Keeping you informed with the
latest industry news
ICYMI
In you case you missed it, here’s the top five global
stories from thetradenews.com over the last quarter
ment of risk for Japan’s financial
and capital markets,” said Peter
Rippon, CEO of OpenGamma.
“This track record makes them
ideal partners and catalysts for our
mission of enabling derivatives
users to make smarter trading and
clearing decisions.”
1
Top banks team up for bond platform
BNP Paribas, Bank of America Merrill Lynch, Societe Generale and Credit
Suisse have teamed up with Origin to launch an electronic trading
platform for the €1 trillion private placement bond market. It allows
dealers to receive targeted funding levels from issuers on a single
platform and allows users to foster new relationships through cloud-
based technology and bank-grade security.
2
Rise of AI
By 2025, artificial intelligence (AI) technology will reduce the number
of employees in asset management globally by 90,000, according
to research. The report, authored by consultancy Opimas, also
predicted 230,000 jobs in capital markets will be lost over the same
amount of time.
3
Banks downsize client clearing
A handful of major European banks are significantly reducing their
exposures to client clearing of derivatives, as regulatory pressures
force banks to rethink the business. According to latest FCM figures
from the US Commodity Futures Trading Commission (CFTC), banks
including Deutsche Bank, Barclays and Credit Suisse have dramatically
reduced the amount of client segregated assets they hold for clearing.
4
Options market making shuts down
Interactive Brokers will discontinue its options market making busi-
ness globally after 25 years of operation, shifting focus towards its
brokerage platform. Chairman and CEO, Thomas Peterffy, explained,
“it’s been painful for me to see it deteriorating in the last few years.
“But we do not have a choice in this matter.”
5
JP Morgan poaches Deutsche heads
JP Morgan has poached two of Deutsche Bank’s senior trading technologists, as it looks to further strengthen its electronic trading unit. The
US bank has hired David Winig as global head of market data services
and electronic trading infrastructure, and Leon Sirota within its fixed income, currencies and commodities (FICC) technology team in New York.
