TABB Group Press Announcements

Smart Contracts (SCs) Have Been Talked About, Tested, Even Hyped, says TABB Group, But Will They Become Commonplace?

According to new TABB Group research, “Getting Smart about Smart Contracts in Rates,” SCs’ potential for making the rates swaps business more efficient looks very attractive, but these contracts and the processing arrangements they require imply changes in almost every aspect of the swaps business, for just about every kind of participant.  “In other words,” says George Bollenbacher, TABB head of fixed income research who wrote the report, “we need to get a lot smarter about SCs in the rates swap market before we can go much further.”

June 11, 2019

79% of Largest Buy-side Firms are Using Conditional Orders to Find Liquidity, Says TABB Group

In TABB Group’s soon-to-be-published International Equity Trading benchmark research study for 2019, 79% of firms interviewed are currently using conditional orders to source liquidity for their clients, and that more than 30% of these traders expect to increase usage in the next calendar year.

May 30, 2019

TABB Group Acquires Securities Operations Forum from The Summit Group, Launches TABB Training

“For more than 20 years, Securities Operations Forum has enriched the educational and professional stature of over 50,000 existing and aspiring executives in the financial services markets,” said Morris. “By combining TABB Group’s international market expertise, consulting services and research content offerings in equities, fixed income, derivatives, futures, cryptocurrency, fintech and regtech, along with our deep market reach, will allow us to provide new and enhanced training programs to individuals and companies through a wide offering of classroom, custom and virtual-training programs.”

February 13, 2019

Unbundling of Research Costs Globally is Altering How Buy-Side Research Managers Operate: TABB Group Study

TABB Group issues a heads-up to institutional money managers who will need to adapt to fee pressures and unbundling, says Larry Tabb, founder and research chair at TABB Group in new research, “Adapting to Unbundling: How Unbundling is Redefining Research Tech.” He warns, however, fundamentally-based firms that leverage outside content for their investment decisions will be hit the hardest.

February 5, 2019

Examining the State of the OMS Market, TABB Group Deep Dives into Its Changes, Challenges and Where the Industry is Heading

Trade execution at the dawn of the order management system (OMS) era 30 years ago was nothing like it is today, with almost 66% of a buy-side trader’s equity trading order flow channelled via low-touch / electronic trading protocols across 13 US equity exchanges, 30 dark pools and 60-plus internalizing brokers, moving beyond US equities, migrating across geographies and different asset classes, according to TABB Group in “State of the OMS: A Time for Change?”, a new report by founder and research chairman Larry Tabb. It examines the current state of the OMS, how they are keeping up and where the OMS industry is headed.   

June 5, 2018

CEX vs. DEX: Which Crypto Exchange Model is Best?

With institutional investors wary of risks inherent to centralized exchanges (CEXs), attention is returning to decentralized exchange (DEX) models, says TABB Group in “Crypto Exchanges: Returning to Bitcoin’s Decentralized Roots,” new research that examines current crypto exchange models, technology and market landscape, the second in a series of TABB reports covering the role of institutional players in the cryptocurrency trading markets and the execution platforms vying for their business.

May 30, 2018

Europe’s New Periodic Auctions Prove Popular, but Enhanced Regulatory Framework would be Beneficial, Says TABB Group

Periodic auction books have proven highly popular in Europe’s new MiFID II equity market landscape, but greater clarity over their regulatory framework would benefit all market participants, says TABB Group. A new report from the US-headquartered research firm, “Growing Pains: The Rapid Rise of Europe’s Periodic Auctions,” looks at the nuances of each periodic auction, as well as potential regulatory measures that could be imposed on the venues.

