Equities trading focus | Lynn Strongin Dodds
“Different players are taking various routes. Across the industry, I’m not sure the merging of these services will benefit the larger clients in the short term as these desks will continue to need specialists in each channel. This may change over time but that change will be very much client driven.” Chris Jackson, Citi
relationship across channel. We’ve responded to this view with a more co-ordinated and holistic, instead of product based, approach to providing liquidity and many of the value-added services such as analytics and TCA that clients are looking for. They tell us that access to liquidity should be the same regardless of the channel used. It’s the same with analytics.” The other significant development is
outsourcing. Until now, the focus was on the hiving off of equities trading technology with the biggest banks offering trading tools to mid-tier brokers. For example, last October, Deutsche Bank launched dbIntegrate, a product that offers execution, settlement and custody services to smaller firms. The landscape is shifting with Norwegian broker Christiania striking an agreement with execution specialist Neonet to farm out trade execution – an area previously seen as central to most brokerage businesses. Equally as game changing is if the reported arrangement of Société Générale and Accenture materialises. France’s second biggest listed bank by value is thought to be mulling over outsourcing 400 jobs in its back office operations to the consulting company. “Historically, it was the mid-tier firms who would significantly outsource their back and middle office operations,” says Julien Kesparian, head of UK sales at BNP Paribas Securities Services. “That
Best Execution | Summer 2013
is changing and we are now seeing the bigger banks doing so because of the combination of the regulatory impact, shrinking margins and the expense of running a back and middle office.” n
The number of custom-built AES® algorithms in Europe alone
377 …and counting.
Copyright © 2013 Credit Suisse Group AG and/or its affiliates. All rights reserved.
credit-suisse.com/aes
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