New Caplin white paper ‘Trading On The Move’

Caplin Systems has published a new white paper entitled Trading On The Move, which examines the growing demand for, and use of mobile devices in the capital markets.

The paper authored by Patrick Myles, Caplin CTO explores the mobile revolution and looks at how it is being applied to the capital markets.

Drawing on results from a recent Caplin Systems e-Trading survey, the paper identifies current supply-demand imbalances between what the buy-side say they want, and what the sell-side think their clients want, compared to what they currently provide to clients.

Responses from the survey suggested that: Continue reading

Regional banks upgrading single-dealer platforms to protect and grow market share (according to new research from Celent)

Interesting new research paper from Celent; FX Trading Platforms: Models Converge, and Competition Heats Up, examines trends in the FX markets, the blurring of traditional market structure boundaries, the evolution of Single-Dealer Platforms, and looks at the growing competition between platforms.

Some of the themes the paper are: Continue reading

Are regional banks ready to offer mobile trading?

Top tier banks have been offering mobile solutions to their institutional clients for a while now, ranging from research and indicative pricing, through to enabling clients to manage existing and in some cases placing new orders. With early compliance and security concerns having been addressed, banks such as Citi and JP Morgan are providing full mobile click and trade functionality.

But what about regional banks, what is their attitude towards mobile trading for corporate customers?

Here at Caplin, we are certainly seeing interest from a number of Continue reading

BofE FX Survey data: FX vols recover in April 14 at $2,758bln/day (+6.6% on Oct 13, and -8.8% YonY) – interesting trends

The Bank of England today released their latest semi-annual FX turnover survey results for April 2014.

Highlights on London FX volumes for April 2014

  • FX vol  of $2,758bln/day, +$171bln/day, which is +6.6% from Oct13 (although still -8.8% YoY)
  • MDP vol of +15% from Oct13 at $362bln/day (+4% YonY)
  • SDP vol -8% from Oct13 at $309bln/day (-16% YonY)
  • Ratio of SDP/MDP vols at new low of 85% from 107% in Oct

Below are full details, charts and some interesting observations on the data. Continue reading

Caplin’s ‘award winning technology’ helping regional banks accelerate delivery of SDPs

We have discussed before how regional (commercial) banks have been ‘upping their game’, investing in talented e-commerce people, enhancing their back-end pricing technology and importantly investing in new client facing single-dealer platforms (SDPs).

As a result of this focused investment, regional banks have been steadily gaining market share, sometimes at the expense of the large global banks as they deliver ever greater value to their client franchise through their SDPs.

This trend can be clearly seen in the chart below Continue reading

FICC broken business model? Barclays down.

Further evidence that the FICC business model of investment banks appears to be ‘broken’ came today with Barclays announcing a 41% decline in FICC revenue.

By contrast UBS, who also reported today, and who for the past two years have been scaling back much of their FICC business reported a small 8% drop in FICC revenues compared to Q1 2013. With its Investor Client Services (ICS) group (slide 12 in the results), which includes Fixed Income, FX rates and credits, showing a very impressive 30% increase on 4th quarter 2013.

The confluence of regulatory changes coming from Dodd Frank and EMIR as well as the increased capital costs under Basle and the ban on proprietary trading imposed by Volcker rules, have resulted in investment banks recalibrating their operating models. Many are pulling back from or ceasing to operate in capital-intensive businesses.

As a result, banks like Continue reading

Danske Bank launches new SDP

Danske Bank has launched a new Single-dealer platform, and joins the growing rank of regional banks investing in SDPs designed to protect and grow their client franchises, by creating a strongly branded client-centric ‘relationship channel’ for their clients.

According to EuroMoney’s 2013 FX league tables, Danske are ranked 22nd globally, and according to Danske’s website are the top ranked FX bank in Scandanavia.

The new FX single-dealer platform called Danske OneTrader , is aimed at their corporate and institutional clients, and was unveiled last month at the ACI conference in Berlin.

Talk of the new platform came just over a year ago when Continue reading


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