May 22, 2018

Three Factors are Limiting Institutional Cryptocurrency Trading Market Trading Growth in 2018, Says TABB Research

If 2017 was the year that cryptocurrencies went mainstream, then 2018 is certainly shaping up to be the year they go institutional once three trading risk issues are overcome, says TABB Group in “Crypto Trading: Platforms Target Institutional Market,” the first in a series of reports examining the role of institutional players in the cryptocurrency trading markets and the execution platforms vying for their business.dd News Story here

May 15, 2018

Demand for MiFID II I Advisory Drives TABB Group UK Expansion

TABB Group, the international research and consulting firm focused exclusively on capital markets and financial technology, today announced marked growth in its European operations and the establishment of new office space in the City of London. As the final countdown to MiFID II begins, TABB’s new UK office enables the firm to expand its reach in Europe and provide high-touch local client support to meet evolving customer and industry requirements.

August 8, 2017

TABB Group Announces “FinTech Festival” November 2

"TABB Group, the international research and consulting firm focused exclusively on capital markets and a leader in hosting thought leadership events, announces the 2017 FinTech Festival. Bringing together leading thinkers and technologists who are at the forefront of driving the Financial Technology economy forward, the event will dive deep into the exciting and fast-growing world of FinTech. The event will be held November 2nd, 2017, at the New York Hilton Hotel."

July 25, 2017

Global Custody Industry Embracing Technology to Help Clients in Digital Transformation, TABB Group Research Reports

Custodian banks are embracing emerging technology like blockchain and big data analytics to help clients in their digital transformation, according to a new TABB Group report “Safekeeping Empowered: Reimagining the US Custody Business.”

June 20, 2017

“RegTech” Innovation Fundamentally Transforming Financial Institutions; Creating Huge First Mover Opportunities, According to TABB Group’s Report “Financial Markets: Embracing RegTech”

A wave of innovation, built on a cloud-based technology, is fundamentally transforming financial institutions that are spending enormous sums of money complying with ever-increasing international regulations. The “RegTech” era is creating huge opportunities for first movers according to TABB Group’s report "Financial Markets: Embracing RegTech."

April 24, 2017

Institutional Investors Facing Difficult Challenge as Passive Investing, Unbundling, and Cost Pressures Threaten Their Very Existence According To TABB Group’s Latest Research

The reallocation of assets from active, fundamentally-based investment strategies to passive/ETF index-based products has the industry on edge. Over the past ten years almost $3 trillion has moved from discretionary stock-picking funds to index-aligned investment strategies. In addition, as the European Union regulators look to implement MiFID 2 unbundling regulation in January 2018, it is becoming increasingly apparent that US investors will be dragged into complying with rules on how they obtain, value, and pay for investment research. TABB Group’s latest research US Institutional Equity Trading Study 2017: In the Eye of the Storm shows how unprepared the US institutional investor community is for either of these challenges.

April 18, 2017

TABB Group Expands Global Presence with Additions in New York and London

TABB Group, the international research and consulting firm focused exclusively on capital markets and financial technology, has announced the hires of Drew Seldin as Chief Marketing Officer (CMO) and Radi Khasawneh and Tim Cave as additions to the analyst team. 

March 14, 2017

An Open Source Financial Instrument Global Identification Framework is Critical for Support of Emerging Financial Technology Trends and Innovation: TABB Group Research

Data professionals across all segments of the financial industry are struggling on a daily basis to maintain data quality. According to TABB Group’s latest research, “Building a Framework for Innovation and Interoperability,” firms are heavily challenged by the current state of having multiple security masters and often suffer real operational pain due to inaccurate or insufficient financial instrument identification. The study, which was based on outreach to more than 180 financial services entities, explores the current state of financial instrument identification and the resulting operational issues currently being faced by the securities industry.

March 13, 2017

Code Modernization is Vital for Long-Term Efficiency in Capital Markets Infrastructure, According to TABB Group

Regulatory demands on the financial services industry require that institutions obtain a holistic understanding of all the data within the organization for compliance purposes. With the cost model of the industry unsustainable alongside the ever-growing regulatory rule set, it is necessary for software developers to extract every bit of performance offered by their current hardware. TABB Group’s latest research, “Code Modernization – Doing More with More,” reviews how the move to code modernization in the capital markets community will make the maximum use of firms’ existing compute resources.

