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  Report

FinTech Spending and Innovation in Capital Markets

2017-08-07

Executive Summary As portmanteaus go, FinTech—the obvious blending of the words financial and technology—is clearly not amongst the cleverest since author Lewis Carroll introduced them in Through the Looking-Glass, but its growing influence in the capital markets is hard for players to ignore, however off-putting the term. The interest in FinTech isn’t limited to nascent start-ups in the space. In fact, like the capital markets, it’s far more complicated. Capital markets and technology have become so intertwined that any business strategy that does not include technology as a key element would be ludicrous. In this report, we examine FinTech in the capital markets and classify FinTech players into three categories: Established software and technology vendors to financial institutions. The largest players include Bloomberg, Thomson Reuters, FIS, Broadridge, Misys, Murex, and Calypso. Emerging FinTech providers seeking to gain market share at the expense of the above players by relying on advantages, such as more modern technologies, improved functionality, greater speed, and lower cost. Examples of these providers include Symphony in messaging, AlphaSense in analytics, and TradingHub in market surveillance. Firms competing directly with established financial institutions by relying on technology-centric business strategies. Firms such as XTX Markets and Virtu in trading, as well as WorldQuant and Two Sigma in asset management are prime examples. Capital markets players are indeed bullish on the near- and longer-term promise of FinTech, as indicated by their willingness to invest in IT. In total, we expect spending on IT across all market participants in the capital markets to amount to over US$127 billion in 2017, with three areas standing out as the largest: Order and execution management at US$19 billion; Post-trade transaction processing at US$14.6 billion; and Analytics at US$12 billion. Opimas outlines trends in FinTech, first, by the step in the capital markets value chain, including capital formation, pre-trade, at trade, post-trade, risk management, and regulatory compliance or RegTech. Then, we examine trends by type of market participant, looking at investment banks, trading venues, sales and trading firms, asset managers, wealth managers, securities processors, and industry utilities. Each has its distinct characteristics, challenges, and addressability by FinTech. We then assess the potential for nine different emerging technologies in capital markets, including artificial intelligence, advanced analytics, visualization, blockchain, big data, robotic process automation, cloud computing, digitization, and alternative data. Despite the significant investment in IT in the capital markets, and the repeatedly demonstrated potential for FinTechs to disrupt and gain significant market share, external investors, such as venture capitalists and private equity firms, have significantly underweighted capital markets in their portfolios. We believe that this creates a compelling opportunity for investors, and have ranked the various areas in capital markets by their attractiveness for external investment. The three most attractive areas for investment are pre-trade analytics, post-trade transaction processing, and portfolio management. Table of Contents Page Executive Summary 5 Introduction 7 IT Spending by Step in the Value Chain 9   Figure 1. Technology Spending By Step In Capital Markets Value Chain 10   Capital Structure 11   Pre-Trade 11   At Trade 12   Post-Trade 13   Risk Management 14   Regtech 15 Fintech Providers – Established And Emerging 16   Figure 2. Leading Fintech Providers By  Step In Captial Markets Value Chain  17   Figure 3. Emerging Fintech Players To Watch  19 Fintech By Market Participant Type 20   Investment Banking 21   Execution Venues 22   Sales & Trading 24   Asset Management 26   Wealth Management 27   Securities Processing 29   Figure 4. Fintech By Type Of Financial Institution 31 Emerging Technologies In Capital Markets 32   Artificial Intelligence 32   Figure 5. Articifical Intelligence Map In Capital Markets 33   Advanced Analytics 33   Visualisation 34   Figure 6. Example Of Visualisation 34   Blockchain 34   Alternative Data 35   Figure 7. Areas Of Greatest Activity For Emerging Technologies 36   Big Data 37   Robotic Process Automation 37   Cloud Computing 38   Digitisation 39   Figure 8. Applicability Of Emerging Technologies By Line Of Business 40 Opportunities In Capital Markets Fintech 41   Figure 9. Investment Potential In Capital Markets Fintech 43

