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Editor's Note: The REDI Daily Digest will operate on a condensed holiday schedule next week, publishing on Wednesday the Dec 28th and then returning with our usual production schedule on Tuesday Jan 3rd. Happy holidays to all.
London’s Trading Businesses Await Brexit Fallout in 2017
Financial Times | Dec 22
For the hundreds of financial institutions based in London and trading across global markets, 2017 throws up one overarching uncomfortable question: what do we do about Brexit? The UK’s decision to leave the European Union threatens to pick apart dozens of multi-layered trading businesses that have congregated in the City of London over the last 20 years. Attracted by the UK’s legal system and regulatory attitudes to markets, they have used Britain’s membership of the 28-country bloc as a beachhead for the rest of the continent. Six months on from the UK vote to leave the EU, many companies are reluctant to speak openly of their plans.
Reimagining PB for the 21st Century
HedgeWeek | Dec 22
Apex is a proven leader in the clearing space and, having built a suite of sophisticated technology solutions over the years, has become the 'go-to' clearing firm for fintech firms. Indeed, it is currently the Custodian-of-Choice for tech-savvy firms like Betterment, Stash, Wealthfront and other robo advisors. This year, to move beyond merely providing custody and clearing to retail clients (online brokerages and RIAs as well as fintech firms), Apex made the jump to provide prime brokerage services to the institutional community. This September, it launched a full-fledged prime brokerage solution and has already onboarded nearly 20 hedge fund clients.
Trading During the Holidays? Think Small
Tabb Forum | Dec 22
As the year draws to a close, volumes typically drop off as traders step away from their desks to spend time with friends and family. Despite the lack of liquidity, ITG's Julie Green and Colleen Ruane find that average trading costs in North America are actually lower in the last two weeks of the year relative to overall costs in the fourth quarter.