Market makers – Chateau Langeais http://chateaulangeais.com/ Wed, 24 Nov 2021 01:47:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://chateaulangeais.com/wp-content/uploads/2021/10/icon-92-120x120.png Market makers – Chateau Langeais http://chateaulangeais.com/ 32 32 South Korean FSS could ease fines or sanctions on market makers https://chateaulangeais.com/south-korean-fss-could-ease-fines-or-sanctions-on-market-makers/ Wed, 24 Nov 2021 01:47:03 +0000 https://chateaulangeais.com/south-korean-fss-could-ease-fines-or-sanctions-on-market-makers/ [Source: Financial Supervisory Service] South Korea’s financial watchdog could relax fines or sanctions on brokerage houses for alleged irregular market-making practices that were all but shut down on local stock exchanges after the rare sanction was alerted. Financial Supervisory Service (FSS) Governor Jeong Eun-bo, in his meeting with representatives of brokerage houses on Tuesday, said […]]]>

[Source: Financial Supervisory Service]

South Korea’s financial watchdog could relax fines or sanctions on brokerage houses for alleged irregular market-making practices that were all but shut down on local stock exchanges after the rare sanction was alerted.

Financial Supervisory Service (FSS) Governor Jeong Eun-bo, in his meeting with representatives of brokerage houses on Tuesday, said the government “will abide by securities firms’ self-correction measures after disclosing the survey results “.

The meeting was attended by Na Jae-cheol, chairman of the Korea Financial Investment Association, Choi Hyun-man, vice chairman of Mirae Asset Securities, and Jung Il-moon, managing director of Korea Investment & Securities.

Most of the 14 brokerages named as market markers have opted out of their roles since September after nine were warned of a combined fine of 48 billion won ($ 41 million) for disrupting the order of the market through unsuitable offers and offers.

Market making brokerages act to stimulate trade in a target stock by quoting back and forth or showing the bid and ask price of the stock during trading hours on the exchanges. .

He pointed out that the FSS will improve its 24-hour on-site audit system to help risk-vulnerable sectors detect risks in advance and deal with them effectively.

Jeong also discussed with executives how the FSS can help improve the profitability of the country’s retirement pensions by actively helping financial companies find better solutions to improve profitability.

By Moon Ji-woong and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]


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Razor-sharp, crypto market makers are the new places to be https://chateaulangeais.com/razor-sharp-crypto-market-makers-are-the-new-places-to-be/ Fri, 12 Nov 2021 13:59:00 +0000 https://chateaulangeais.com/razor-sharp-crypto-market-makers-are-the-new-places-to-be/ Forget about hedge funds. Maybe even forget about working for established electronic market makers like Jane Street and Citadel Securities. In the New World Order, it’s all about working for a crypto market building company. As crypto and decentralized finance take off, headhunters claim that crypto market-building firms are adding top people across the market […]]]>

Forget about hedge funds. Maybe even forget about working for established electronic market makers like Jane Street and Citadel Securities. In the New World Order, it’s all about working for a crypto market building company.

As crypto and decentralized finance take off, headhunters claim that crypto market-building firms are adding top people across the market and hedge funds are being left behind. “Hedge funds, who don’t care about hedge funds,” says a former FX professional working in the field. “It’s the crypto market-making companies that matter. Hedge funds are all five years behind.”

The crypto market making ecosystem is diffuse, with different players in different markets. In London, Wintermute Trading is important and B2C2 is growing, as is Enigma Securities. Globally, major players include GSR (recruiting in the US, London and Singapore), Kraken or Kairon Labs (based in Belgium), among others. Most are recruiting. Jobs can be very lucrative indeed.

“Almost all of these crypto market-building companies have big deposits of money,” said a local headhunter, speaking on condition of anonymity. “They pay at least twice a year, and often every month.”

London-based B2C2 was founded by Maxime Boonen, a former associate swap trader at Goldman Sachs, who left to set up the company in 2015. She has just moved to a new office in London and has hired 64 people this year, more than double the 56 employees 12 months ago. Many of his new hires have investment banking backgrounds, including Kento Yamazaki, former OTC derivatives analyst at JPMorgan, who has joined Tokyo; or Tom Durrant, a former Morgan Stanley salesman, Fenni Kang, a former Barclays quantitative trader, or Sukvinder Banwait, a former middle office analyst at Goldman Sachs – all of whom have moved to London.