  Report

AI and Alternative Data: Moving To Trading's Next Model

2017-07-24

The Science of Artificial Intelligence and Alternative Data Isn’t Fiction Anymore The financial industry is awash in massive amounts of data. How that data gets harnessed, analyzed and used will increasingly not be up to traders and asset managers, but rather machines that, eventually, will operate faster, smarter, and with a razor-sharp predictive view of what’s to come in the markets. Science fiction this isn’t The rise of artificial intelligence, a concept that has been around for more than 50 years, has gained tremendous momentum recently due to breakthroughs in machine- and deep-learning, cognitive analytics and robotic process automation technologies. This latest AI wave is unlikely to fade, thanks to affordable, large computing power, coupled with access to unprecedented amounts of data, including new, alternative data sources. Given the financial world’s addiction to data and information, it’s no wonder that AI technology holds so much promise for industry participants. It can capture structured and unstructured data from varied sources and leverage that information to improve business decisions. It can predict, hypothesise and act with other systems autonomously. The next frontier for AI will be to deliver pertinent reasoning and explanation for an unforeseen event. Capital markets players are starting to make big investments in the powerful combination of artificial intelligence and alternative data. Their intention: to generate significant savings and alpha ahead of rivals and FinTech start-ups. While still in relatively early stages—AI, for example, can’t yet adapt to every scenario and all situations—capital markets firms are making significant investments in AI technologies and alternative data, which reflect their relevance and potential. In 2017, Opimas expects spending on AI-related technologies to exceed US$1.5 billion and, by 2021, to reach US$2.8 billion, representing an increase of 75%. This does not include M&A activity and investment in start-ups made by financial institutions. At the same time, trading and asset management are being fundamentally changed by an explosion of information that is reshaping institutional operations and creating a new hierarchy of winners. To stay competitive, traders and portfolio managers will increasingly need to incorporate alternative data that stretch well beyond the traditional market intelligence that has been the mainstay of investing. These alternative data come from a bewildering array of sources, including satellite and drone imagery, GPS tracking for cars, trains, and mobile phones, transactional data for credit cards and other payments, sentiment analysis for social media and news feeds, and so on. Frequently, the new data was not designed for investing, but rather for marketing, agricultural and industrial production, security and other purposes. Opimas estimates that buy- and sell-side investments in the race to master and employ the plethora of data will exceed $US7 billion by 2020. While potential returns are currently impossible to pin down, the current 21% annual growth in spending in this space implies that managers believe the alpha generated will at least cover their investments initially, and over time could produce attractive returns. It’s not surprising that the industry has high hopes for AI and emerging alternative data sources, given the unsatisfactory levels of operational efficiency at most capital markets firms and their desire to exploit the vast quantities of data that they generate. It also appears that the investments they have made in recent years in big data technology have not been wasted. The asset management industry will be the most impacted with a reduction of 90,000 jobs, as AI will intensify clients’ disenchantment with traditional asset managers and lead them increasingly to cheaper, automated strategies. On the other end, we expect close to 30,000 new positions to be created at technology and data providers to satisfy the new and growing demands generated by AI. Convergence of Trading Models To date, AI has allowed financial firms’ software to make use of unstructured data, thanks to image recognition, natural language processing, etc. On the trading front, for example, there are already numerous adoptions of AI technology, most of them tied to cognitive analytics and machine learning, the details of which are closely guarded. Opimas is aware that their overall objectives are to leverage different types of quantitative (e.g., market data, annual reports) and qualitative (e.g., social media, news feeds, etc.) inputs to drive the convergence of systematic trading and quantitative fundamental models. Figure 1. AI and Alternative Data support the emergence of new trading model   Source  Opimas Analysis The explosion of alterative data will require hedge funds and other asset managers to make large investments to acquire the necessary skills and infrastructure to leverage these sources of information. We expect that alternative data will contribute significantly to a further shrinkage in the hedge fund population, as firms unable to exploit the information needed to compete effectively in the new world of intelligent investing will fall behind. The sell side will be challenged, too. This sea change in asset management creates opportunities for providers of the underlying data, but also presents some challenges. Buy-side firms will need to develop a wide range of skills including data management to unearth and apply hundreds of data sources covering thousands of data sets; domain expertise to interpret and contextualise the new data; data science to create quantitative trading models using advanced statistics and artificial intelligence; and information technology to create architectures designed to deploy the investing models based on heterogeneous data. Sell-side institutions could benefit by providing the necessary infrastructure to their buy-side clients, while broker-dealers that are part of large universal banks are well-positioned to package and resell some of the vast quantities of data to which they have access internally. Market data vendors are positioned to act as aggregators of fragmented data sources and to provide services that directly tie the alternative data to tradable instruments. Exchanges are likely to see muted growth in their more advanced market-data offerings. Vulnerable areas will include ultra-low-latency data feeds and depth-of-book products, as clients’ earlier focus on quantitative trading shifts away from high-frequency strategies to those that are rooted in alternative data. Typically, these raw data sources are not in a format that lends itself directly to investing, and require considerable processing to extract data that can be fed into quantitative models. While some leading investment firms may invest the resources to perform these analytics themselves, many firms have appeared on the market who run their analytics on the raw data and sell the resulting data sets. AI at Center of Paradigm Shift AI is likely to become the foundation on which quantitative investing models are built, fueled by swarms of emerging alternative data. Managing this flow of information and converting it into investment strategies will be one of the biggest challenges facing the asset management industry in the coming years. Gathering the alternative data will not be easy either, because the market is highly fragmented, with a rapidly increasing number of sources emerging. The horizon for a potentially profitable use of alternative data seems wide open for the foreseeable future, while the traditional quantitative strategies have lost value as too many market participants pursued similar methods. Not only are there hundreds of providers of alternative data already operating, mostly occupying very small niches, there is an explosion in the number of data sources underway, as well as in the utility of the information they can provide. Figure 2.Shifting Model in the Value of Data   Source  Opimas Analysis   While satellite imagery gets a lot of attention, there is a plethora of other data sources that is growing rapidly. The major task for investment firms will be to seek out new, innovative sources of data and to integrate them into their trading strategies. This process will be fraught with difficulty. While the skills acquired creating quantitative trading strategies with traditional data sources certainly will apply in this new world of information, there are major differences. Alternative data, by its very nature, is fragmented rather than consolidated; periodic rather than continuous, and unstructured rather than normalised. Finding and leveraging alternative data sources requires new skills and significant investments that will exceed the resources of many asset managers. Currently, it is impossible to pin down how much in excess returns, or alpha, might come from an intelligent use of alternative data sets. The only real answer is an unsatisfying “it depends.” However, we gained insight into how much alpha certain firms believe they are generating from an intelligent use of alternative data by examining a leading quantitative hedge fund with whom we have worked. The hedge fund spends more than US$50 million annually on sourcing, analysing, and implementing alternative data strategies. This implies the fund managers believe they must generate at least about 2% in alpha annually simply to cover the associated costs. The likely actual number may be much higher. A conservative estimate would be that alpha generation of at least 4-5% is possible by effectively harnessing alternative data sources. Similarly situated firms may anticipate similar results. The powerful combination of AI and alternative data will enable more sophisticated trading strategies with potentially higher returns, but it requires firms to make significant investments and tap into a limited pool of expertise. This will restrict those who can really play ball, and Opimas believes the emerging new business model will be the death knell for many traditional asset management firms as they will not be able to adapt to this radically changing landscape. We expect a consolidation of the hedge fund industry to accelerate in the coming years, as successful players gain market share from firms unable to adapt to the technological revolution that AI and alternative data bring to bear on the capital markets.

