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Banks Want Quality, Not Quantity, From Hedge Funds
Financial News | Jan 5
Big banks want more bang for their buck from hedge fund clients. Rather than trying to pull in as many clients as possible, they are putting pressure on hedge funds to give them more profitable business and to change the way they trade. When accountancy firm EY published its 10th annual global hedge fund and investor survey in November, 60% of hedge fund managers said their prime brokers had asked for “fundamental alterations” to their relationship to make it economically viable, including increasing trade allocation and making changes to treasury management. “We continue to witness a trend of prime brokers re-evaluating the types of business they do and the managers with whom they are willing to do business,” EY said.
We Now Know How Wall Street Banks Stack Up in Dealmaking, and it Isn't Even Close
Business Insider | Jan 4
The results are in, and, really, it isn't even that close. JPMorgan finished 2016 in a dominant position when it comes to Wall Street dealmaking revenue, according to figures from Dealogic. The US bank earned the most in fees in global investment banking, US investment banking, and investment banking in Europe, the Middle East, and Africa.
Clearpool Weighs In on NYSE Access Fees
Markets Media | Jan 4
Joe Wald, chief executive officer at agency broker Clearpool, is saying no to proposed changes in access and connectivity fees that the NYSE Group family of exchanges is looking to charge. These fees, he argues in a comment letter to the U.S. Securities and Exchange Commission, are already costly and allowing for higher charges can only hurt brokers, and ultimately, investors. Clearpool, in its filing with the SEC, said it’s happy the regulator has put the NYSE’s proposal out for comment and that it feels a review of the pricing of access and connectivity is overdue as these fees currently haven’t been competitive and beneficial to trading.
Uncertain Times Ahead?
Buyside Intel | Jan 4
James Hilton and Matthew Cousens, co-heads of AES sales Europe at Credit Suisse since 2012, talk with Buyside Intel's Elliott Holley about the rise of MiFID and preparations for the post-Brexit yet MiFID II-compliant world of 2018.