Crypto market makers also tend to hire systematic hedge funds or e-commerce companies like Optiver. Wintermute hired Adam Roberts from Systematic GAM in June. Enigma Securities hired Roy Tse, its US COO of Waterfall Asset Management in April.

Historically, Mike Burton, a crypto headhunter at research firm Figtree, claims that many people joining crypto market makers had no background in finance. “The vast majority of crypto traders at this point have evolved into their own ecosystem from highly and highly technical academic backgrounds and AI / ML developer groups,” Burton explains. “Remember, this generation of crypto believers has a set of beliefs that are often incompatible with working for banks.”

This changes as the manufacturers of the crypto market expand. “More and more, we are seeing crypto firms willing to hire people with no specific experience selling or trading crypto, but who are willing to take the tradfi leap,” Burton adds. “In a lot of cases, they’ll have a very derivative focus, whether it’s currencies, commodities, or stocks. Less in the rate space where duration is so relevant – but as long as they’ve entered privately. in the crypto rabbit hole, they might fit. It’s more about being a believer. “

Sniffing out an opportunity, headhunters flock to the area. Toby Hill, a crypto recruiter at Selby Jennings, said the demand for people capable of working on crypto trading algorithms is increasing at an “unrealistic rate” as hedge funds and electronic market makers also jump in. in the asset class. Many are asking for three years of validated experience, says Hill – although this is unrealistic given the dearth of candidates who meet those criteria.

Crypto trading is not risk taking. Burton says crypto market makers are fundamentally averse to risk and that is arbitrage. “For many crypto market makers, taking any kind of significant directional risk is not their game,” he says. “They have very high quality algo models that allow them to arbitrate between sites and time zones and base trading with futures. In a super volatile asset class with a huge amount of liquidity in the private wallets that come in and out of traditional exchanges and OTC traders you cannot be overly directionally exposed.

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Photo by Zoltan Tasi on Unsplash


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Opinion: Citadel’s Ken Griffin calls accusations his market makers colluded with Robinhood a “bad comic joke” https://chateaulangeais.com/opinion-citadels-ken-griffin-calls-accusations-his-market-makers-colluded-with-robinhood-a-bad-comic-joke/ Wed, 10 Nov 2021 19:57:00 +0000 https://chateaulangeais.com/opinion-citadels-ken-griffin-calls-accusations-his-market-makers-colluded-with-robinhood-a-bad-comic-joke/ Ken Griffin may not have finished hearing about the #KenGriffinLied meme on social media. In an interview Wednesday morning at the Dealbook Online Summit, the billionaire founder of hedge fund Citadel LLC and market maker Citadel Securities lashed out at his legion of hateful retail investors on social media who continue to believe that he […]]]>

Ken Griffin may not have finished hearing about the #KenGriffinLied meme on social media.

In an interview Wednesday morning at the Dealbook Online Summit, the billionaire founder of hedge fund Citadel LLC and market maker Citadel Securities lashed out at his legion of hateful retail investors on social media who continue to believe that he played a key role in the abrupt end. the chaotic January contraction in stocks even like GameStop GME,
-3.59%
and others.

When the idea is emphasized that Griffin is sitting in the middle of the memes stock market movement and many retail investors believe his role as a ubiquitous market maker stems from the Robinhood HOOD buy orders,
-6.02%
and other commission-free trading platforms while running a massive hedge fund, creates a situation where he wields too much power, Griffin said.

“Most people I deal with love the fact that as a retail investor you trade instantly and get a better price in return,” said Griffin, championing the controversial pay-for-flow practice. orders.

But while many retail traders now want this practice to be scrutinized by the SEC and other regulators, their real problem with Griffin comes from seeing him as an almost Rasputin-like figure in the decision to Robinhood to restrict trading on GameStop shares on January 1. 28.

Because Citadel Securities uses payment for order flow to pay for the privilege of executing more than half of Robinhood’s trades, this is a key source of application revenue, and the importance of this The relationship fueled conspiracy theories that Citadel Securities executives relied on Robinhood to end the short squeeze by banning users from buying meme shares.

Citadel LLC’s $ 2.75 billion investment in / bailout of Melvin Capital, the hedge fund run by target retail investor Gabe Plotkin, fanned the flames of these theories, as did a modified lawsuit filed in Florida on September 21 on behalf of a group of retail investors. who claimed to prove that Robinhood executives were talking to their Citadel Securities counterparts a day before the restrictions were announced.

An SEC investigation into GameStop’s shortening found no evidence of collusion, which Griffin and his team have publicly celebrated.

