A light in the dark
I recently spoke to Jim Toes, CEO of the Security Traders Association, about how the unprecedented number of issuer letters sent to the SEC about the access-fee pilot last year could be a sign that IR teams are getting more up to speed on market structure issues. He cited the increase in trading activity on dark pools as another issue IR teams need to be aware of. ‘Understanding where your stock is traded, why and by whom is a surprisingly hard question to answer,’ he told me. In our cover story for this issue, we explore what IR teams need to know about dark pools (see Stepping out of the dark).
In another lead feature, we’ll take you from where trading occurs to why, looking at how alternative data and machine learning are being used by investors to help power investment decisions (see Model returns). This is supplemented by a new regular feature in the magazine called Problem solver, where we pose an everyday question to three IR professionals and examine their different approaches. In this issue we explore how the respondents tackle ETF rebalancing.
This issue also has a strong regulatory focus. It’s almost two years since Mifid II came into effect and we’ve got several stories about everyone’s favorite EU financial regulation. On page 45, we look at the findings from IR Magazine’s latest research report on Mifid II (spoiler alert: European IROs don’t like it!), and on page 10 we take a holistic look at how the rule has been implemented during the last two years. Finally, on page 37 we explore how the rule change has impacted corporate investor relations teams in Asia.
If that’s not enough regulatory content to sink your teeth into, on page 32 we profile everyone’s favorite European corporate governance regulation: the Shareholder Rights Directive II. Too much regulation for you? There’s a dusting of cannabis and a look ahead to potential 2020 proxy season trends to help take the edge off.
As ever, if you have any questions or comments about the magazine, please do get in touch.
Ben Ashwell,
Editor
Winter 2019 features:
COVER STORY
Stepping out of the dark
Darks pools are a major challenge for IR professionals – but it’s a challenge that’s only going to increase, finds Andrew Holt
TECHNOLOGY
Model returns
Tim Human finds AI and Big Data transforming the investment process
PROXY PREVIEW
No going back on ESG and engagement
The US 2020 proxy season looks set to feature investor pressure on board diversity and political spending amid a variety of ESG topics – and uncertainty over how the SEC will play umpire on some proposals. Ben Maiden reports
REGIONAL FOCUS: NORTH AMERICA
A budding industry
As the cannabis industry continues to attract significant investment from retail investors, the importance of investor relations comes into focus. Ben Ashwell reports
REGIONAL FOCUS: EUROPE
Getting engaged
The Shareholder Rights Directive II hands new tools to investors and companies that want closer engagement, finds Tim Human
REGIONAL FOCUS: ASIA-PACIFIC
Mifid makes its way East
Andrew Holt finds the European regulation weighing heavily on small caps in Asia
RESEARCH REPORT
Global Roadshow Report 2019
The definitive guide to roadshow practices around the world, based on the responses of 456 IR professionals, including rankings of the most-visited cities and the most-used brokers
RESEARCH
Investors and issuers aligned on board diversity
Ben Ashwell looks into the latest IR Magazine findings on board diversity
Something to report
Andrew Holt discusses the key findings in IR Magazine‘s Reporting & Disclosure report
Investing in new investors
Garnet Roach looks at how much time IR professionals should spend courting new investors
Miffed with Mifid
Half of IROs do not take a kindly view of the far-reaching European legislation, reports Tim Human
AWARDS
Celebrate good times
A roundup of IR Magazine Award winners from the past six months
Tell me something I don’t already know
Capital market days can be a great way for IR teams to own the equity story, as long as they have something new and interesting to say. Ben Ashwell shares highlights from recent IR Magazine Award winners and nominees
Tech-ing it to the top
Garnet Roach reveals what makes for an award-winning approach to multimedia, technology and social media
BUY SIDE
In it for the long haul
Andy Nigg, head of US and global sustainable equities at J Safra Sarasin, chats to Gill Newton about his equity strategy and how he likes to meet with issuers
Regulars:
CAREERS
Should IROs be seeking higher pay?
IROs face increasing pressures, but are their salaries rising in line with these? Peter Taberner investigates
15 QUESTIONS
Q&A with Susan Lisa of Boston Scientific
Susan Lisa is vice president of investor relations at medical devices manufacturer Boston Scientific
SIX-MONTH REVIEW
Rolf Woller, head of investor relations, TRATON GROUP
After 12 years at Continental, the multi-IR Magazine Award-winner moved to the truck and bus division of Volkswagen ahead of its IPO
MIFID II UPDATE
A successful work in progress
Mifid II hasn’t brought the doom and disaster that some predicted – but there are still plenty of developments to come, says Andrew Holt
TECH TALK
What’s in a name?
Garnet Roach goes back to basics with the IR website
PROBLEM SOLVER
Understanding ETF rebalancing
In this new regular feature, IR Magazine asks three contributors to discuss how they respond when an ETF rebalances and it affects their index inclusion or – ultimately – their share price
COMMENT
Disruption to the capital markets is on the horizon
Linda Montgomery explains why IROs should learn about blockchain and digital assets
IR PAPERS
Airing your dirty laundry can irritate your investors
A roundup of academic research from the world of IR studies, as seen by Jeff Cossette
LAST WORD
Unlocking hidden value in GreenLandCorp
Laurie Havelock reimagines President Trump’s attempt to acquire Greenland as an activism case study
