E-Forex_UK_April

Top shops - big winners! What’s driving improved service and product innovation in FX prime brokerage? >>>
of Morgan Stanley’s services. Our client tools are really
seamless, so there is one margin call, one set of reports,
and one website which provides access to everything.”
At UBS, the continued investment in front to back
FXPB capabilities has meant a recent focus not only
on continuous improvement in areas such as client
reporting, collateral management and exception
management, but also on further integration with
other parts of UBS Prime Services, such as Equity
Prime Brokerage, ExchangeTraded Derivatives and
Fixed Income Prime Brokerage.
Pla says: “Clients will increasingly look to partner with
providers who can provide comprehensive market
access for both multi venue execution and clearing.
The latter will grow increasingly important as central
clearing initiatives gather momentum and co-exist
with traditional OTC clearing services.” Chris Hansen
“We value the client from front to back. It is not as if eachThe trend towards multi-asset prime brokerage, and
silo has to be separate revenue generator we look at thethe need to access different markets, such as interest
total contribution of the client ﬂow from front to back.”rates, ﬁxed income and futures products, alongside
FX, has given rise to a demand for cross-margining,
according to Coyne. “If the client’s business needs look at the total contribution of the client ﬂ ow from
access to different markets, the most important front to back.”
requirement they have is cross-margining,” he says.
Last year, Deutsche Bank began a major restructuringCiti has evolved, and continually improved, its FX
initiative across its Autobahn trading platforms, FXprime brokerage offering to meet these demands and
and listed clearing business, and post trade servicesuses a Value at Risk model to margin across multiple
business, merging its sales coverage teams andasset classes. Coyne says: “We have been improving
infrastructure into a single unit aptly named Globalthe margining models over the years and although the
Client Solutions.The FX prime brokerage business iscross-product margining has been in place for some
a key component of this combined business line.time we continue to improve that as well.”
Jason Vitale, head of FXPB at Deutsche Bank,But Coyne adds that not all clients are looking for
says that the bank has merged its offering to suitmulti-product solution and for this reason, Citi
any number of client types and requirements.focuses on bringing the products together to make it
The Deutsche Bank FXPB platform is intricatelywork like a single service.
linked with DB’s listed futures and options business
and Deutsche Bank’s managed account platform,Aligning with client needs
dbSelect. “This means that clients are not taken off
into individual service silos,” says Vitale. “Under oneChris Hansen, global head of Deutsche Bank’s cross
umbrella, we can provide them access to assets, multiasset client clearing business, dbClear, says that the
product execution, FX and listed clearing, and uniquebank is reﬂecting its offering to align with its clients’
cash management solutions.”needs for things such as deep and liquid direct market
execution, access to assets, and a robust clearing and
“We have moved from a very segregated approachsettlement solutions, within an integrated platform.
where we were offering FXPB in isolation. Now we are“We are trying to mirror the needs of our clients
fully leveraging other areas of Deutsche Bank’s globalfrom a platform and asset gathering perspective,” says
franchise, providing one cohesive state to the client.Hansen. “This positions us differently from other
From servicing pension funds and hedge funds toplayers and away from their siloed approach.”
high frequency algorithmic traders or retail aggregator
accounts, we have various tools and services which“We value the client from front to back. It is not as
clients can mix and match to create an intelligentlyif each silo has to be a separate revenue generator we
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