Griffin spoke out on his experience in the center of the storm on Wednesday.

“The whole GameStop conspiracy theory, I mean it’s come and gone,” Griffin said, revealing that he doesn’t spend a lot of time on Reddit. “It was fascinating to be at the center of this conspiracy.”

When asked what that does, Griffin looked at both his detractors and a certain New York-based TV show.

“It was like a bad comedy joke,” Griffin replied. “It was like a Saturday Night Live skit the whole time.”

But apparently Griffin was not at the forefront of the conspiracy. He said on Wednesday that he doesn’t have a Twitter account and that “people are just coming to tell me what’s going on.”

Those folks will have been busy Wednesday afternoon as retail social media investors pilloried Griffin’s appearance, a predictable outcome because inviting Ken Griffin to talk about the stocks meme is, for many, asking Kanye. West what he thinks of the Kardashians.

“Ken Griffin lied (again),” read the headline of a popular r / AMCStock subreddit post on Wednesday afternoon.

On Twitter, the takes were more visual:

Despite several social media threads pledging to use Griffin’s comments as more fodder for their favorite actions, GameStop and AMC Entertainment AMC,
-4.11%,
were down more than 4% on Wednesday afternoon.

Griffin also shared his growing concerns about inflation, his advice to the White House that the fiscal stimulus has gone too far, his continued cryptocurrency skepticism and a new pledge to spend some of his fortune. to defeat Illinois Governor JB Pritzker, with whom he publicly opposed what Griffin sees as the political destruction of his hometown of Chicago.


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On DFM, now is the time for market makers to cash in https://chateaulangeais.com/on-dfm-now-is-the-time-for-market-makers-to-cash-in/ Sun, 07 Nov 2021 05:46:18 +0000 https://chateaulangeais.com/on-dfm-now-is-the-time-for-market-makers-to-cash-in/ DFM as a market and as a business is a hot ticket. Image Credit: Virendra Saklani / Gulf News Dubai’s decision to list government and semi-government companies is expected to take Dubai’s financial market to the next level. A stock market needs the presence of blue chips to attract investors. Currently, banking and real estate […]]]>

DFM as a market and as a business is a hot ticket.
Image Credit: Virendra Saklani / Gulf News

Dubai’s decision to list government and semi-government companies is expected to take Dubai’s financial market to the next level. A stock market needs the presence of blue chips to attract investors. Currently, banking and real estate constitute an important part of the index, which is why the new quotations will allow better sector diversification.

In the Middle East, large SOEs are seen as stable, well-managed, and shareholder-friendly. Already, reports suggest that DEWA (Dubai Electricity and Water Authority), valued at $ 25 billion, will be the largest list on record in the emirate for now.

Equally important is the decision to create a MAD 2 billion market making fund, which will help increase liquidity in the Dubai stock markets. On DFM or generally in the Middle East, trading volumes are still low by international standards, and even blue chip stocks suffer from low liquidity. Low volumes increase market volatility and also increase the severity of a stock market crash.

On the other hand, good liquidity will attract international investors with deep pockets, as it helps to reduce transaction costs and allows easy entry and exit of trades. It’s a chicken-and-egg scenario that can only be solved by appealing to market makers. The move from Dubai will strengthen DFM’s long-term profile and make it more representative of the local economy.

And finally, it puts an end to the rumors of merger between ADX and DFM. Instead, the new round of initiatives shows the Dubai government is serious about DFM at higher heights.

So that brings us to the next big question; Which companies will be the immediate beneficiaries of the current movement. The most obvious is the Dubai financial market, and stock market shares have already risen 39% in recent trading sessions. Volumes on the stock exchange will benefit from a considerable increase, and revenues are already on the rise and should reach 270 million Dh in 2021 and against 187 million Dh in 2019.

The listing of large companies like DEWA should be another tailwind. In addition, DFM, with a market capitalization of Dh 11.12 billion, is fundamentally sound, with a net cash reserve of Dh 3.2 billion.

Two other companies that will benefit are BH Mubasher and Al Ramz Securities, which offer brokerage services. BH Mubasher was already showing good growth in 2020 when it posted the highest turnover since its inception. The company’s vision is to be a full-fledged boutique investment firm. It is the first company on DFM to obtain a short-term margin trading license and is also approved as a Securities Lending and Borrowing Agent (SLB).