Our approach

Opimas is a management consultancy focused on capital markets worldwide, our mission is to help leading financial institutions set and reach their strategic goals. Our specialisation and experience as financial practitioners allow us to dedicate our expertise to clients by quickly providing insights and crafting strategies without sacrificing quality or pragmatism.

 

To renew our accumulated skills and stay at the cutting edge, Opimas routinely invests about one third of revenues in market research. In fast-changing markets these investments create a constantly updated store of intellectual capital on issues of strategic importance to our clients, not least the risks and potential costs of emerging competition and regulation.

 

Uniquely among consultants, Opimas follows an open approach to knowledge sharing, giving our clients direct access to our entire pool of intellectual capital. This means you have the choice of either using our insights and knowledge to support your strategic decisions independently, or to work directly with our specialists on a project. Either way, we have a proven record and are here to help.

Our services

Research

Strategic Advisory

Our consultants are highly specialised experts in market dynamics. We strive to be ahead of the curve and are practised at participating in brainstorming sessions to assess and guide your strategy amid evolving market trends and the competitive landscape.

 

Research

Consulting

As forces ranging from regulations to technology push toward a major restructuring of Europe’s financial industry, Opimas specialists work closely with our clients to solve the most critical challenges facing them today, whether those are improving efficiency or integrating an acquired company. Leveraging deep-rooted market knowledge acquired through our professional experience and ongoing research, the Opimas team can help you meet your greatest needs. 

Research

Intellectual Capital

Access our library of research by annual subscription. From up-to-the minute analyses of capital market dynamics, to strategies for handling new regulations or data on your peers’ performance, Opimas reports can be chosen to match your goals: You may want to understand the forces at work in challenging areas of your business, or access our guides to devising and executing a successful strategy. 

Our markets

Risk Management & Regulation

Risk Management & Regulation

We work with clients on enterprise risk management, governance and international public policy, analysing all their exposures and strategies. We offer advice on all categories of risk ranging from qualitative and quantitative risk strategies, stress testing and capital management, to risk analytics, risk-based performance, and the impact of regulation, risk culture and risk governance. We analyze the effect of global and regional regulations on financial stability and the competitiveness of the financial sector

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Asset Management

Asset Management

Our asset management specialists work on diverse issues with clients on both the buy-side and the sell-side. In an increasingly competitive market where and digital media greatly impact investment decisions, we guide them on concerns such as the evolution of the buy-side to-liquidator provider, the impact of changing regulations such as the Alternative Investment Fund Manager Directive, shadow banking regulations, the Markets in Financial Instruments Directive II, transparency requirements, the issue of asset allocation in view of the vacuum left by traditional sell-side institutions, asset allocation in an ultra-low interest rate environment, evaluations of prime brokerage services, and the changing relationship with custodian banks

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FICC

FICC

We offer wide-ranging research and guidance for participants in cash and derivatives markets for bonds, rates, foreign exchange and energy, as well as soft and hard commodities. We analyse regulatory and structural changes, the impact of technology and electronic trading platforms and the progress towards standardised products, as well as emerging new trading strategies and investors.

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Securities Servicing

Securities Servicing

We work with securities servicing institutions across the entire ecosystem of securities trading. As Europe’s financial industry restructures, our research provides a detailed analysis of the changing infrastructure, from exchanges and central clearing counterparties to custodians and central securities depositories. Our team delivers an unbiased view of the evolving opportunities and threats to all organizations involved in processing securities. 

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Equities

Equities

We offer wide-ranging guidance to equities traders and investors in the cash and derivatives markets. We can show how you might be affected by, and might respond to, regulatory and structural changes in the markets, the impact of technology and electronic trading platforms, new trading strategies — including high-frequency trading — and changes in post-trade processing. We survey market liquidity on a pan-European and regional basis.

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Our clients have the ability to personalize our platform to their needs. Saving charts and data from both entire reports or just selected passages, available anytime in your Opimas personal vault.

A video is worth  30 pages

A video is worth 30 pages

Reading is not the only way to gain insights. Opimas also delivers its analysis in videos and podcasts.

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At Opimas, we know that one size does not fit all. We have a tailored reporting method that comes in three different sizes: a short version, which gives you the essentials you need to understand; a 15-minute version giving you a more analytical overview and a detailed version, allowing you to master a topic inside and out.

We are online, collaborative and interactive

We are online, collaborative and interactive

Opimas publishes online reports that are available anytime and interactive, inviting clients to question our analysts directly, save selected passages or charts and data in a personal vault, and share content with colleagues.

Our data is your data

Our data is your data

The Opimas platform allows direct, unlimited access to written thought leadership and videos containing our analyses, statistics, forecasts and models, which are all continuously updated. Our clients will find both extensive data created by Opimas to serve their needs, and outside data targeted and compiled by our expert analysts.

Who we are

Our team of financial industry veterans and strategists, led by co-founders Octavio Marenzi and Axel Pierron, has worked at top financial institutions and consulting firms, giving us a practical understanding of the transforming business model and the challenges clients face today.

Opima's research analysts have expertise in asset management, equities and fixed income, currencies and commodities trading, market structure, securities processing, regulation, and the growing influence of FinTech on business and organizational operations.

Octavio Marenzi
om@opimas.com

Octavio Marenzi is the co-founder and CEO of Opimas. He directs the firm's research in the areas of equities trading, asset management, and regulation.

