Dealer-run platforms face hard choices under Mifid II
Facing intense capital and balance sheet pressure, banks are looking to introduce more agency trading to their own platforms. The trouble is, incoming European regulations may not allow it – and the alternatives might force banks to exit certain businesses, or lure them into a legal minefield
For the best part of two decades, the single-dealer platform (SDP) has been a key strategic plank for Barclays, Deutsche Bank and others – a funnel designed to increase customer stickiness and flows, while also boosting margins. Simply maintaining them can consume several millions of dollars a year, according to people in the know, but it has largely seemed like money well spent. Now, the platforms' owners have some tough decisions to make.
Europe's incoming trading and transparency rules
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