Best FX Prime Brokerage

P&L Report Card This remains a strange area in many ways because while we constantly hear about clients being told they are not big enough for the prime broker to retain them, and of PBs cutting the client tail, just about every PB out there continues to affirm their commitment to building the business! Clearly […]
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P&L’s One to Watch in 2019

P&L Report Card In terms of banks seeking to make a move up the e-FX ladder the field has thinned out in recent years, mainly because so many have achieved their ambition to either rebuild or to establish themselves. The good news from this is that this report card can be very brief! Probably the […]
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Best Execution

This is undoubtedly the most competitive section in these awards, even more so given the efforts made across the board to enhance the client execution experience over the past year or two. The best execution experience is about much more than the actual trade of course, it starts with decision making, goes through the flexibility […]
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Best FX Platform

P&L Report Card The mood amongst the FX businesses on the street can be easily summed up by one comment from a senior manager that was repeated in various forms, several times over, during the demonstration process for these awards – “the bank sees the value in the FX franchise because it is less capital […]
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Best Multi-Asset Class Platform

P&L Report Card For a few years now, there has been a sense that regulatory reform – not least in the capital adequacy space, had destroyed the dream of the banks to build a world-class multi-asset, single-dealer platform. With trading being pushed towards regulated entities and banks reluctant to allocate more capital to underperforming businesses, […]
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Eye on the Client: The 2019 Digital FX Awards

If there was one takeaway from the demonstration sessions that form part of the process in judging these awards, it was the air of optimism amongst the bankers showing their wares. Probably for the first time in a decade just about every institution seen had budget for the coming year and, apparently, a pipeline of […]
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Best Structured Products Platform

P&L Report Card Structured products have become mainstream with the explosion in service providers offering second generation derivatives and other yield enhancing products. Most banks now offer a reasonable range of structured products and more and more are building out the ability to create your own basket. Mainly it has to be said, we are seeing this in the FX space – we are primarily a currency and derivatives magazine after all – but there are also some looking more closely at multi-asset structured notes.
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Best FX Prime Brokerage

P&L Report Card There are signs – and we should be whispering it – that the prime brokerage space is waking up again. Partly we suspect this could be because some prime-of-primes are revitalising the major providers (it could also be they are getting too good for the majors’ liking and the latter needs to spend more on keeping clients) and partly it is because they are done cutting the client tail and are now content to focus on better functionality for those remaining clients.
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Best Research Platform

P&L Report Card If there appears to be one area where MiFID II has been something of a fizzer it is research – or at least in FX terms it is. Few, if any, banks were concerned or had seen a huge impact on their output, generally speaking if required a client could be put behind a virtual paywall, or not permissioned for certain content. Others are happy to absorb the cost of research, meaning that for many clients not a lot has changed and for the banks, few have dramatically changed their business model.
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Best Order Management

P&L Report Card Although the algo is taking on more importance in terms of order management, the relatively slow take up, allied to more short term bursts of volatility, means that customers are refocusing their attention on basic order management. The trust issues that drove a wedge between some clients and the banking industry appear to be on the way to being, if not totally, solved, not least thanks to sometimes draconian oversight at the banks. Thus an old friend, the order, is making a comeback. Of course, if we were to be cynical we would say it is doing so because leaving an “at best” order neatly shifts the best execution emphasis back onto the bank!
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