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As financial institutions fight to survive in the post credit crunch climate, they are reviewing the serious challenges they face as they come to grips with new priorities in risk management across the enterprise. No longer just a middle office function, risk management is becoming the heart of financial institutions, driving business practices and governing the future direction of the industry.
They may be complex and burdened with a bad reputation at the moment, but derivatives are here to stay. Although Bank for International Settlements figures indicate that derivatives trading is down for the first time in 10 years, the asset class has been strongly defended by the banking and brokerage community over the last few months.
Whether they accept it or not, sell-side institutions are finding themselves in the unfamiliar role of information technology vendor. The adoption of algorithmic trading models by buy-side firms of all shapes and sizes is shifting trading strategies, and the technology infrastructure to supply and support them, from the realm of nice-to-have appendage to must-have service offering.
The lack of a single, holistic view of enterprise risk among financial institutions has been identified as a key factor in the ongoing financial crisis. With data organized along business lines – largely on a silo basis – risk managers have been merely measuring the risk of firms’ vertical operations, rather than truly managing it. The result has been a lack of real information on holdings, exposures and counterparties, and an incomplete view of enterprise risk.
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
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The Who, What, When and Why of the Alternative Liquidity Venues
Welcome to the inaugural edition of the A-Team Alternative Trading Systems Directory. As with our sister publication – the A-Team Algorithmic Trading Directory – we have set out to describe and define a specific segment of the electronic trading marketplace, in the hopes of helping practitioners navigate the increasingly complex world of alternative liquidity venues.
Since we conceived the idea of a directory of alternative trading systems – that is, of electronic trading platforms that offer alternative liquidity venues from the world’s primary exchanges – the execution venue landscape has expanded significantly. This has been particularly true in Europe, where the EU’s Markets in Financial Instruments Directive (MiFID) has spawned a host of Multilateral Trading Facilities (MTFs) and encouraged the proliferation of both independent and broker-sponsored dark liquidity venues, or dark pools. In short, the ATS landscape has become more complex and confusing than ever.
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