues to optimize PT for situational needs
- Venues, exchanges and dealers are promoting traditional and “alternative” analytics
- Many argue that data is more commoditized than it should be, with vendor/buyside abuse and oversharing
🔸 No one system can do it all…neither horizontally across all markets, nor vertically through the lifecycle of an order 🔹 Clients want robust collaboration across the ecosystem.
- OMSs need to be more open with EMSs as buyside seeks to combine best-of-breed solutions, and very few consider their OMS to be a strong EMS.
- Dealers need to upgrade direct connectivity and standardize counterparty ref data
- Vendors/venues need to get comfortable allowing (and not charging for!) access via something other than their own screens
- Buyside needs to be realistic on execution levels for all-to-all to grow
🔸 Lessons/advice from panelists ✔ One size does not fit all for trading tech...needs differ by client size and asset classes ✔ Start small with a POC (get to good and work up to great over time) ✔ Get a tech/market structure expert on the trading desk ✔ Pick a vendor that is nimble and futureproofs you as market dynamics change ✔ Get assurance upfront that your vendor will collaborate with the other tech you have/want ✔ Build/buy is a spectrum, and managers cite resourcing/budget limitations as they reconsider building inhouse
So, here we are…
- Coalition Greenwich’s recent study concluded that only 13% used an EMS for FI, but responses from every manager pointed directly to how much they needed one
- A FI EMS aggregates market data, routes orders across destinations, and connects up/downstream
- A great FI EMS incorporates proprietary and 3rd-party analytics, respects FI markets’ microstructures/nuances, and uses APIs to truly connect (and not just call up other screens), listens and acts. Adroit Trading Technologies is this. Let’s talk!
🔈 🔉 🔊 What’s that sound? The drums are beating louder in Europe for a capable FI EMS
Enjoyed spending time with so many of our current and soon-to-be clients at this month’s Fixed Income Leaders Summit EU Connect in London. Some 2024 twists in the usual themes …
** Data is vital but only if it’s actionable ** o Too often trapped in a provider’s “walled garden” o Needs to be accessible to traders (on-screen and by API), normalized and cleaned before it can start to be applied with speed…scrubbing is a huge challenge o Trader and coder may be the same person or a specialist, but Python skills need to be on the desk
** Dealers need to do more ** o Tag liquidity to clearly indicate intention (firm, actionable, indicative axe, run, fishing, etc) o Be more proactive in sharing, not just responding o Share information tiered to me
** Screens are nice, FDC3 is a stopgap, but true APIs are key to process automation ** o FDC3 can intelligently invoke screens (“GUIs”) where systems can’t otherwise talk to each other o FDC3 is gaining some traction, and so far “useful but not that useful” o Need to combine large amounts of disparate data into a consolidated view/process
** Monoliths aren’t working for traders ** o We heard several pleas for collaboration as some providers have tried to hold traders captive by applying fees or restricting access to trader tools o End-to-end implementations are delaying trader-oriented initiatives o Traders quickly differentiate between systems’ core skills and add-on functions
** Automation is critical, but don’t fall into the “all e” trap ** o Automation a prevalent theme as buyside cost pressures mount o Need to keep key dealers happy with voice business, ahead of turbulent markets o Trading desk automation processes go beyond trade execution
** A FI EMS is not the same thing as a corporate bond e-trading EMS ** o Must cover the full trader workflow, including hedging, contingent orders, new issue, audit trail (but not necessarily “TCA”) o Some Innovative platforms/sources, but it’s tough to leverage those with existing tools o Regret/disappointment/anger after being forced into a sub-par FI EMS by equities businesses
Thanks to all for your time and views. I came away from the week energized and encouraged by the difference Adroit Trading Technologies has begun to make with the buyside in EMEA. We got the beat.
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Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
Mesh offers competitive pricing in the personal CRM market. Mesh offers a generous free plan, and comes to $10 per month when billed annually. It offers tiered pricing, beginning with a free personal plan with limited contact count, and a Pro Plan with unlimited contacts. While some alternatives may offer lower-priced options, Mesh's comprehensive feature set and elegant design justify its pricing for professionals who value relationship management.
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