Al Ramz also turned around its financial performance, with revenues growing strongly in the last quarter. It acquired the market making business of Shuaa Capital in 2020. With Dubai very focused on improving transaction volumes, the market making business is expected to thrive. The company also plans to repurchase nearly 10 percent of its issued shares, which gives some reassurance.

These companies have an exciting road ahead, and investors should watch …


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Bloomberg and CFETS jointly offer indicative market maker prices on Southbound Bond Connect https://chateaulangeais.com/bloomberg-and-cfets-jointly-offer-indicative-market-maker-prices-on-southbound-bond-connect/ Tue, 26 Oct 2021 09:48:03 +0000 https://chateaulangeais.com/bloomberg-and-cfets-jointly-offer-indicative-market-maker-prices-on-southbound-bond-connect/ Chinese onshore investors can now access indicative market maker prices using Bloomberg Southbound Bond Connect solutions in real time via the CFETS bond trading platform Shanghai, Hong Kong – WEB WIRE – Tuesday, October 26, 2021 In collaboration with the China Foreign Exchange Trade System (CFETS), Bloomberg announced that the indicative prices of Hong Kong-based […]]]>

Chinese onshore investors can now access indicative market maker prices using Bloomberg Southbound Bond Connect solutions in real time via the CFETS bond trading platform

Shanghai, Hong Kong – WEB WIRE

In collaboration with the China Foreign Exchange Trade System (CFETS), Bloomberg announced that the indicative prices of Hong Kong-based market makers adopting Bloomberg Southbound Bond Connect solutions [1] is now available in real time to onshore investors on the CFETS bond trading platform. This will further facilitate transactions on the Southbound Bond Connect, thereby improving price discovery and trading efficiency for onshore investors. Bloomberg is the first global trading solutions provider to offer indicative prices with CFETS for participants on Southbound Bond Connect.

The first group of market makers to start live streaming prices using Bloomberg Southbound Bond Connect solutions includes Bank of China (Hong Kong) Limited etc.

?? Since the launch of Southbound Bond Connect, market participants have shown great interest and enthusiasm and we hope that this new mechanism will provide more convenience for domestic investors to invest and trade global bonds, ?? said Lu Xiangqian, deputy general manager of CFETS. ?? We appreciate Bloomberg’s efforts to continually improve the Southbound Bond Connect bond with us. ??

We are proud to launch this new functionality with CFETS and our dealer customers in just one month since the launch of Southbound Bond Connect. Looking forward to onboarding more dealers to provide real-time pricing, making bond trading on Southbound Bond Connect more transparent? said Bing Li, head of APAC at Bloomberg. Bloomberg is committed to bringing the best data and technology to dealers and helping them seize cross-border business opportunities.

Southbound Bond Connect offers onshore investors the opportunity to diversify their investment portfolios to include foreign bonds. Bloomberg and CFETS jointly launched Southbound Bond Connect solutions based on system connectivity between the two parties on the first trading day of Southbound Bond Connect. Eight of the 13 nominated brokers use Bloomberg Southbound Bond Connect to provide market making services to onshore investors entering the offshore bond market.

For more information on Bloomberg’s solutions for the Chinese bond market, please visit RMB-GO- and BC-GO- on the Bloomberg terminal.

[1] The Bloomberg Southbound Bond Connect solution is provided to dealers in Hong Kong by Bloomberg Tradebook Hong Kong Limited.

About Bloomberg
Bloomberg, the global leader in business and financial information and intelligence, gives influential decision-makers a critical advantage by connecting them to a dynamic network of information, people and ideas. The strength of the company ?? deliver data, news and analysis through innovative technology, quickly and accurately ?? is at the heart of the Bloomberg Terminal. Bloomberg’s enterprise solutions are built on the core strength of the business: leveraging technology to enable customers to access, integrate, distribute and manage data and information between organizations. more effective and efficient way. For more information, visit www.bloomberg.com or request a demo.

(Image from press release: https://photos.webwire.com/prmedia/7/280783/280783-1.png)

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Here’s How One of NYSE’s Biggest Market Makers Breaks Into DeFi https://chateaulangeais.com/heres-how-one-of-nyses-biggest-market-makers-breaks-into-defi/ Wed, 20 Oct 2021 14:23:29 +0000 https://chateaulangeais.com/heres-how-one-of-nyses-biggest-market-makers-breaks-into-defi/ Episode 66 of Season 3 of The Scoop was recorded remotely with Frank Chaparro and Ari Rubenstein of The Block, co-founder and Ryan Sheftel, co-founder and CEO of Radkl. Listen below and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stapler or wherever you listen to podcasts. Email your comments and review requests to […]]]>

Episode 66 of Season 3 of The Scoop was recorded remotely with Frank Chaparro and Ari Rubenstein of The Block, co-founder and Ryan Sheftel, co-founder and CEO of Radkl.

