Current issues
Editor-In-Chief's letter
SURVEY
FOREFRONTS
Diary of a company wife (ret.)
PEOPLE
CUSTODY
PPA adds to the outsourcing momentum
The US lags behind countries such as the UK, Australia and the Netherlands—when it comes to outsourcing employee retirement plans. Reverberations from the Pension Protection Act, passed in 2006, may mean this is changing—but slowly
The US lags behind countries such as the UK, Australia and the Netherlands—when it comes to outsourcing employee retirement plans. Reverberations from the Pension Protection Act, passed in 2006, may mean this is changing—but slowly
The balancing act of trading platform proliferation
The combination of the introduction of the Markets in Financial Instruments Directive (MiFID) and a series of technology advances are provoking a long-awaited shake up in Europe's trading arena—and keeping custodians on their toes
The combination of the introduction of the Markets in Financial Instruments Directive (MiFID) and a series of technology advances are provoking a long-awaited shake up in Europe's trading arena—and keeping custodians on their toes
Cashing in on custody
Global custodians and investment banks may have much to gain from employing a common agent to handle both payments and securities, but the decision is not inevitable
Global custodians and investment banks may have much to gain from employing a common agent to handle both payments and securities, but the decision is not inevitable
Northern Trust CEO Rick Waddell
In good markets and bad, Northern Trust has thrived. The Chicago-headquartered institution remains firmly independent, and seems unperturbed by the present credit meltdown. GC talked to Northern Trust President and CEO Rick Waddell about the bank's present and future
In good markets and bad, Northern Trust has thrived. The Chicago-headquartered institution remains firmly independent, and seems unperturbed by the present credit meltdown. GC talked to Northern Trust President and CEO Rick Waddell about the bank's present and future
Sui generis
The new face of reciprocity
Alive and well in the custody business, reciprocity goes by a different name now: private labeling
Alive and well in the custody business, reciprocity goes by a different name now: private labeling
Dangerous remedies
The end of the world as we know it
Congratulations! If you are reading this column it means survival. Not merely you personally but indeed the global financial system as a whole
Congratulations! If you are reading this column it means survival. Not merely you personally but indeed the global financial system as a whole
BOOK REVIEW
FUND ADMINISTRATION
UMAs: Desirable but still not easy
This nascent product has enticed growing numbers to enter the market. But with many questions around models and operational support, UMAs have yet to reach their tipping point
This nascent product has enticed growing numbers to enter the market. But with many questions around models and operational support, UMAs have yet to reach their tipping point
SECURITIES FINANCING
The battle over open interest
In 2004 it looked—albeit briefly—as though a united brokerage industry would stand up and present arms against the exchange industry over open interest. But before battle had ever been engaged they downed arms and walked away from the battlefield. Though the war was never fought, the rebel brokers nonetheless ended as the prime casualties, the exchanges as the considerably emboldened victors. A fresh skirmish is now due, and the insurgents are again preparing to pit their wits against the mighty exchange groups
In 2004 it looked—albeit briefly—as though a united brokerage industry would stand up and present arms against the exchange industry over open interest. But before battle had ever been engaged they downed arms and walked away from the battlefield. Though the war was never fought, the rebel brokers nonetheless ended as the prime casualties, the exchanges as the considerably emboldened victors. A fresh skirmish is now due, and the insurgents are again preparing to pit their wits against the mighty exchange groups
Treading lightly toward Indian repo
For years stories in the local Indian papers predicting the imminent arrival of corporate repo have been followed by no corporate repo. Why?
For years stories in the local Indian papers predicting the imminent arrival of corporate repo have been followed by no corporate repo. Why?
COVER STORY
The Nordic (R)evolution
Nordic custodians are determined to maintain the efficient level of service that the region is known for despite tectonic shifts in their clearing and settlement infrastructures as the shadow of Target2 Securities (T2S) falls across the region. Increased competition at home and abroad also has providers examining their own business models and how they fit in globally as well as locally
Nordic custodians are determined to maintain the efficient level of service that the region is known for despite tectonic shifts in their clearing and settlement infrastructures as the shadow of Target2 Securities (T2S) falls across the region. Increased competition at home and abroad also has providers examining their own business models and how they fit in globally as well as locally
PRIME BROKERAGE
Dipping a toe into hedge fund strategies
Superannuation funds in Australia are flush and increasing their receptiveness to new strategies for more active returns. Enter 130/30
Superannuation funds in Australia are flush and increasing their receptiveness to new strategies for more active returns. Enter 130/30
Agency play: A trading Tiger cub comes of age
Q&A with Scott Chace, the managing partner and founder of CF Global Trading, a global brokerage firm with US, European and Asian offices that specializes in agency trading for hedge funds
Q&A with Scott Chace, the managing partner and founder of CF Global Trading, a global brokerage firm with US, European and Asian offices that specializes in agency trading for hedge funds
Australian hedge funds put providers through their paces
Although the outsourcing of back- and middle-office functions is not new to Australian-domiciled hedge funds, providers say the pace of outsourcing and the services hedge funds are seeking from servicers is increasing. Driving this increase pace and scope are demands for more transparent reporting and an increasing focus on tax efficient and cost efficient trading, plus the increased "institutionalization" of hedge fund operations due to demands from superannuation fund clients
Although the outsourcing of back- and middle-office functions is not new to Australian-domiciled hedge funds, providers say the pace of outsourcing and the services hedge funds are seeking from servicers is increasing. Driving this increase pace and scope are demands for more transparent reporting and an increasing focus on tax efficient and cost efficient trading, plus the increased "institutionalization" of hedge fund operations due to demands from superannuation fund clients
MARKET INFRASTRUCTURE
Euroclear in the era of T2S
There will be a clear solution for the fragmented settlement landscape in Europebut not likely in this decade
There will be a clear solution for the fragmented settlement landscape in Europebut not likely in this decade