Octavio has performed a variety of consulting engagements including the: Creation of an international expansion strategy for a major US derivatives exchange;

Analysis of the impact of the merger of two major Austrian banks, including identification of cost and revenue synergies;

Delineation of the strategy for the merger of the back-office and technology operations of two major Wall Street brokerage firms;

Review of non-Japan Asia equities markets for a major Japanese bank. This involved market sizing, competitive landscape, and recommendations for acquisitions.

Prior to founding Opimas, Octavio was the founder and CEO of Celent, which was acquired by Oliver Wyman. At Oliver Wyman, he served on the firm’s management committee, overseeing 2,000 consultants globally. Previously, he worked at UBS in their asset management division in Zurich, as well as at Booz, Allen & Hamilton’s financial service group in New York. He received his MSc and BSc degrees in mechancial engineering from MIT.

Axel Pierron
ap@opimas.com

Axel Pierron is the co-founder and managing director of Opimas. He directs the firm's research in the areas of market structure and Fixed Income, Currencies, and Commodities (FICC).

Axel has performed a variety of consulting engagements including the: Assessment of the impact of the post-trade infrastructure regulatory evolution in Europe for a leading securities services provider;

Due diligence on a global securities servicing and IT provider for a leading European private equity firm;

Evaluation of the options available (business and trading model) for a major European exchanges to develop a fixed income trading platform;

Creation of a multi- market entry strategy for a global derivatives exchange;

Prior to joining Opimas, Axel was the founder of Bedade a network sourced data platform. Previously, he was the manager in charge of the global capital market practice at Celent, an Oliver Wyman company.

He received his Master from SKEMA business school.

Media Center



Journalists and other media professionals can contact Opimas via: media@opimas.com

Opimas in the Press
 

October 18, 2017
New York Awaits as Bankers Go Through the Looking Glass
By Lionel Laurent
 

October 18, 2017
Bankers Publicly Embracing Robots are Privately Fearing Job Cuts
By Sarah Ponczek, Hugh Son and Saijel KishanBottom

 

October 17, 2017
Goldman's Equity Investments Lift Profit as Trading Slumps
By Dakin Campbell
 

October 17, 2017
Goldman Sachs suffers another heavy fall in bond trading
By Portia Crowe

 


October 17, 2017
Goldman Sachs investments boost profit amid trading slump
 



October 17, 2017
Goldman Sachs investments boost profit amid trading slump

October 17, 2017
Banks: Here is the hedge fund that wants to break up Credit Suisse
 

October 17, 2017
Credit Suisse facing break-up calls from activist investor
By Fareed Sahloul


October 14, 2017
US Banks’ Profits Rise Despite Fall in Bond Trading
 

October 12, 2017
J.P. Morgan, Citi Report Third-Quarter Earnings
By Ben Eisen
 



October 12, 2017
If you work in a bank, it's time to worry


October 9, 2017
Banks consider bitcoin efforts
By Gard Oterholm

October 9, 2017
Analysis of the "Big Three" Cryptocurrency
By Roman Mamchyts

October 9, 2017
Is bitcoin a fraud? Big banks start to bend to its progress
By Vicente Nieves


October 8, 2017
Banks want in on bitcoin action

October 8, 2017
Bitcoin: Now banks are eager to get in


October 8, 2017
Investment banks are eyeing Bitcoin


October 7, 2017
Large investment banks are eyeing Bitcoin, Opimas says




October 7, 2017
Bitcoin’s billions: Banks have started debating how to "squeeze" into this fertile market


October 7, 2017
Banks seek to facilitate bitcoin trade


October 6, 2017
Banks want in on bitcoin, but how?

 



October 6, 2017
Emerging from the shadows – Bitcoin, Ether grab bankers’ attention
 



October 6, 2017
Banks set their sights on bitcoins, which grew in the shadow of the financial industry

October 6, 2017
Large banks aiming at bitcoin, which grew in the shadow of the financial industry
 

October 5, 2017
Bitcoin’s Rise Happened in Shadows of Finance. Now Banks Want In
By Hugh Son




October 5, 2017
At Last, Banks Want in on Bitcoin: Exponential Rise in Value and Growth
By Joseph Young


October 5, 2017
Investment banks increase interest in bitcoins



October 5, 2017
Bitcoin's Rise Happened in Shadows of Finance. Now Banks Want In




October 5, 2017
From money to drugs to investor's darling: Banks now want Bitcoin
By Juliana Roguim


October 4, 2017
Advanced Data Analysis Technology: AI, Deep Learning, and Cognitive Analytics


October 2, 2017
Tech Puts 90K Asset Mgmt Jobs at Risk by 2025. Is Yours Safe?
By Richard Henderson



September 29, 2017
Robots seize Wall Street



September 28, 2017
Smart Finance is on the Rise: AI Reshaping Financial Business
 


September 28, 2017
Wall Street: Why More Than 200,000 People Can Lose Their Jobs




September 27, 2017
Look Out, Wall Street — the Robot Revolution Has Begun
By Karla Lant



September 27, 2017
Over half of firms indifferent to AI: survey
By Sandra Heistruvers 

September 27, 2017
Fintech lesson for banking staff: learn to live with tech

September 26, 2017
Middle East Banker Urges Region's Banks to Prepare for Robotic Automation
By Edward Banda

September 26, 2017
Robot Revolution on Wall Street
By Ren Zhongyuan

September 25, 2017
How to Survive Wall Street's Robot Revolution
By Hugh Son and Jennifer Surane
 

September 25, 2017
Data Sourcing Biggest Regulatory Headache, Survey Finds
By Mark Taylor



September 23, 2017
Machine Learning: On the Ground Floor, Ready to Rise
By Anthony Malakian


