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Banks Keep Tightening FXPB Offering as Risk Profiling Takes Centre Stage
Banks Keep Tightening FXPB Offering as Risk Profiling Takes Centre Stage
by
Adil Siddiqui
In one ramification of the CHF crisis, firms operating in the leveraged products space are facing an uphill struggle in their bid to take heed of a bank's PB services, as new emerging players try to fill in the gaps.
The ever-evolving world of foreign exchange prime brokerage, a premier service for premier clients, is in the fast-track queue for change. The once thriving sector has seen an overhaul of operations as the risk vs reward element of the offering comes under fire from management.
The PB space has taken a back seat over the past 18 months with banks either consolidating or completely withdrawing from the space. The events of the 15th of January added salt to the wounds of users as banks up-the-tempo making the VIP club, even more difficult to enter.
Banks responded to the Swiss franc crisis quickly, with several PB clients receiving notices of changes to their accounts with some benefiting from simple changes in leverage, and others facing the brunt with termination notices.
"The events in January caused this evolution to be greatly accelerated as the traditional prime brokers reassess the risks involved, how they can control those risks and how they should price credit market access,” says Peter Plester, Head of FX Prime Brokerage at Saxo Bank. The FXPB market has been evolving for the past few years, with some large banks either scaling back their prime offerings or simply pulling out altogether.
2008 Genesis
The troubles of the 2008 downfall with Lehman Brothers and AIG sent a strong message to users and hedge funds, banks and retail aggregators establishing multiple relationships with prime providers, however the trend has been declining since peaking in 2010, with the average number of total prime broker relationships dropping from 4.8 to 2.7 providers over the last four years, according to research by TABB Group.
Tom Higgins, CEO of Gold-i, a technology provider to derivatives firms added: “We have been told that some brokers are finding it harder to get a PB relationship and if they can, it is more restrictive, with lower leverage offered.”
Among the numerous services prime brokers offer, one is leverage, during the midst of the crisis it was evident that clients who were over-leveraged were directly affected and a domino-style would affect each provider back to the bank.
Banks that continue to offer the service have done so with a pinch of salt, users seeing radical changes with increases in capital requirements and transaction fees, on the other hand, reductions in the amount of leverage offered.
Capitalisation Is King
The prime brokerage business comes at a price. Banks use their balance sheet to hand out credit, coupled with some complex approaches such as four-way give-ups, reinforcing the notion that PB desks are prone to trading volumes. The impacts of low volatility affected a number of providers who simply weren't making enough money, with the slowdown in activity.
Furthermore, although costs are being reduced with advancements in technology and systems such as Traiana’s Harmony platform, the sustainability of running a profitable PB desk has its concerns.
The rise of costs may also affect the level and scope of services offered. "High margin rates and larger fees are here to stay for the foreseeable future," says Wayne Roworth, Co-Head of e-FX at Sucden Financial. "This variation means that clients will expect more from their PB - better service and greater access to multi-asset clearing.”
In the aftermath of the CHF debacle, capital requirements have risen five-fold with tier-1 providers requesting as much a $50 million on the balance sheet. The days of cut-price PB offerings are over with tier-2 providers raising their threshold to at least seven figures.
“Saxo Bank has seen a large number of new clients looking to on-board. Although our fees and collateral requirements have been broadly unchanged, the leverage we offer has been reduced somewhat in line with the rest of the market, taking into account the recent rise in volatility," adds Mr. Plester.
The market is experiencing a change which could alter the entire outlook for an FX broker. If banks continue to raise the bar, users could be immune to the STP model and alternative options such as hedging on exchange could take precedence.
The ever-evolving world of foreign exchange prime brokerage, a premier service for premier clients, is in the fast-track queue for change. The once thriving sector has seen an overhaul of operations as the risk vs reward element of the offering comes under fire from management.
The PB space has taken a back seat over the past 18 months with banks either consolidating or completely withdrawing from the space. The events of the 15th of January added salt to the wounds of users as banks up-the-tempo making the VIP club, even more difficult to enter.
Banks responded to the Swiss franc crisis quickly, with several PB clients receiving notices of changes to their accounts with some benefiting from simple changes in leverage, and others facing the brunt with termination notices.
"The events in January caused this evolution to be greatly accelerated as the traditional prime brokers reassess the risks involved, how they can control those risks and how they should price credit market access,” says Peter Plester, Head of FX Prime Brokerage at Saxo Bank. The FXPB market has been evolving for the past few years, with some large banks either scaling back their prime offerings or simply pulling out altogether.
2008 Genesis
The troubles of the 2008 downfall with Lehman Brothers and AIG sent a strong message to users and hedge funds, banks and retail aggregators establishing multiple relationships with prime providers, however the trend has been declining since peaking in 2010, with the average number of total prime broker relationships dropping from 4.8 to 2.7 providers over the last four years, according to research by TABB Group.
Tom Higgins, CEO of Gold-i, a technology provider to derivatives firms added: “We have been told that some brokers are finding it harder to get a PB relationship and if they can, it is more restrictive, with lower leverage offered.”
Among the numerous services prime brokers offer, one is leverage, during the midst of the crisis it was evident that clients who were over-leveraged were directly affected and a domino-style would affect each provider back to the bank.
Banks that continue to offer the service have done so with a pinch of salt, users seeing radical changes with increases in capital requirements and transaction fees, on the other hand, reductions in the amount of leverage offered.
Capitalisation Is King
The prime brokerage business comes at a price. Banks use their balance sheet to hand out credit, coupled with some complex approaches such as four-way give-ups, reinforcing the notion that PB desks are prone to trading volumes. The impacts of low volatility affected a number of providers who simply weren't making enough money, with the slowdown in activity.
Furthermore, although costs are being reduced with advancements in technology and systems such as Traiana’s Harmony platform, the sustainability of running a profitable PB desk has its concerns.
The rise of costs may also affect the level and scope of services offered. "High margin rates and larger fees are here to stay for the foreseeable future," says Wayne Roworth, Co-Head of e-FX at Sucden Financial. "This variation means that clients will expect more from their PB - better service and greater access to multi-asset clearing.”
In the aftermath of the CHF debacle, capital requirements have risen five-fold with tier-1 providers requesting as much a $50 million on the balance sheet. The days of cut-price PB offerings are over with tier-2 providers raising their threshold to at least seven figures.
“Saxo Bank has seen a large number of new clients looking to on-board. Although our fees and collateral requirements have been broadly unchanged, the leverage we offer has been reduced somewhat in line with the rest of the market, taking into account the recent rise in volatility," adds Mr. Plester.
The market is experiencing a change which could alter the entire outlook for an FX broker. If banks continue to raise the bar, users could be immune to the STP model and alternative options such as hedging on exchange could take precedence.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