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With time, optimists hope, hedge funds, high-frequency traders and other speculators might supplant banks as market-makers.
Instead, they must channel their france lotto results 27 january 2018 transaction through a swap execution facility (SEF)a watered-down version of an exchange where requests for swaps are put to multiple biddersand complete it via a clearing house.In principle, banks are still free to make markets by selling stocks, bonds and the like to their customers, but new capital rules have made it harder for them to hold big stockpiles of corporate bonds and other volatile financial instruments.Second, they have to hold more capital against each dollar at risksometimes six or seven times more than before the crisis, say aggrieved bankers.How far can such efforts go?It did not win much custom, but BlackRock has not given up: it has folded its trading platform into another one belonging to a firm called MarketAxess.The prospect of selling new-fangled products may be a consolation, but lower trading margins, in effect, represent a transfer of profits from banks to the buy-sidenot something for the banks to celebrate.Special reportShadow and substance.
As a result, banks have cut back on their bond-trading.
And the more stringent collateral requirements will make the business more capital-intensive.
The volume of trades has risen steeply but the margins have become much thinner.But even if change takes time, the evolution under way is clearly altering the banks role.The buy-side retorts that during the crisis banks were just as unwilling as everyone else to get on the wrong side of the market.The intention casino marseille valmante was to guard against default, improve transparency, keep down prices and allow regulators to monitor risk.The two might agree on a swap, whereby one promises to pay the other the interest on a bond with a fixed rate in exchange for the interest on a floating-rate bond.One counterparty in an OTC contract is typically an investment bank; the other a bank or firm seeking to hedge some sort of riska jump in interest rates, for instance.Business is also flowing to exchanges and other trading platforms, as well as to the clearing houses that serve them and to the data firms that monitor trading activity.Banks revenues from fixed incomebonds, commodities, currencies and derivativeshave fallen by about 40 from their peak in 2009.