September 22, 2017
Goldman Sachs CEO Launches Three-Year Growth Strategy Targeting Consumer Credit
 

September 21, 2017
Harnessing Alternative Data Will Decide Firms’ Futures: Report
By Lynn Strongin Dodds



September 21, 2017
When AI Replaces "Fund Manager"
 

September 20, 2017
AI Might Kill Off Your Finance Job, But…
By Dan Butcher
 

September 19, 2017
Transaction bankers seek ‘AI agents’ for new horizons
By Tim Burke
 

September 18, 2017
Spotlight: How is AI disrupting financial industry
By Lu Hui



September 18, 2017
How is AI disrupting financial industry

September 14, 2017
Goldman is Sachs hiring technologists for MiFID II. Isn’t it a bit late?
By Sarah Butcher

September 8, 2017
Eurex To Run MiFID II Simulations Ahead Of Looming Deadline
By Mark Taylor

September 7, 2017
Thousands of Deutsche Bank employees will be replaced by robots
By Karl Flinders
 

September 5, 2017
Nasdaq acquires financial data provider for $700m
By Sam Agini

September 5, 2017
Machine Learning in the Capital Markets: Waters Takes an Inside Look
By Anthony Malakian

 

September 4, 2017
Campaigners sound alarm over hedge funds’ data use
By Sam Agini and Tabby Kinder
 

August 31, 2017
6 banks sign up to UBS-led blockchain effort
 

August 31, 2017
Six banks sign up to UBS-led digital cash initiative
By Clare Dickinson


August 28, 2017
With artificial intelligence penetrating the financial industry, where will its people go from here?
 

August 24, 2017
Three challenges facing investors ahead of Mifid II
By Philip Stafford

August 24, 2017
Financial industry sees blowing technology winds shift to AI
By Liu Xinxin?

August 23, 2017
Robots are now taking over the stock exchanges
By Stefan Paravincini




August 22, 2017
Goldman Sachs is Wall Street’s biggest unicorn herder
By John Detrixhe




August 22, 2017
Financial technology will be included in the CFA exam, are you ready?
By Song Yi Kang
 

August 22, 2017
Compliance to Get Sliver of FinTech Spending Boom
By Lynn Strongin Dodds




August 21, 2017
Asset managers see AI bringing more opportunities than lay-offs
By Andreas Ostergaard Pedersen
 

August 21, 2017
Banks Need To Boost Compliance Tech Amid Faster Payments
By Evan Weinberger




August 20, 2017
Goldman Sachs and JP Morgan Lead Fintech Investment

August 19, 2017
Wall Street Bets on FinTech
By Yuan Yuan Yolanda?

August 19, 2017
Goldman Sachs’ New Big Bet



August 18, 2017
Top 5: Top FinTech Stories This Week



August 18, 2017
Goldman Sachs and JPMorgan Chase "bet on" Fintech


August 18, 2017
Fintech is the new big bet of Goldman Sachs and JPMorgan Chase

 


August 17, 2017
JPMorgan hires AI expert to help build global trading hub
By Sam Agini

August 17, 2017
Who’s afraid of robots stealing jobs?
By David Tuckwell



August 17, 2017
Goldman tops banks’ bets on capital markets disrupters

August 16, 2017
Goldman tops banks betting on a new type of Hedging 
 


August 16, 2017
AI the ‘big winner’ as banks and fund managers dig deep on tech
By Clare Dickinson



August 16, 2017
When it Comes to IT Spend, RegTech Sees a Green Field
By Anthony Malakian
 

August 16, 2017
RegTech Spending Lags
By Rob Daly



 

August 16, 2017
The financial sector, of all new technologies, will prefer AI
 

August 16, 2017
Options lands $100 million PE investment



August 16, 2017
Fintech: Banks are Making New Friends
By Frederic Wanders


August 16, 2016
Big banks invest in fintech
By Marek Drus

August 15, 2017
Fintech spend to top $127 billion this year – report
By Andrew Neill

 
August 15, 2017
Industry bullish on promise of fintech – Opimas research
Tanya Andreasyan



August 15, 2017
Asset Management: Can Robots Kill All the Jobs?
 


August 15, 2017
Machines to replace 90,000 people in fund industry
 

August 14, 2017
Goldman Tops Banks Betting on a New Type of Hedging
By Sarah Ponczek

August 14, 2017
Goldman Tops Banks Betting Hardest on Capital Markets Disruptors
 

August 13, 2017
Fund managers deny AI threatens jobs
By Madison Marriage
 

August 11, 2017
Banks Hope RegTech Can Adapt to Easing Oversight
By Evan Weinberger
 

August 8, 2017
Buy Side To Use SIs For MiFID II
By Shanny Basar
 

August 8, 2017
ESMA Corrects MiFID II Transaction Reporting Draft Errors
By Mark Taylor

August 4, 2017
AI Invasion of Wall Street Means High-End Jobs are Not Insured
 

August 1, 2017
Looming Regulatory Flux A Boon For Fintechs, Says KPMG
By Mark Taylor


July 31, 2017
Stop Talking About How Robots Will Steal Our Jobs
 

July 28, 2017
Rays of hope for European banks in a mixed second quarter
By Martin Arnold, Laura Noonan and Michael Stothard
 

July 25, 2017
The Science of Artificial Intelligence and Alternative Data Isn’t Fiction Anymore

 

July 24, 2017
Jobs come, jobs go as digital era transforms workplaces
By Feng Jianmin

 

July 21, 2017
Stress testing, cyber risk
modelling and machine vision
By Alexander Campbell

 

July 20, 2017
Goldman's rotten trading quarter is a familiar smell on Wall Street
By Olivia Oran
 