February 23, 2017

Growth in U.S. Listed Options Volumes Hinges on Sustained Market Volatility in 2017, finds TABB Group Research

Total volume in the U.S. options market reached 4.06 billion contracts in 2016, a 1.9% decline from 2015. As a lack of sustained volatility has resulted in little perceived volume growth, U.S. listed options volume for 2017 is expected to also remain fairly stagnant, according to TABB Group’s latest research, “U.S. Options Market Outlook 2017: Emerging Catalysts on the Horizon.” The report examines factors that influence options trading activity, identifying key factors that the industry should monitor as catalysts to support trading in 2017. It also examines investor demand, the regulatory landscape and provides context on how volatility will support industry growth.

February 23, 2017

Washington’s Focus on Financial Regulation Will Have Far Reaching Impact on U.S. Equities Market, finds TABB Group Research

The current presidential administration has placed a broad array of financial regulations in line for the incinerator, including many in the crosshairs of U.S. equities market participants, such as the Regulation National Market System (Reg NMS), the Volcker Rule under The Dodd-Frank Wall Street Reform and Consumer Protection Act, and the Third Basel Accord (Basel III). TABB Group research, “Trump, Volcker, Reg NMS, and HFT,” looks at the impact of repealing both the Volcker Rule and Reg NMS on the U.S equities market and who wins and who loses in this scenario.

February 22, 2017

Alpha Capture to Gain Momentum through Regional Expansion and Impact on Global Regulatory Needs, Details TABB Group Study

As alpha capture has become an accepted and essential practice at top tier European banks, it is also evolving in how it operates within the larger compliance and surveillance framework. Taking note of the specific benefits to firms engaged in alpha capture programs, TABB Group’s latest research, “The Evolving Role of Alpha Capture: Technology Matures and Opportunities Expand,” dissects the trends within the alpha capture space and where it is expected to grow moving forward.

February 21, 2017

Capital Markets are Primed for the Next Phase of Market Data Services Delivery with the Cloud, Finds TABB Group Study

Though the market data industry has operated fundamentally in the same manner for over a generation, the advent of cloud based service delivery is bringing change for the options available to the capital markets community. TABB Group’s latest report, “Stairway to the Market Data Cloud: As a Service Model Comes to Market Data,” reviews progress in security, operations and API suites that now enable next generation delivery of cloud based market data services.

February 15, 2017

TABB Group Announces Spinoff of Clarity Service

TABB Group, an industry leader in international research and consulting for the capital markets, is announcing that Clarity, the leader in equities market trading venue and routing analytics, will be spun out as an independently owned and operated company, operating under the name Babelfish Analytics.

January 10, 2017

Fixed Income Markets Should Expect Continued Regulatory Uncertainty as the Trump Administration Turns its Focus to Dismantling Dodd-Frank, says TABB Group

More than 22,000 pages of rules, six-and-a-half years of implementations, delays, and revisions, and an incalculable sum of money and man hours have gone into building a new market infrastructure that would comply with the sweeping requirements of the Dodd-Frank Act (DFA). According to TABB Group, the future of the DFA, once an unavoidable and burdensome new reality for U.S. fixed income markets, is now completely uncertain under the coming Trump Administration. In TABB Group’s latest Market Note, “Dismantling Dodd-Frank? Regulatory Overhaul Redux,” report author Colby Jenkins examines what we know so far about the incoming Trump administration’s plan to ‘dismantle’ the DFA and to what extent their proposals might come to fruition.

November 30, 2016

Private Blockchain May be the Answer to Capital Markets’ Internal Reconciliation Problems, Says TABB Group Report

A vast number of intersystem data reconciliations taking place horizontally and vertically across enterprises are not being addressed, according to the latest TABB Group research, “Inside Reconciliations: Capital Markets Dirty Little Secret.” The report details the internal reconciliation processes in financial services firms and discusses the potential for distributed ledger technology to help.

