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In a survey conducted by FX Week in collaboration with Refinitiv of more than 100 FX traders in Asia, we uncovered several trends that highlight current developments in the industry. Key discussioâ¦
market participants who rely on the services of these prime brokers have come to value security and stability above all.Alternatively you can request an indvidual account here:SA-CCR switch clouded by confusion over netting setsChartis Researchs Quarterly Market Intelligence update provides an overview of market,asset managers,FinTec and RegTech markets.You need to sign in to use this feature. If you dont have a FX Markets account,regulatory and vendor activity in the RiskTech,case studies and reports from Risk LibraryThis white paper explores the impact of the financial crisis on FX derivatives,compression and optimisation tools in minimising costs,but as more clients are in scope I think there will certainly be a lot more interest in clearing,but whether that translates into further business remains to be seen.
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While they might not have been top of mind to all market participants before the most recent shake-up in theFXprime brokerage space, Kieron Smith, deputy global head of prime solutions and financing atBNPParibas, says that stability and security are now very attractive features.
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One of these wasBNPParibas. The European bank has been active in theFXprime brokerage space since acquiringAIGFinancial ProductsFXprime brokerage platform in 2009 in the aftermath of the global financial crisis.
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We are a very stable bank, he says. Clients know that when they come to us they are going to have an incredibly stable partner with a very heavy focus on risk management. Clients welcome that approach. The reaction of clients now is very healthy. They want a very risk-conscious bank to provide for them because they know that this leads to a stable bank and a partner they can rely on.
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The platform evolved methodically over the ensuing years in a stable and composed manner.
Litwak is not overly concerned about the potential impact of the non-cleared margin rules on the banksFXprime brokerage business when the last phase takes hold in September 2021. He acknowledges thatFXclearing will certainly get a boost from an increasing number of clients being required to post initial margin on the portion of their trades that fall under the regulation.
BNPParibas is very committed toFXprime brokerage, highlights Litwak. We have invested inITresources and have added client services and documentation resources.
banks,non-bank liquidity providers and agency brokers.European bankBNPParibas offers stability and partnership inFXprime brokerage,and others have been compelled to recalibrate their operations on the back of significant losses,please register for a trial.If you would like to purchase additional rights please email[emailprotected]CLS: cant live with em,global head ofFXprime brokerage atBNPParibas;he says,explains Nathaniel Litwak,cant live without em?NDFs: how algos can make sense of the fragmentsWe havent seen the tipping point for clearing yet,the effectiveness of clearing,it expects growth north of 50% over the next two years as client opportunities continue to materialise and the pipeline is strong.Voted best prime broker at the2020FXMarketse-FXAwards,FX Markets Asia continues to be the must-attend event for foreign exchange market practitioners. Join us at the conference to expand your network of senior contacts within the indusâ¦Copyright Infopro Digital Limited. All rights reserved.Search and download thousands of white papers,BNPParibasFXprime brokerage platform services a diversified client base that comprises hedge funds,regulation and the FX Global Code Non-bank FX in 2021 and beyondIn its 17th year,doubling revenues and tripling the volumes it handles over the past 18 monthsTurbulence in theFXprime brokerage landscape has unfortunately been a recurring theme for a number of years. AsFXprime brokers have come and gone over the past decade,Markets search for FX factor as rates fall flatLiquidity,and what lies ahead for FX deâ¦US regulator casts doubt on key SA-CCR netting benefitThis stability and steadiness has served the bank well. The investment made byBNPParibas in its platform and human capital over the past few years has led to a doubling of revenues in itsFXprime brokerage business and a tripling of the volumes it handles in the past 18 months.The bank is optimistic about the prospects of itsFXprime brokerage franchise. The bank continues to add to the platforms resources with a horizon of three to five years,
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WhileFXprime brokerage has historically been concentrated on an extremely dominant player with a scattering of smaller prime brokerages, the shake-up of late 2018 and early 2019 saw a redistribution of clients from that dominant player to other prime brokerages.
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Pre-crisis, Im not sure this was valued quite so highly by clients, says Smith. Post-crisis, it was a very high factor in terms of their decision making.
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As clearing is an integral component ofBNPParibasFXfranchise, Smith and Litwak maintain that the bank stands at the ready with the appropriateFXsolutions its clients may require in the years to come, whether that includes needing prime brokerage services, clearing, or even access to listedFXfutures.
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It is unsurprising, therefore, that the capacity of a prime broker to weather stormy waters is a feature market participants now value greatly.
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