July 19, 2017
Morgan Stanley contains trading losses in strong earnings
By Laura Noonan

 

July 19, 2017
Morgan Stanley's results establish a worrying trend for Goldman Sachs
By Matt Turner

 

July 19, 2017
Quants look to image recognition to process alternative data
By Faye Kilburn

July 19, 2017
Bond Trading Thrashes Goldman
 

July 19, 2017
Goldman Sachs’ once-revered bond trading takes another hit

July 19, 2017
Morgan Stanley's results establish a worrying trend for Goldman Sachs
 

July 18, 2017
Goldman Sachs Delivers Profit Surprise Despite Trading Slump
By Liz Hoffman
 

July 18, 2017
Electronic Trading Jolts FX Markets to Change
By Lynn Strongin-Dodds
 

July 18, 2017
Goldman Sachs stock slips as trading slumps
 

  

July 18, 2017
Goldman Sachs Reports Surprise Profit Increase

July 16, 2017
AI Comes of Age in Financial Services
By Heather McKenzie


July 5, 2017
Markets break out in Mifid II sweat as new rules loom
By Philip Stafford

July 4, 2017
Are robots replacing humans in finance jobs?


July 2017
Artificial Intelligence in FX: Harnessing the Future Now
 

June 29, 2017
Are Robots Taking Over The World’s Finance Jobs?

June 29, 2017
Will Robots Rule Finance?




June 26, 2007
MiFID II demands a mind-set change in delivering best execution

 

June 25, 2017
Why Wall Street still needs human traders
By Christopher Matthews
 

June 20, 2017
AI and Alternative Data: A Burgeoning Arms Race
By Anthony Malakian


June 16, 2017
Why Banks Need To Adapt Their Operating Models
 

June 16, 2017
Opinion: Sourcing Alt Data to Remain Challenging
By Rob Daly
 

June 14, 2017
Nobody Wants This Brexit Power Grab
By Lionel Laurent
 

June 13, 2017
London’s fintech crown tarnished by political ‘mess’
By Yolanda Bobeldijk
 

June 9, 2017
The U.S. Is Ahead of China in AI Innovation—for Now
By Dan Strumpf
 

June 9, 2017
Is it $5bn or $77bn? Data enters the euro clearing row
By Luke Clancy

June 9, 2017
The U.S. Is Ahead of China in AI Innovation--for Now
 

June 8, 2017
Unintended Consequences of MiFID II?
By Shanny Basar

June 1, 2017
‘Mifid II demands mind-set change in delivering best execution’


May 31, 2017
Eight Reasons to Be Skeptical About Blockchain
By Jason Bloomberg




May 31, 2017
Heavyweight investors warn regtech is falling prey to ‘hype’
By Lucy McNulty

May 31, 2017
New to the Risk Management Tool Kit: Alternative Data
Katherine Heires


May 23, 2017
Alternative Data’s Hard Labor
By Faye Kilburn


Spring 2017
AI tech to replace 90,000 buy-side jobs by 2025

May 8, 2017
Paris to redouble efforts to attract Brexit banks after Macron win
By Anjuli Davies and Maya Nikolaeva
 

May 8, 2017
Paris to redouble efforts to attract Brexit banks after Macron win


May 8, 2017
Election results give Paris a boost

May 8, 2017
Paris to increase efforts to attract UK banks after Macron victory

May 8, 2017
Macron is to help Paris in the fight for London bankers


May 8, 2017
With Macron, Paris will step up efforts to attract British banks

May 8, 2017
Does Macron decide the fight for London banks for Paris?

May 7, 2017
Macron wins French presidential election, beating far-right Le Pen
By Jemima Kelly

May 7, 2017
Investors relieved as Macron wins French presidential election
 

May 4, 2017
Morning Scan Banks put brakes on auto lending; The human cost of AI

 

May 3, 2017
Artificial Intelligence Geared to Erase Capital Markets Jobs: Study
By Kim S. Nash

April 25, 2017
French elections: Wall Street joins European relief rally


April 25, 2017
'Macron rally' pushes shares to record high

April 24, 2017
Euro and shares rally after Emmanuel Macron wins first voting round of French election
By Josie Cox

April 24, 2017
FRENCH PRESIDENTIAL ELECTION: MARKETS AND POLITICAL MODERATES RELIEVED AT FIRST ROUND RESULT
By Josh Lowe
 

April 24, 2017
Pound to Euro exchange rate: Emmanuel Macron's French election victory sees Euro rise to highest level in five months
By Robin De Peyer


April 24, 2017
Euro jumps as Macron and Le Pen enter second round of elections
By Miranda Wadham

April 24, 2017
Polls show Macron, Le Pen going through to French election run-off
 

April 24, 2017
French Presidential Election: Markets and Political Moderates Relieved at First Round Result


April 24, 2017
EUR AUD Charges Higher; Macron Through to Face Le Pen in French Election
By Rewan Tremethick
 

April 24, 2017
Euro on a high after French vote on Sunday
By Chloe Western
 

April 23, 2017
French elections: Markets sense relief after French vote

April 23, 2017
Polls Show Macron, Le Pen Going Through to French Election Run-Off
By Jemima Kelly

April 23, 2017
Polls Show Macron, Le Pen Going Through to French Election Run-Off

 

April 23, 2017
Polls show Macron, Le Pen going through to French election run-off
 

April 20, 2017
Goldman lacks: a Q1 Wall Street snapshot
By Tim Burke and Fareed Sahloul

April 20, 2017
The Artificial Intelligence Advantage for Investors
By Michael Young
 

April 19, 2017
The hard labour in profiting from alternative data
By Faye Kilburn
 

April 19, 2017
Morgan Stanley bursts forward in the banking pack
By Ben McLannahan
 

