FEATURE
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“Te aim is to enable our clients to obtain access to sales, trading and research and share information and knowledge across the enterprise. Te vision is for a rich web portal, accessible via our proprietary platform NomuraLive that offers a highly customizable, intuitive customer experience,” says Mark Burroughs, executive director, FX Electronic Markets Sales at Nomura in London.
Burroughs says developing social media tools will enable Nomura to more closely connect with its clients, thereby boosting potential revenue streams. “Tis is an environment where revenues are hard to come by and competition is fierce. Social media allows us to deliver the firms expertise through one venue and allows clients to turn ideas and intentions into real transactions quickly and efficiently,” says Burroughs.
Extending services to clients
Nomura is not alone among sell side firms extending social media services to clients. Saxo Bank, the FX online trading specialists, has launched iPad and iPhone apps while BNP Paribas, the French investment bank, launched its MobileMarkets iPhone and iPad applications this year, using OpenSocial technology. BNP Paribas’s roll-out of the hand-held
applications enable clients of the French investment bank to obtain mobile access to its GlobalMarkets electronic commerce platform, and perform tasks such as downloading research items.
Clients downloading the apps are able to tailor their mobile portal by downloading mobile widgets to create a variety of screens to suit the profile of their interests. BNP Paribas’s Currency Radar and FX Forecasts are among the most popular services to be downloaded on to hand-held devices, according to the French investment bank.
Meanwhile, FX industry sources say that UBS, the investment bank, has launched a trading platform which – in terms of its look and feel – resembles Facebook, the leading social networking website.
Morgan Stanley named its electronic commerce platform “Matrix”. Te single dealer portal, which provides its clients trade ideas, historical data, pricing information, charting functions, market commentary and trading applications can be viewed by users using handheld applications. Users can obtain access to the Matrix portal via iPhones and iPads, enabling them to use multimedia tools to digest the latest research published by the US investment bank.
Need to innovate
Basiuk says that while this method of delivering research to Morgan Stanley clients is currently a way by which the US investment bank differentiates itself from rival firms, he believes it will become standard industry practice in the future. “Investment banks will have to innovate. For example, sending out e-mails with PDF files attached with research that nobody now reads is surely pointless,” says Basiuk. “Te social media format far better suits people’s desire to consume information, and their attention spans.”
Ralitza Fortunova
“Te definition of a social network is essentially a network that is made up of people and organisations that are connected by a specific interdependency.”
32 | january 2012 e-FOREX
According to Basiuk, another consequence of FX institutions using multi-media to make news announcements and interact with clients will be that senior executives assume a more public role, acting as spokespeople for their firms on the important issue of the day. Tis would represent quite a significant culturally change, given financial institutions’ conservative approach in projecting their corporate image.
Brock Arnason, Matrix product manager at Morgan Stanley in New York, says the US investment bank
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