November 1, 2016

Capital Markets Firms Continue to Invest in Hardware for Compute Grids Alongside Growing Cloud Adoption, According to TABB Group Research

Although financial services firms are moving to adopt cloud computing for less demanding workloads, firm-managed physical hardware will be required for the foreseeable future to handle the most throughput- and latency-sensitive compute workloads, according to TABB Group’s latest research, “The Future of Grid Computing in a Cloud-Enabled World.” The research considers the compute grid’s place in a cloud-enabled world, addresses options for optimizing onsite system performance, and discusses total cost of ownership (TCO) considerations for onsite grid components.

November 1, 2016

Significant Foundational Changes Must Be Implemented for Financial Services to Reap the Benefits of Blockchain, says TABB Group

The hype for blockchain is over and real world results must now be achieved, according to TABB Group’s latest research, “Demystifying Blockchain.” The report details how a clearer vision and execution path for blockchain is emerging, but that the technology is only a piece of the puzzle for a next generation data solution.

October 4, 2016

Utility Solutions Offer Answer to the Buy-Side’s Client Data Management Challenges, Finds TABB Group Study

The documentation required to be disclosed by institutional clients to investment managers continues to increase in terms of both volume and intricacy. These requirements have given rise to the need for a process that upholds compliance and risk management principles, but doesn’t drive clients away. According to TABB Group research, “Client Entity Data Management: Identifying the Value to the Buy-Side,” investment managers recognize that data drives much of their operations, yet 64% reported that they had difficulty in acquiring, storing and communicating client entity data.

September 14, 2016

A Deeper Analysis of Data around Speed is becoming Critical to Efficient Market Participation, Says TABB Group

The importance placed on speed is universal throughout capital markets. On one side, firms are investing in speed to provide liquidity, capture opportunity and manage risk, while on the other side, platforms are investing in speed bumps and new order types to normalize speed advantages. According to TABB Group research, “Speed II: Have We Reached a Tipping Point?” both camps are also boosting their investment in analytics to aggregate, normalize, and analyze opportunities and execution efficiency, making information about speed increasingly more important than speed itself.

September 15, 2016

Wall & Broadcast Reveals Another Side of Wall Street in New Podcast Series

Bringing to life the untold stories of Wall Street, the new podcast Wall & Broadcast officially launches today on TabbFORUM, the global capital markets site created for peer-to-peer thought leadership on current industry issues. Co-hosted by TABB Group COO Alex Tabb and Forbes contributor and CEO of Vested Dan Simon, the podcast will release new episodes every two weeks with the goal of engaging its audience with compelling and unique anecdotes that shed light on this usually veiled world.

September 14, 2016

Utility Solutions Offer Answer to the Buy-Side’s Client Data Management Challenges, Finds TABB Group Study

The documentation required to be disclosed by institutional clients to investment managers continues to increase in terms of both volume and intricacy. These requirements have given rise to the need for a process that upholds compliance and risk management principles, but doesn’t drive clients away. According to TABB Group research, “Client Entity Data Management: Identifying the Value to the Buy-Side,” investment managers recognize that data drives much of their operations, yet 64% reported that they had difficulty in acquiring, storing and communicating client entity data.

September 14, 2016

Direct Clearing Trend in Futures Trading Continues to Reshape the Role of FCMs, Finds TABB Group Research

Report author Tom Lehrkinder explains futures clearing has reached an inflection point that has forced exchanges and clearing houses to take notice. The number of U.S. FCMs has fallen from 154 in 2008 to 70 in May 2016 and though FCM numbers have been declining, they remain an integral part of the trading and settlement process. Both the CME and Eurex have taken steps to ensure that the FCMs are still available to cover any contingent liability that these new membership categories may introduce.

August 23, 2016

Integration of Transaction Cost Analysis is Fundamental for Redefining Best Execution in Fixed Income Markets, says TABB Group

New TABB research, “Best Execution in Fixed Income: A Work in Progress,” examines the growing array of third-party TCA solutions, how each satisfies evolving best execution standards and the ways these tools can be incorporated into existing workflow. TABB global head of research and consulting, Anthony Perrotta, and analyst Colby Jenkins, who co-authored the report, explain that the majority of bonds trade too infrequently to create an equity-like execution benchmark and these murky waters in bond pricing are center to the credit market’s best execution conundrum.

