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Videos

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    Know Your Counterparty

    With the move to SEFs and other electronic platforms in the swaps market, participants no longer know who their counterparties are, creating a lack of trust, according to MarkitSERV's Jeff Maron. As we ...
     
  • Rail_thumb_screen_shot_2013-02-05_at_9

    Fragmentation of Swaps: The Good, the Bad and the Ugly

    Is fragmentation in the swaps market good for the industry? Is the futurization of swaps the natural evolution of the market? From the proliferation of SEFs and the search for liquidity, to the costs of ...
     
  • Rail_thumb_jln

    CFTC Proposal Poses “Monumental” Challenge to FCMs

    A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures ...
     
 

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25 January 2013

The FCM Business: Time for a new pricing model?

Barely had the ink dried on Tabb Group’s assessment of the FCM business at the end of November, than the findings contained in the report were validated by the announcement of a major restructuring by Newedge. While Tabb’s report focused on the US FCM business, the key issues it uncovers apply equally to firms operating in Europe, or on a global basis. According to Tabb’s research, declining revenues (due to historically low interest rates impacting net interest income and lower volumes in 2012) and increased compliance costs resulting from implementation of new regulations are leading to substantial business restructuring, with Tabb predicting a fall in the number of FCMs in the US of 20 per cent by the end of 2014.


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