米国資本市場のトレーディング技術戦略

Abstract

Overview

Introduction

As financial markets remain sluggish, capital market institutions are increasingly focused on cost control in the middle and back office to provide an efficient organisational structure. Issues such as regulation, product differentiation and the development of new technologies has driven the need for organizational efficiency and balanced IT investment to remain competitive and add value.

Scope

• Highlight trends and key areas of activities within capital markets sell-side trading sectors
• Provides market opportunities & forecasts for applications expenditure and debt vs equity spend
• Vendor positioning for the financial markets trading space

Report Highlights

IT strategy continues to be dominated by cost control as financial market institutions face ongoing margin pressure. While institutions are hesitant to pursue investment opportunities, technology-driven solutions are being seen as necessary to differentiate and gain competitive advantage amid tough conditions.

While MiFID (due April 2007) is an EU regulation, it has an effect on US institutions that have operations in any of the EU member states. By aiming for optimal transparency across all trading venues, the ruling gives firms a passport to trade by making it mandatory for a sell-side firm to state publicly prices for equities traded on its own book.

With the continued high level of algorithmic trading, brokers will need to find new and inventive ways of adding value (a changing of the value-chain model). There will also be added pressure to produce efficiency metrics for the buy side to differentiate between different algorithms from not only suppliers but also non-electronic methods.

Reasons to Purchase

• Understand trends and key areas of activities within capital markets sell-side trading sectors
• Gain insight into how the interplay of end-user trading, regulation & FSI dynamics are driving a renewed focus in growth initiatives & IT investments

Table of Contents

• CHAPTER 1 EXECUTIVE SUMMARY
  • Key Findings
• CHAPTER 2 MARKET CONTEXT
  • Introduction
  • Key findings
  • Overview
  • Business drivers and trends
• CHAPTER 3 BUSINESS / TECHNOLOGY IMPLICATIONS
  • Introduction
  • Key findings
• CHAPTER 4 COMPETITIVE DYNAMICS
  • Introduction
  • Key findings
  • Competitor identification
• CHAPTER 5 THE FUTURE DECODED
  • Introduction
  • Key findings
  • Application spend by front, middle and back office
  • Application spend by product
• CHAPTER 6 APPENDIX
  • Definitions
  • Future readings
  • SPP writing team
  • List of Tables
    • Table 1: Application location spend
    • Table 2: Application spend by product
  • List of Figures
    • Figure 1: Executive summary - market context
    • Figure 2: Executive summary - Competitive dynamics
    • Figure 3: Executive Summary - The future decoded
    • Figure 4: Regulatory landscape
    • Figure 5: Key drivers of IT strategy
    • Figure 6: Composition of Goldman Sachs revenue
    • Figure 7: Growth in derivatives
    • Figure 8: Trade flow lifecycle
    • Figure 9: Growth in algorithmic trading
    • Figure 10: The evolution of STP
    • Figure 11: Key areas for change-the-bank spend
    • Figure 12: Leveraging synergies across asset-specific applications
    • Figure 13: Componentization in the middle and back office
    • Figure 14: Basis for outsourcing decisions
    • Figure 15: Vendor offering matrix
    • Figure 16: Core system strategies for FSIs planning to upgrade
    • Figure 17: Product design flow
    • Figure 18: Application spend by front, middle and back office
    • Figure 19 Debt vs. equity IT spend