Listen below and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stapler or wherever you listen to podcasts. Email your comments and review requests to [email protected]

This episode is brought to you by our sponsors Bakkt, Kraken and Exodus

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In this episode of The Scoop, founder Ari Rubenstein and founder and CEO Ryan Sheftel joined host Frank Chaparro to discuss the launch of their new crypto company, called Radkl.

Radkl, which originated from New York Stock Exchange trading and market maker GTS, is a new digital asset trading company. GTS currently trades hundreds of thousands of financial instruments algorithmically, which, according to GTS, represents approximately “five percent of all US stock markets by volume.”

Radkl’s focus on crypto today means providing liquidity and possibly entering into decentralized financial protocols like staking, among other services he expects to offer his clients.

“Being involved in the provision of liquidity, in the AMM and DeFi protocols is an obvious first start,” said Sheftel. The CEO said he expects traditional CeFi order books to merge with AMM liquidity and Radkl to serve this sector of the market.

Meanwhile, Rubenstein sees the early days of crypto businesses as a type of disruption and similar growth potential for traditional businesses in an era when capital markets went electronic and online.

Rubenstein thinks they’re the early entrants in a growing market, “I think we’re going to see a world very soon, Frank, where we’ll see an explosion in secondary markets for things that previously didn’t have secondary markets. that are now being made by this digitization of industries which – I’m not just talking about financial instruments or digital images like entities – I’m hearing a lot of other things that could be the backbone of CeFi and the decentralized finance. ”

Hedge fund investor and Mets owner Steve Cohen has also announced that he will back Radkl. Although for now, the exact sum of this investment has not been disclosed.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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Steam condenser market makers, suppliers and forecast 2021-2027 – Today Newspaper https://chateaulangeais.com/steam-condenser-market-makers-suppliers-and-forecast-2021-2027-today-newspaper/ Thu, 07 Oct 2021 08:35:06 +0000 https://chateaulangeais.com/steam-condenser-market-makers-suppliers-and-forecast-2021-2027-today-newspaper/ The study analysts point out that the Steam Condensers Market is likely to develop at an exceptional rate during the assessment period 2021-2027 and to garner the assessment of DDD Mn / Bn by the end of the assessment period Analytical research document presents various developments , historical and present trends, challenges and restraints faced […]]]>

The study analysts point out that the Steam Condensers Market is likely to develop at an exceptional rate during the assessment period 2021-2027 and to garner the assessment of DDD Mn / Bn by the end of the assessment period Analytical research document presents various developments , historical and present trends, challenges and restraints faced by businesses in the global Steam Condenser market. It also discusses the impact of all these factors on the overall growth of the global Steam Condensers Market.

The latest report provides an exhaustive study of the global steam condenser market with the help of various charts and pictorial representations. These tools are used in the report to demonstrate growth trends in an easily understandable format. Going forward, all data and statistics of the global Steam Condenser Market are presented as different segments in this report. This segmentation is done on the basis of many key parameters including product type, application, end user industry and region. As a result, the report successfully provides a realistic scenario of the Global Steam Condensers Market. This data and analysis is an important guide for key entities to decide on potential movements to boost their activities.

For more information on the market share of different regions, request a FREE sample now! https://www.researchmoz.us/enquiry.php?type=S&repid=3394838

Some of the following major market players are included in this report: GE, GEA, Larsen & Turbo Limited, Siemens, Power Zone Equipment, Inc., Mitsubishi Heavy Industries (MHI), Maarky Thermal Systems, Alfa Laval, SAHAMON, Foster Wheeler AG, JDCousins, Inc., SPX Heat Transfer, Tri Power Energy Systems, API Heat Transfer Inc., Graham Corporation

Scope and Size of Global Steam Condensers Market

Along with an in-depth overview of these factors, the research report also offers a wealth of insight into changing market dynamics, changing end-user demands, and changing investment strategies. It also provides the reader with insights into the factors likely to hamper the growth of the market in the coming years of the forecast period. The global steam condenser market research report also provides key information about its overall segmentation along with detailed regional analysis. While being in tune with global trends, the research report also focuses on offering strong regional trends and opportunities. It also follows regulatory and industry developments occurring regionally to give an added dimension to the final assessment of the global Steam Condensers market.