April 19, 2017
Man vs. Machine (Learning): Robots Edge Into Industry Jobs
By Emily Laermer
 

April 18, 2017
Stock pickers face scrapheap as investors turn to algorithms
By Proinsias O'Mahony
 

April 13, 2017
Robots Are Replacing Humans at All These Wall Street Firms
 

April 13, 2017
Banks spent close to $100 billion on compliance last year
By Hayley McDowell
 

April 12, 2017
How RegTech Is Changing The Banking Landscape

April 11, 2017
Are portfolio managers an endangered species?
By Anna Devine

 

April 10, 2017
Barclays probe can encourage more whistleblowing
By Lucy McNulty and Becky Pritchard

April 6, 2017
The new buy-side winners as big data takes over
By Paul Clarke
 

April 4, 2017
Will Robots Take Over Asset-Management Jobs?
 

April 2, 2017
What BlackRock's Robots Don't Know Can Hurt Them
By Bryce Hoffman
 

March 30, 2017
Robots Are Replacing Humans at All These Wall Street Firms
By Lucinda Shen

March 29, 2017
The cunning plots to save the City of London from Brexit
By Paul Clarke
 

March 28, 2017
Scrapping EU rules could create 40,000 City jobs
By Lucy McNulty
 

March 24, 2017
Financial Services to Lose 230,000 Jobs to AI Systems
By Lynn Strongin Dodds
 

March 24, 2017
Traders wary of censure for being a ‘few bips out’
By Luke Clancy

March 20, 2017
How artificial intelligence will eat your finance job – and how to survive
By Paul Clarke
 

March 16, 2017
All the ways AI will slash Wall Street jobs
By Penny Crosman
 

March 9, 2017
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
By Luke Clancy
 

March 8, 2017
Investment banks to choose artificial intelligence over humans
By Sam Agini

March 8, 2017
Investment industry to spend $2.8bn on AI by 2021, expected to cut quarter of a million jobs
By Karl Flinders
 

March 7, 2017
Jobs in capital markets at risk as banks spend more on AI
By Tom Ball
 

March 7, 2017
AI technology to replace 90,000 buy-side jobs by 2025
By Hayley McDowell
 

March 7, 2017
Banks are actively investing in artificial intelligence: what is the danger?
 

March 7, 2017
Capital markets jobs on the line as banks raise AI spend
 

March 7, 2017
FIs ‘to spend $1.5 billion on AI tech in 2017’
By Anthony Strzalek

March 7, 2017
BlackRock MD: People are the problem when it comes to machine learning
By Paul Clarke

March 3, 2017
ESMA Seeks To Avoid Regulatory 'Arms Race' During Brexit
By William Shaw
 

February 13, 2017
Wall Street taps along to the deregulation beat
By David Wighton
 

February 13, 2017
Meet the man who wants to save banks billions
By Yolanda  Bobeldijk

 


February 9, 2017
Dodd-Frank reversal: a liquidity boost for bond markets
By Samuel Agini, Fareed Sahloul And Mark Cobley  

 

February 9, 2017
Dan Loeb Gets A Little Too Bullish On Bank Stocks
By Antony Currie and Dominic Elliott, Breakingviews

February 8, 2017
Frontal Loeb
By Antony Currie and Dominic Elliott

February 8, 2017
EU Regulator Warns Against Easing Rules To Lure UK Banks
By William Shaw
 

February 8, 2017
What Trump's deregulation agenda misses
By John Hardwood
 

February 6, 2017
Deregulation will free up billions in revenues
With Pauline Chiou


February 3, 2017
By Gillian Tan Lionel Laurent
 

January 30, 2017
Brexit May See UK Deregulate To Keep Banks, Report Says
By William Shaw

 


January 23, 2017
Trumped Up Banks-May-Still-be-Ripe-for-Breakup
By Lionel Laurent & Gillian Tan

 


January 21, 2017
«Occupy Washington»: così Goldman Sachs domina il gioco nella squadra di Trump 
Il Sole 24 Ore

 

January 21, 2017
$25 BILLION: Trump's plan to cut Wall Street regulation is going to have a big impact
By Frank Chaparro
 

January 21, 2017
$25 BILLION: Trump's plan to cut Wall Street regulation is going to have a big impact
By Frank Chaparro, Business Insider


January 20, 2017
Goldman Sachs: Occupying Washington again
By Ben McLannahan
 

January 9, 2017
ICAP founder Michael Spencer’s biggest bet yet
By Tim Cave

 

January 6, 2017
New Bank Regs Top Industry's Worries For 2017, Survey Reveals
By William Shaw

 

January 4, 2017
Brexit To Dominate UK Regulatory Compliance Thinking In '17
By William Shaw

 


January 3, 2017
Banks to Bear the Brunt of MiFID II costs
By Sam Agini

 

January 3, 2017
MiFID II to Cost Over €2.5bn
By Shanny Basar

 

December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies

 


December 15, 2016
Coup de frein à la baisse des effectifs des banques en 2016

 


December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies

 


December 15, 2016
B?ncile au oprit valul de concedieri



December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies

 

December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies

December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies



December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies



December 15, 2016
Job cuts announced by European banks tumble in 2016



December 15, 2016
Job cuts announced by European banks tumble in 2016



December 15, 2016
Job cuts announced by European banks tumble in 2016
By Ritvik Carvalho and Anjuli Davies

 


December 2, 2016
JP Morgan Pulls Ahead in EMEA as Deutsche Clings to Third
By Samuel Agini and Fareed Sahloul

 

 
November 28 - December 4, 2016
By Max Abelson and Dakin Campbell
 

November 23, 2016
Bankers Trump Ridiculed Are Already Embracing His Future Regime
By Max Abelson and Dakin Campbell