July 27, 2016

With Public Cloud Support Growing, TABB Group Research Reveals Widespread Adoption by the Capital Markets is Expected by 2018

The debate around cloud adoption by capital markets has focused on whether the public cloud is ready for financial services. Results from the latest TABB Group research indicate the real question is whether capital markets are ready for the cloud. TABB research, “A Look Through the Keyhole on Cloud Adoption,” provides an exclusive look on current and future cloud adoption within capital markets, based on interviews with senior executives from leading exchanges, sell- and buy-side firms.

July 13, 2016

Buy-Side Continues to Struggle with Legacy and Non-Integrated Technologies, Negatively Impacting Future Growth and Profitability: TABB Group Study

The choices that investment managers make about their IT architecture can impact their success or failure to compete for market share. TABB Group’s latest research, “The Buy-side Legacy IT Hangover: Finding the Cure for Alpha, Compliance and Growth,” details a survey of global non-North American investment managers revealing that participants recognize trade delays caused by inadequate technology account for opportunity costs of anywhere up to 50% of revenue. The risk of not meeting the needs of both clients and regulators means loss of assets, potentially incurring large fines and not sustaining profitability and growth.

July 5, 2016

TABB Group Research Finds as Block Trading by Asset Managers Hits Six-Year High, OMS/EMS Solutions are Under Pressure to Meet Heightened Buy-Side Technology Needs

According to TABB Group, block trading volume for asset managers rose to 19% in 2015, surpassing levels last seen in 2009 due to changes in investment strategies, access to new liquidity sources and new block trading methodologies. The ability to trade blocks is a critical part of trading strategies and leveraging an integrated workflow through an execution management system (EMS) and order management system (OMS) is essential for the buy-side. Part two of TABB Group’s 12th annual benchmark study, “US Institutional Equity Trading 2016: Blocks & Trading Tackle (Part 2 of 3),” examines trends related to block trading, capital usage, conditional orders, and the crucial role of the EMS and OMS in supporting buy-side traders.

June 29, 2016

TABB Group Says MiFID II Compliance Relies on Ability to Source and Utilize Accurate Data

“Buy-side or sell-side, large or small, confidence in meeting MiFID II will hinge on access to reliable and accurate data,” says Anthony Perrotta, report co-author and head of research and consulting at TABB. “The most important questions now are what data to collect and when, where, why and how to use it. The answers to these questions are paramount in gaining an edge in both compliance and competitive analysis moving forward.”

June 22, 2016

European Regulation’s Delegated Acts will Intensify Inspection of Research and Execution Costs says TABB Group

Shifting from a predominantly commission sharing agreement (CSA) managed research and execution program to full unbundling and integration of the proposed Research Payment Account (RPA) will be a steep challenge for many firms. Only 10 percent of European buy-side participants perceive themselves as fully unbundled currently, versus 23 percent in the U.K. Sayena Mostowfi, report co-author, principal and head of equities research at TABB, explains that few participants anticipated the extent of the proposed changes and the majority of firms we interviewed were relying on the continued use of CSAs. Using CSAs in RPAs, stand-alone RPAs, or even paying directly will require increased resources, governance and oversight.

June 16, 2016

All Speedbumps are Not Created Fair or Equal, Warns TABB Group

In the latest TABB research, “Speedbump Markets: Fair, Unfair or Just the New Fashion Accessory?” report author and TABB CEO Larry Tabb covers the purpose, design, and impacts of speedbumps on financial markets, including reducing adverse selection, better pricing of pegged orders, and enabling an automated last look mechanism for OTC products. Informing the research is analysis of speedbump models from Aequitas Neo, CHX, EBS, IEX, ParFX, PDQ and TMX Alpha.

June 14, 2016

Silicon is the Key to the Future of Mobility in Capital Markets Security Systems according to TABB Group

Capital markets of today and the future exist in an interconnected computing world where both form and function must perform seamlessly in secure environments. From the buy-side to the sell-side, regulators to vendors, financial services firms are enabled by the silicon technology that empowers and secures their enterprise. In TABB’s latest research report, “Silicon as a Platform: Empowering the Next Generation of Business,” report author and head of FinTech research Terry Roche explores how the ‘new silicon’ can harness these innovations to securely execute across an ever increasing set of goals and objectives in a mobile virtual world.