The research report also focuses on the advancements and developments occurring in the competitive landscape of the global Steam Condenser Market and their impact on its overall development. The study examines key developments on the industrial front that are shaping the strategies of leading companies in the global market. Moreover, it also provides the reader with a detailed profile of some of the major companies operating in the market.

The research report on the Global Steam Condensers Market gives a lot of insight into the regional segmentation of the global market. It provides the readers with in-depth regional segmentation, factors affecting the development of an individual regional segment, and impeccable projection on the future of the global Steam Condensers Market during the given forecast period.

  • Jet condenser
  • Surface condenser

On the basis of application, the steam condenser market is segmented into

  • Once by cooling
  • Hydrophobic condenser
  • Thermosiphon cooler
  • Others

Market Snapshot, Key Trends Market Dynamics

The market is said to gain a significant growth rate during the forecast period, reaching a substantial market size by 2020. The market has been analyzed taking into account different factors which include market drivers, restraints, opportunities , the landscape of major competitors, trend analysis, outlook, estimating and forecasting factors. The impact of COVID -19 could be seen in the market; However, the steam condenser market would recover from this pandemic by the end of next year. We have also mentioned the key market trends that will impact the growth of the market now and in the years to come as well.

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Geographic coverage of the steam condenser market

  • Europe:Russia, France, United Kingdom, Italy, United Kingdom, Germany, Others
  • North America:Mexico, United States and Canada,
  • Asia Pacific:South Korea, China, Singapore, India, Taiwan, Japan, Others
  • Rest of the world (ROW):Africa, Middle East, South America and Central America

Some of the crucial insights gathered in the Global Steam Condenser Market research report include:

  • List of major historical players in the global steam condenser market
  • Detailed overview of the market value chain
  • Supply chain logistics disruption caused by the COVID-19 pandemic
  • Key Strategies Used by Major Global Steam Condenser Market Players for Expansion
  • Regional markets of the most important steam condensers in the global market
  • Leading countries are expected to fuel strong demand in the industry in the coming years

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E-mail: [email protected]
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Market makers take on banks in public relations battle over trade reforms https://chateaulangeais.com/market-makers-take-on-banks-in-public-relations-battle-over-trade-reforms/ Mon, 04 Oct 2021 15:51:07 +0000 https://chateaulangeais.com/market-makers-take-on-banks-in-public-relations-battle-over-trade-reforms/ When an industry lobby group launches a public relations campaign, the cynical observer instinctively asks: why? Why now? Do they have an image problem? What are they worried about? Do they want changes in the regulations? These are the questions raised by the campaign “For a better knowledge of independent market makers” in Europe, launched […]]]>

When an industry lobby group launches a public relations campaign, the cynical observer instinctively asks: why? Why now? Do they have an image problem? What are they worried about? Do they want changes in the regulations?

These are the questions raised by the campaign “For a better knowledge of independent market makers” in Europe, launched on September 27th. Companies such as Citadel Securities and Virtu Financial that use their own capital to build equity and bond markets have become important parts of the capital markets ecosystem over the past 20 years. The growing electronization of the markets has enabled them to monopolize a large part of the action of the banks, whose appetite for market making was greatly reduced by the changes to their capital rules following the financial crisis.

So why is the #WeAreMarketMakers campaign being launched now? It is surely not to mark the 10th anniversary of their professional body, the FIA ​​European Principal Traders Association.

READ UK crackdown on risky trading threatens stock platforms even ‘constantly tempting consumers’

Granted, if you look into the United States, there are plenty of reasons the industry might think it needs a bit of a PR boost. After years of trying to combat public suspicion of “high frequency trading,” the industry is now in the regulatory limelight, following its role in the stock market saga of Robinhood and GameStop memes.

Gary Gensler, chairman of the United States Securities and Exchange Commission, raised the possibility of banning “payment for order flow,” the controversial practice that allows digital stock brokers like Robinhood to earn money. money by selling transactions to market makers.

He also expressed concern about the dominance of two of the biggest market makers, Citadel and Virtu, which together manage more than 70% of total retail sales in US-listed stocks.

Meanwhile, market makers are pushing fiercely on possible reforms to the US Treasury bill market. Market makers strongly support some suggested changes, such as the introduction of central clearing of treasury securities, but are opposed to other reforms that they see as special advocacy on the part of the banks.

