Prime brokerage
Perspectives on 2014: Andrew Coyne, Traiana
With less than six weeks to go until European trade reporting requirements come into effect under Emir, getting the necessary plumbing in place must be front and centre for all market participants, says Traiana’s chief executive
Economies of scale create two tiers in FXPB
The high cost of operating in prime brokerage is the biggest challenge for less-established players looking to gain market share
BAML hires from Deutsche in prime brokerage
Luciana Miranda has joined Bank of America Merrill Lynch in New York to run futures and FX prime brokerage marketing
EBS and Thomson Reuters urged to rethink credit methodology
FX prime brokers say measurement of open positions on a gross rather than net basis exposes them to additional risk and reduces the effectiveness of controls such as the kill switch
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
Compressed margins put tight squeeze on FXPB
The combination of rising costs and increased competition in FX prime brokerage has led to a squeeze on margins, but as the business attracts a wider range of clients than ever before, there is still clear demand for those that can afford to keep…
FX agency model under threat from CFTC business conduct rules
Uncertainty around the scope of the relief granted by an April 30 no-action letter has led prime brokers to limit their executing brokers to principals for non-spot transactions, threatening the agency model in the US
FX prime brokers forced to terminate double give-up trades
Prime brokers have had to cancel four-way agreements for trades involving two buy-side firms, on the basis that a no-action letter issued by the CFTC on April 30 did not cover this type of business
Hedge funds benefit from lower prime broker fees
Hedge funds can lock in favourable rates for prime brokerage services as competition forces banks to rethink pricing, says former BlackRock managing director David Geffen who now runs a consultancy
Saxo Bank launches FX prime brokerage for institutional clients
The Danish bank will launch FX Prime on January 23, having developed the service in collaboration with MarketFactory
Citi bumps up awards tally to scoop eight categories
The launch in January of Velocity 2.0, the latest incarnation of Citi’s FX platform, has been a key driver of its success in a number of different areas this year, according to the bank’s FX management team
EBS adds to product team with senior hire
Eisso VanderMeulen joins Icap in New York to work on EBS product development
Hedge funds moving more assets into prime custody accounts with active management
A move to separate custody accounts since the financial crisis has turned into a major trend with hedge funds now placing a growing portion of their unencumbered assets with prime custodians.
The platforms of 2012: Hotspot FX
Knight Capital, the parent company of Hotspot FX, has endured a torrid month following a software glitch on August 1 that cost it $440 million, but Hotspot appears to have weathered the storm. In the second of a series of articles assessing the…
Mifid amendments threaten HFT platform access
A set of parliamentary amendments to the Mifid review threaten to ban ‘sponsored access’ – a popular route for high-frequency traders to access platforms without going through a prime broker
Credit Suisse loses head of FXPB
Paul Houston, Credit Suisse's London-based global head of FX prime brokerage, has left the bank
BNP Paribas expands in prime brokerage
Matt Pinnock will join in May as head of prime brokerage services for Europe and Asia
Digital Vega debuts Traiana’s updated credit and risk service
Post-trade technology provider Traiana has this week launched a new version of Harmony CreditLink to support FX derivatives, with Digital Vega's Medusa the first platform to roll it out
Banks continue to invest in FXPB, despite tough hiring climate
Widespread cost-saving initiatives and hiring freezes have led to a wave of high-profile redundancies in the foreign exchange market, but forex prime brokerage remains an area for investment because of the focus on clearing, say banks and recruitment…
Spotlight on: Tony Dalton, Bank of America Merrill Lynch
Bank of America Merrill Lynch’s global head of foreign exchange prime brokerage talks to Joel Clark about the growth of the bank’s FXPB offering since the 2009 merger and the challenges of preparing for clearing of FX options and non-deliverable forwards
Dispelling the myths of HFT
Central bankers can no longer ignore the impact of high-frequency trading on the FX market
FX Week USA: Prime brokers braced for change under mandatory clearing regime
FX prime-brokerage heads at BAML and UBS confirm their intention to ease operational challenges for clients under new regulations by offering a single point of entry both for cleared and non-cleared trades
FX Invest: Newedge hires in prime brokerage
Four join multi-asset brokerage to build prime-brokerage offering