 

November 22, 2016
Bankers Ridiculed by Trump Are Already Embracing His Future Regime
By Daikin Campbell

 


November 22, 2016
Wall Street Is Suddenly Loving This Donald Trump Guy
By Bess Levin

 


November 22, 2016
Bankers Ridiculed by Trump Are Already Embracing His Future Regime
By Dakin Campbell, Max Abelson

 


November 22, 2016
Gió chieu nào xoay chieu day, pho Wall quay ngoat thái

 


November 22, 2016
Banqueros abrazan a gobierno de Trump

 


November 22, 2016
Banqueiros ridicularizados por Trump agora abraçam seu reinado
By Max Abelson and Dakin Campbell

 


November 22, 2016
Sólo falta una carta para tener todos los índices de Wall Street
By Laura de la Quintana

 


November 21, 2016
Michael Sherwood quits Goldman Sachs role
By Philip Georgiadis

 

November 10, 2016
Wells Fargo Leads Banks Up as Trump Win Seen Curbing Warren
By Laura Keller

 

October 24, 2016
Will an Exchange Acquire an IBD?
By Shanny Basar

 

October 13, 2016
US Bank Earnings: 5 Things to Look Out for
By Ben McLannahan

 

October 6, 2016
Blockchain: The Revolution Has Been Over-Hyped
By Anthony Malakian

 


September 30, 2016
Deutsche Bank in Crisis: Three Things to Think About
By FN Staff

 

September 29, 2016
Will LSE’s Sale Satisfy Competition Regulators?
By Shanny Basar

 

September 28, 2016
Wells Fargo Scandal Reignites Debate About Big Bank Culture
By Olivia Oran

 

September 28, 2016
Wells Fargo Scandal Gets Banks to Ask Employees What Makes Them Proud to Come to Work
By Olivia Oran

 

September 28, 2016
Wells Fargo Scandal Reignites Debate About Big Bank Culture
By Olivia Oran

 


September 28, 2016
California Suspends State Investments with Wells Fargo Over Bank’s Fleecing of Customers

 

September 28, 2016
Wells Fargo Scandal Reignites Debate About Big Bank Culture
By Olivia Oran

 


September 28, 2016 
Wells Fargo scandal reignites debate about big bank culture
By Olivia Oran

 


September 28, 2016
Wells Fargo scandal reignites debate about big bank culture
By Olivia Oran

 

September 28, 2016
Wells Fargo Scandal Reignites Debate About Big Bank Culture
By Olivia Oran

 


H. G. Wells Fargo Malicious Gossip Reignites Argue Around Full-grown Savings Bank Culture
By Olivia Oran
 

September 28, 2016
Wells Fargo Scandal Reignites Debate About Big Bank Culture
By Reuters/Olivia Oran

 

September 27, 2016
CurveGlobal Expands Portfolio Margining with LCH
By Shanny Basar

 

September 22, 2016
Banks’ Brexit Plans are Headed for the Shredder
By Lionel Laurent, Bloomberg Gadfly
 

September 12, 2016
Bank Job Cuts in Cards as the Grim Slowdown Continues
By Tim Burke and Lucy Burton

 

September 7, 2016
Blockchain - Not a Panacea
By Julie Schieffer and Lynn Strongin-Dodds

 

September 6, 2016
Throsby’s Investment Banking To-Do List at Barclays
By Tim Burke and Lucy Burton

 

August 26, 2016
Exchanges Look to Diversify Towards Sell-Side

 

August 25, 2016
Blockchain is Not a Panacea

 

August 15, 2016
Warnings of Worse to Come for Banks and Fund Managers
By Tim Burke

August 15, 2016
No Country for Small Asset Managers
By Shanny Basar

 

August 13, 2016
Iran Bonanza Likely to Bypass Big Banks
By Gareth Gore

 

August 10, 2016
How I Learned to Stop Blockchain Obsessing and Love the Barry Manilow
By Izabella Kaminska, FT Alphaville

 

August 8, 2016
Exchanges Set to Venture Into Sell-Side Territory

 

July 29, 2016
Brexit Boost Eludes Europe's Investment Banks, Shows Growing Gap with Wall Street
By Anjuli Davies and Jamie McGeever

 

July 1, 2016
Busy June Shows Dodd-Frank's Benefits And Costs
By Evan Weinberger

 

June 21, 2016
ESMA Explores Blockchain’s Risks and Promise
By Lynn Strongin-Dodds
 

June 16, 2016
The government wants to facilitate the use of the blockchain for the non-listed
By Solenn Poullennec

 

June 5, 2016
Blockchain – Is It Overhyped?
By Brian Bollen

 

June 2, 2016
Nasdaq Launches ‘Watershed’ Blockchain Framework
By Louis Chunovic

 

May 27, 2016
Europe Unbundles Research and Execution
By Aggelos Andreou

 

May 24, 2016
Report Bursts Blockchain/DLT Bubbles for Ops
By Lynn Strongin-Dodds

 

May 24, 2016
Running Risk Management as a Business

 

May 20, 2016
Will Blockchain Be Nirvana?
By Shanny Basar

 

May 19, 2016
Capital Markets Bright Spot: Exchanges
By Shanny Basar

 

April 18, 2016
MoneyBeat: Morgan Stanley Earnings Recap
By Kristen Scholer

 

April 10, 2016
Post-Trade: T2S Progress Report
By Mary Bogan
Best Execution

 

October 19, 2015
Morgan Stanley Q3 Profit Sinks 60% on ‘Unusual Hiccup’: Gorman

 

September 16, 2015
Market Data Management Special Report
By Max Bowie

 

 

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