June 6, 2016

Global Swaps Markets Should Expect Continued Liquidity Fragmentation through Foreseeable Future, Says TABB Group Research

TABB analyst Colby Jenkins examines recent interdealer cleared trading activity data compiled by LCH.Clearnet SwapClear and published by the International Swaps and Derivatives Association (ISDA) to establish the new cross-border liquidity pool dynamics for swaps trading activity for interest rate swaps in TABB’s latest research, “Global Swaps Liquidity Fragmentation 2016: Redefining the Balance.”

June 6, 2016

First of three-part annual U.S. Institutional Equity Trading Study reveals an unprecedented drive by buy-side firms to implement new technology as they face increased regulatory scrutiny

Compliance with global regulatory regimes and market structure changes is leading traditional asset managers and hedge funds to take a holistic approach to measuring trading and research costs. Uncovering trends and drivers from interviews with 100 U.S. buy-side head traders, TABB Group has published part one of the 12th annual benchmark study, “US Institutional Equity Trading 2016: Buy Side Emancipation or Purgatory.” The report examines buy-side firm’s top initiatives, commission wallets, execution channels, broker lists and unbundling of trading and research costs.

June 1, 2016

Clearing House Evolution Adds to Challenges Facing Futures Commission Merchants: TABB Group Research

In TABB’s latest research, “Clearing House Calculus: Membership Approaching Disintermediation,” report author Tom Lehrkinder reviews the industry trends paving the way for the evolution of the clearing landscape. According to Lehrkinder, mounting regulations alongside the focus on capital usage is causing the FCMs to re-evaluate their business model and client profitability.

May 24, 2016

U.S. Swaps Market Makes Progress on a New Trading Standard in 2016: TABB Group Research

In “US Swaps 2016: Setting the New Standard,” TABB Group examines publically available trade data to break down recent developments in the U.S. Interest Rate Swap and Index Credit Default Swaps market, recent SEF market share and volume trends within the US swaps trading landscape.

May 17, 2017

Blockchain Technology Calls for a New Blueprint for Adoption, Cautions TABB Group Research

In TABB Group’s latest research, “Blockchain: Overcoming First Mover Disadvantage,” CEO and report
author Larry Tabb discusses the various challenges in driving blockchain adoption and lays out a direction forward. The research explains that blockchain technology will only be successful if used by a quorum of market participants, which creates a perverse environment where the first movers experience penalization rather than incentives.

May 9, 2016

TABB Group Research Explores Shortcomings of SEC’s Proposed Dark Pool Transparency Rule

The Securities and Exchange Commission (SEC) proposed a new registration form in 2015 for alternative trading systems (ATS), Form ATS-N, which would make details for each platform’s broker-dealer affiliates and operations publicly available. The proposal would impose new transparency requirements on all ATSs, also referred to as “dark pools,” which accounted for 15% of total industry volume and 39% of off-exchange volume in 2015. TABB’s latest market note, “ATS Transparency: The Industry Weighs In on Proposed Form ATS-N,” recaps market participants’ concerns and lays out specific areas for enhancements that TABB believes will ensure an effective transparency regime.

May 4, 2016

European Equity Markets Being Recast by Regulatory-Driven Shockwaves, Says TABB Group Research

Compiling its annual review and forward look on the challenges facing European equity trading and market structure, TABB Group has released its “European Equity Trading 2016: The Liquidity (R)evolution” report, highlighting the findings from interviews with head traders at European institutional investors regarding how they are adjusting to this massive equity market transformation.