While lobbyists for independent market makers have their hands full in the United States, the stakes in Europe are quite different. Their European group, of which Citadel and Virtu are prominent members, argues that payment for order flows is illegal in the EU under MiFID II. But market makers fear that this could happen in several Member States anyway, notably in Germany. This creates “an unfair playing field” and endangers best execution, according to Piebe Teeboom, secretary general of FIA EPTA.

As in the United States, broader regulatory reviews are also underway, with the EU reviewing MiFID II and the UK conducting a broader review of wholesale financial market rules.

Independent market makers want their voices heard in these debates and the new PR campaign is clearly designed to highlight the important role they currently play in capital markets.

A report commissioned by FIA EPTA shows that its members provided a key source of liquidity for asset managers when some banks pulled out during the trade crisis of last March.

“Liquidity issues in bond markets at the onset of the pandemic created a vacuum, forcing buyers to find new trading partners and access points to liquidity – and market making firms have stepped up to fill the void, ”said report author Rebecca Healey.

Independent market makers were particularly important for smaller asset managers, which did not have such strong relationships with banks, according to the report.

READ De-Spac hangover looms for evening of $ 127 billion blank checks: “Spac market is in terrible shape”

The crisis has shown the importance of having “a diverse set of liquidity providers at your disposal,” Teeboom explains.

To reinforce this diversity, market makers are keen to ensure that they are not disadvantaged in current regulatory revisions. They are, for example, opposed to the UK Treasury’s idea of ​​removing the EU’s “share swap obligation”, which was introduced to encourage trading in transparent markets. For market makers, the grand prize would be more transparency around price relationships, in particular the introduction of a “consolidated band” for both stocks and bonds.

But market makers often find themselves confronted with large investment banks, who want to defend their less transparent relational model. “We still see a bit of a pullback from vested interests,” Teeboom says. “There is no point in simply changing the rules to facilitate outdated trading methods. There is a role for relationship-based delivery. But it is very clear from the comments in our report that buyers want diversity at their fingertips. “

There are good reasons to strengthen this diversity, but investment banks have tremendous lobbying power. No matter how strong their argument is, market makers will have their work cut out for them to win the PR battle.

To contact the author of this story with comments or news, email David Wighton


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Market makers face banks in public relations battle over trade reforms https://chateaulangeais.com/market-makers-face-banks-in-public-relations-battle-over-trade-reforms/ Mon, 04 Oct 2021 07:00:00 +0000 https://chateaulangeais.com/market-makers-face-banks-in-public-relations-battle-over-trade-reforms/ When an industry lobby group launches a public relations campaign, the cynical observer instinctively asks: why? Why now? Do they have an image problem? What are they worried about? Do they want changes in the regulations? These are the questions raised by the campaign “For a better knowledge of independent market makers” in Europe, launched […]]]>

When an industry lobby group launches a public relations campaign, the cynical observer instinctively asks: why? Why now? Do they have an image problem? What are they worried about? Do they want changes in the regulations?

These are the questions raised by the campaign “For a better knowledge of independent market makers” in Europe, launched on September 27th. Companies such as Citadel Securities and Virtu Financial that use their own capital to build equity and bond markets have become important parts of the capital markets ecosystem over the past 20 years. The growing electronization of the markets has enabled them to monopolize a large part of the action of the banks, whose appetite for market making was greatly reduced by the changes to their capital rules following the financial crisis.

So why is the #WeAreMarketMakers campaign being launched now? It is surely not to mark the 10th anniversary of their professional body, the FIA ​​European Principal Traders Association.

READ UK crackdown on risky trading threatens stock platforms even ‘constantly tempting consumers’

Granted, if you look into the United States, there are plenty of reasons the industry might think they need a PR boost. After years of trying to combat public suspicion of “high frequency trading,” the industry is now in the regulatory limelight, following its role in the stock market saga of Robinhood and GameStop memes.

Gary Gensler, chairman of the United States Securities and Exchange Commission, raised the possibility of banning “payment for order flow,” the controversial practice that allows digital stock brokers like Robinhood to earn money. money by selling transactions to market makers.

He also expressed concern about the dominance of two of the biggest market makers, Citadel and Virtu, which together manage more than 70% of total retail sales in US-listed stocks.

Meanwhile, market makers are pushing fiercely on possible reforms to the US Treasury bill market. Market makers strongly support some suggested changes, such as the introduction of central clearing of treasury securities, but are opposed to other reforms that they see as special advocacy on the part of the banks.

