In moving away from bilateral relationships, a new wave of market participants has emerged to mutualise risk. The convergence of exchange traded and over the counter derivatives, and the adoption of central clearing is changing Europe’s trading landscape once more. New exchanges and clearing houses have flourished and consolidated, and are likely to consolidate further.
Central counterparties are upgrading their risk management capabilities. Exchanges are adopting new business models to ensure they are the destination of choice. Tight margins and growing fee pressure mean all players require an intelligent response that is fuelled by greater insight into current and future profitability.
The role of voice, electronic and hybrid broking models continues to evolve across the regions. Regulatory expectations are increasing across conduct and culture, monitoring and surveillance and setting higher standards in the market place.
Our capital markets team works side-by-side clients on understanding these challenges and finding the right way forward to manage the uncertainty that surrounds these areas. We help them understand the implications of future change.