April 29, 2016

TABB Group Research Recognizes Network Effects and Buy-side Participation as Keys to Unlocking Liquidity in the Corporate Bond Market

Liquidity in the U.S. corporate bond market is deteriorating and a paradigm shift is underway in credit trading and other fixed income businesses. This evolution was spurred by the increasing operational difficulties banks are having in their efforts to provision liquidity and transfer risk through traditional means. TABB Group’s research, by Anthony J. Perrotta Jr., “Unlocking Liquidity: Leveraging the Network Effect in OTC Bond Trading,” uncovers how this environment transformation may play out, taking into consideration the roles that banks, the buy-side and trading platforms will play.

April 25, 2016

TABB Group Research Examines the Structural Consequences of Price Improvement Auctions in U.S. Options Markets

New TABB Group research, “Price Improvement Auctions: Segmenting U.S. Options Order Flow at the Expense of the Lit Market,” examines the impact of price improvement auctions in U.S. options markets and reviews the unique characteristics of market structure that support their evolution. According to TABB, the success of price improvement auctions has created a bifurcated trading environment with a growing proportion of the most attractive paper trading in auctions never reaching the displayed market.

April 25, 2016

Institutions Must Choose to Collaborate or Commoditize in Today’s Fintech Driven Marketplace, Says TABB Group Research

Those investments have left many firms unable to respond quickly to the changing marketplace of 2016, an environment where alpha is transitory, constantly moving and morphing. Product complexity, massive data requirements and emerging tech ecosystems make linear product models obsolete. TABB Group’s latest research, “Competitive Adaptability in an Opaque Market,” examines the actions today’s market participants must take to stay at the top of their game moving forward, focusing less on speed and more on the ability to adapt to changing environments.

April 21, 2016

TABB Group Research Outlines Top Considerations for Swaps Trading Under MiFID II, Encouraging Market Participants to Make Preparations Well in Advance of 2018 Deadline

The TABB Group report, “Coming Into Focus: European Swap Trading Under MiFID II,” examines the progress made within the European regulatory regimes in implementing MiFID II/MiFIR as well as some of the key factors participants in the U.S. and European swaps market will need to consider as the market evolves.

April 12, 2016

Expect 2016 to be the “Year of Swaps Data” with a Focus on Refining the OTC Derivatives Trade Data Reporting Framework at the Forefront, Says TABB Group Research

In TABB Group’s latest Market Note, “Swaps Data Darwinism: The Next Steps in Swaps Trading Evolution,” report author Colby Jenkins examines the movement made within the U.S. in implementing OTC derivatives trade reporting rules between the two jurisdictions of the Commodities Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) and the unique frameworks of the two regulatory regimes.

April 11, 2016

Equity Options Present Hedging Solution for Credit Investors in Uncertain Market Conditions: TABB Group Research

Violent swings across financial markets have forced investors to re-evaluate portfolio allocations, as well as hedging practices. TABB Group’s new Market Note, “Broken Hedges: Credit Traders and the Lure of Equity Options,” examines why credit investors are turning to equity options as hedging tools, and what specific products these investors are using the most.Add News Story here

April 7, 2016

Financial Services Must Embrace Workflow Process Transformation Technologies to Remain Competitive in Today’s Market, Warns TABB Group

In TABB Group’s latest research, “Workflow Process Transformation,” TABB’s head of financial technology research, Terry Roche, explains that technology now exists to address these issues and provides an-depth look into the benefits, challenges and opportunities of updating workflow capabilities in order to attract and retain a high-performing workforce.

March 1, 2016

TABB Group Dissects the Realities of Regulation Automated Trading’s (“Reg AT”) Impact on the U.S. Futures Markets

In TABB Group’s latest research, “Big Brother Is Watching: The Implications of CFTC Reg AT for the Futures Industry,” TABB senior analyst Tom Lehrkinder takes an in-depth look at what mandates the CFTC has in store and what the costs to the industry will be. One of the most important components of the regulation, according to TABB, is the formalization and automation of pre-trade risk management. The research also discusses the CFTC proposal to expand registration requirements to now include a new category of traders under the AT Person moniker, though formal supervision at the AT Person level will put a strain on the smaller firms.

