Market-making
Deutsche joins Goldman in change of FX terms
German bank offers to share price-move gains with clients
Mifid drives ETF trading on to platforms
Best execution rules push Tradeweb ETF volumes up 32%, but smart order routers may alter trend
Volatility trap: how gamma roused a market monster
Rates market is exposed to some of the same factors that caused equity volatility to explode in February
Goldman discloses ‘speed bumps’ for forex clients
Past behaviour may subject clients to a 200-millisecond hold period, as US bank tries to avoid losses
Basel delay does not ensure global FRTB consistency
A European Parliament draft would let supervisors decide response to P&L attribution test fails
State Street uncovers a bond liquidity mystery
Bigger trades are cheaper, research finds – and investor analytics head, Mark McKeon, knows why
PKA’s CIO on risk transfer and factor investing
Risk30: Low volatility aids and hinders Danish fund
Prudential’s Silitch on the blindspots in Basel III
Risk30 profile: Post-crisis reforms have failed to fully address systemic risk, Prudential’s CRO warns
FRTB to create winners and losers on the buy side
Wider spreads could hit returns, but some funds eye opening in exotic and securitised markets
EU prop firm capital crunch could hit market liquidity
Traders claim they would be put out of business by bank-style capital rules
Is wholesale banking disruption-proof?
Fintech threatens market-making, research and wealth management, writes eCo Financial Technology CEO
US lawmakers divided over Volcker rule’s impact on bond liquidity
Both sides cite Fed data to support their interpretations of prop trading ban
Virtu’s bid for KCG stokes liquidity fears
Deal could result in less trading and lower exchange revenues
Lifetime achievement award: Yann Gérardin, BNP Paribas
Risk Awards 2017: Understated CIB chief helped build – and protect – today’s BNPP
Streaming liquidity provider of the year: XTX Markets
Risk Awards 2017: Ability to take risk and minimise market impact have helped the firm to build its direct liquidity business
Currencies flow market-maker of the year: XTX Markets
Risk Awards 2017: New-style market-maker defends old-fashioned virtues
Equities flow market-maker of the year: Citadel Securities
Risk Awards 2017: Chicago firm is trying to make the New York Stock Exchange more robust
Don’t keep up with the Kardashians
Dealers may have gifted the buy side an information edge
Pricing in the dark: how dealers lost their information edge
Asset managers may have an information advantage over dealers in bond pricing
‘Wrong type of liquidity’ spells trouble for energy hedges
Cyclical lull conceals structural shift as liquidity becomes shorter-dated and more flighty
SEC’s White ‘deeply concerned’ about bond market illiquidity
Agency to publish report on regulation and market liquidity in May 2017
Mifid II impact on energy liquidity sparks fiery debate
Regulators and industry clash over interpretation of Mifid II market-making rules at industry event
US-European rift deepens on leverage ratio
FDIC rebuffs European calls to allow netting of client clearing margin in leverage exposure measure
Floor trader confusion holding back new swap market-makers
Non-banks fear rules restrict non-cleared swap trading