P&L Report Card: Did anything happen in the prime brokerage space last year? For the second year in a row, developments in this field were few and far between, which probably indicates the focus on making sure risk systems are fully up to scratch on the part of providers. It obviously started with SNB Day, but has continued with a few further market events, and as a result the major PBs have not only continued to cut some of the tail risk among their client bases, but they have increased their monitoring of existing clients as well.
P&L Report Card: Structured products continues to represent a broad church – there is a focus on FX structured products here, but it should not be ignored that it is also about wider investment products and the ability to build a basket of investments.
Clearly any bank with a healthy private client franchise is going to score well here and indeed UBS’s structured products sit very well within Neo. Credit Suisse, likewise, continues to keep pace and users like its Index functionality, which two years ago added basket building capabilities, a la Barclays, to its suite of services.
In broader society, the year 2016 was a dichotomy – it was a horror year in terms of global celebrities passing away, especially musicians, but it was a great year if you are a fan of sports teams like Leicester City or the Chicago Cubs.
Likewise, it could be easy to claim that 2016 was a horror year for e-FX in terms of product development and budget for anything other than compliance and regulation; however, there were pockets of optimism in the industry. It should also be noted that in terms of product delivery, the slowdown is natural and should have been expected – after all, if you already offer most products and services it is difficult to add to them.
Structured products continues to represent a broad church –
there is a focus on FX structured products here, but it should
not be ignored that it is also about wider investment products and
the ability to build a basket of investments.
Last year we noted how competition levels in FX prime brokerage
dropped sharply and expressed the hope that they soon recover,
if not to prior levels then at least part of the way.
Therefore it is pleasing to report that ...
At the risk of sounding like a broken record we continue to
believe the appetite for research is changing. There is still
interest in content, but especially in markets so skittish how users
are consuming research is changing.
There are ...
There is so much emphasis on best execution, sourcing liquidity
and justifying actions in this world – most of which falls to the
algo execution teams to deliver – that there is a feeling this should
be our new top award!
The post-trade space more than any other seems destined to be
driven towards a utility model, which in turn means fewer
opportunities for innovation and even differentiation.
That said, as
has been proven by our winner in this category over ...
This award remains about information and interaction. Traders
need more information than ever before and they need it in an
easy to read format, preferably on the same desktop (or mobile
device) as their pricing.
This means a clean dealing ...
It is something of a strange time for hedge funds, because while
last year we noted that the community has not been at the
forefront of all banks’ thinking, over the past 12 months some have
seen themselves almost totally discarded ...