While lobbyists for independent market makers have their hands full in the United States, the stakes in Europe are quite different. Their European group, of which Citadel and Virtu are prominent members, argues that payment for order flows is illegal in the EU under MiFID II. But market makers fear that this could happen in several Member States anyway, notably in Germany. This creates “an unfair playing field” and endangers best execution, according to Piebe Teeboom, secretary general of FIA EPTA.

As in the United States, broader regulatory reviews are also underway, with the EU reviewing MiFID II and the UK conducting a broader review of wholesale financial market rules.

Independent market makers want their voices heard in these debates and the new PR campaign is clearly designed to highlight the important role they currently play in capital markets.

A report commissioned by FIA EPTA shows that its members provided a key source of liquidity for asset managers when some banks pulled out during the trade crisis of last March.

“Liquidity issues in bond markets at the onset of the pandemic created a vacuum, forcing buyers to find new trading partners and access points to liquidity – and market making firms have stepped up to fill the void, ”said report author Rebecca Healey.

Independent market makers were particularly important for smaller asset managers, which did not have such strong relationships with banks, according to the report.

READ De-Spac hangover looms for evening of $ 127 billion blank checks: “Spac market is in terrible shape”

The crisis has shown the importance of having “a diverse set of liquidity providers at your disposal,” Teeboom explains.

To reinforce this diversity, market makers are keen not to be disadvantaged in the current regulatory revisions. They are, for example, opposed to the idea of ​​the British Treasury to abolish the EU’s “share swap obligation”, which was introduced to encourage trading in transparent markets. For market makers, the jackpot would be greater transparency around price reporting, in particular the introduction of a “consolidated band” for both stocks and bonds.

But market makers often find themselves confronted with large investment banks, who want to defend their less transparent relational model. “We still see a bit of a pullback from vested interests,” Teeboom says. “There is no point in simply changing the rules to facilitate outdated trading methods. There is a role for relationship-based delivery. But it is very clear from the comments in our report that buyers want diversity at their fingertips. “

There are good reasons to strengthen this diversity, but investment banks have tremendous lobbying power. No matter how strong their argument is, market makers will have their work cut out for them to win the PR battle.

To contact the author of this story with comments or news, email David Wighton


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Securities Financing Industry News | Market makers cement role of European buy-side liquidity partners, survey finds https://chateaulangeais.com/securities-financing-industry-news-market-makers-cement-role-of-european-buy-side-liquidity-partners-survey-finds/ Tue, 28 Sep 2021 11:00:47 +0000 https://chateaulangeais.com/securities-financing-industry-news-market-makers-cement-role-of-european-buy-side-liquidity-partners-survey-finds/ Market makers cement role of European buy-side liquidity partners, survey finds Market makers have played a key role in providing liquidity to European pension funds and asset managers during the COVID-19 crisis, according to a report by Redlap Consulting. Liquidity concerns at the start of the pandemic created a vacuum, forcing companies on the buy […]]]>

Market makers cement role of European buy-side liquidity partners, survey finds

Market makers have played a key role in providing liquidity to European pension funds and asset managers during the COVID-19 crisis, according to a report by Redlap Consulting.

Liquidity concerns at the start of the pandemic created a vacuum, forcing companies on the buy side to find new business partners and access points to liquidity, according to the report.

As asset managers partner more directly with market makers, they have been able to diversify their trading counterparts, providing a larger pool of trading partners with whom they can execute their investment strategies.

Respondents said they noted improved access to automated and diversified sources of liquidity in March and April 2020, compared to their equivalent experience during the 2008 financial crisis.

77% of those surveyed said they improved their access to liquidity through electronic channels and automated trading during the COVID-19 pandemic.

70 percent said they now deal with a large number of alternative liquidity providers and, more generally, 53 percent said they have expanded their range of commercial counterparties to access liquidity.

The report was commissioned by the FIA ​​European Principal Traders Association, which represents the main European market making companies.

Commenting on the report, Piebe Teeboom, Secretary General of FIA EPTA, said: “The clear message from this report is that asset managers have developed a more detailed and positive understanding of market makers and the provision of liquidity than ‘they offer.

“The pandemic, and particularly the lockdowns, has accelerated a longer-term transition to on-screen commerce as people are forced to find new ways of working.

“This created a watershed, as the buy side became more engaged with market making firms and therefore became more sensitive to the benefits of better and more transparent pricing, the constant provision of liquidity and the option. offered by businesses. ”

The report was based on interviews with 30 global trading executives at asset management companies, 57 percent from the UK and 43 percent based in Europe.


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