Feb. 24, 2016

TABB Group Identifies the Challenges Facing Blockchain in Disrupting the Status Quo

While the idea of moving to real-time settlement is especially intriguing, firms must first understand the industry’s fears before re-engineering the current processes. In TABB Group’s latest research, “Blockchain Clearing and Settlement: Crossing the Chasm,” TABB CEO Larry Tabb explains that details over informational leakage, how the securities lending and foreign exchange markets operate, as well as what actually occurs in the clearing process today, must be addressed before the industry begins restructuring firms’ processing facilities with blockchain technology.

Feb. 22, 2016

Traditional Metrics for Measuring Corporate Bond Market Liquidity are Increasingly Challenged; More Robust Tools are Required, TABB Group Reports

In TABB Group’s latest report, “Bond Liquidity Metrics: Reading between the Lines,” co-authors Anthony Perrotta, TABB partner, global head of research and consulting, and TABB analyst Colby Jenkins, leverage 2015 survey results from asset managers, dealers, and hedge funds to assess the landscape of the bond market and the effectiveness of tools market participants are utilizing to measure its liquidity.

Feb. 22, 2016

Continued Reliance on Legacy Systems Dilutes Opportunity for Alpha Generation with Front-to-Back Office Errors, Reveals TABB Group Research

“Breaking Down Buy Side Barriers: Achieving Alpha through Agility,” TABB Group’s latest research by senior analyst Dayle Scher, outlines five individual approaches that buy-side players are utilizing in trading architecture and the impact on alpha generation each has, including Best of Breed, Single Vendor/Multiplatform, Legacy, Least Expensive, and No Strategy approaches.

Feb. 17, 2016

TABB Group Finds Global Clearing Market Shares are Set for Change as Costs Drive Flows

In TABB Group’s latest research, “Global Clearing: Navigating Liquidity and Pricing Pools,” report author Radi Khasawneh reviews the shifts major clearinghouses are seeing in market share and how cost analysis on clearing has become a major factor for change. Trading heads at asset management firms in the U.S. and Europe exemplify this approach through attempts to retain banks as intermediaries for large trading flows by voluntarily clearing many derivatives, notably in the interest rate space.

Feb. 2, 2016

Market Data Deathmatch Impacting Investors Despite Efficiency of U.S. Equity Market, Says TABB Group Research

In TABB Group’s latest research, “The Market Data Deathmatch: The Increasingly Brutal Fight Over Equity Market Data Costs,” report author and TABB CEO Larry Tabb examines how the large fee increases spurring the growth of data, technology and access revenue at exchanges have led to a deathmatch between the exchanges and brokers. Although for-profit exchanges need to maximize their shareholder returns, the increases in data, access and session fees are putting pressure on the current business models of market-makers, alternative trading systems (ATSs), and brokers.

Jan. 27, 2016

Financial Crisis’ Impact on the Buy-Side Continues to Plague Industry Decision Makers Says New TABB Group Research

TABB Group considers some of these key issues facing the industry at a macro level, how buy-side firms are responding to them in terms of investment prioritization, and what opportunities exist for them to position themselves for the future, in its latest research, “Buy-Side Business Attribution: Assessing Costs and Quantifying Value.” TABB finds that similar to the practice of using performance attribution for measuring portfolio performance at even the most granular level of an investment, institutions need the capability to quantify the performance effect of every business decision they make.

Jan. 27, 2016

TABB Group Forecasts Fundamental and Organic Market Structure Changes for U.S. OTC Fixed Income Markets in 2016

If 2015 was marked by adapting to a changed regulatory construct and adjusting to mandates in U.S. fixed income market areas, TABB Group in a new report says 2016 is shaping up as the year of fundamental and organic market structure changes.

Jan. 15, 2016

Higher Volatility Isn’t the Solution for Stagnant Volumes, Finds TABB Group’s 2015 U.S. Options Market Review

Although volatility experienced a comeback in 2015, the turmoil was insufficient to draw traders back to the U.S. options market.  TABB Group’s latest research, “2015 US Options Market in Review: Higher Volatility, Stagnant Volume,” reveals that from 2012 to 2014, the industry may have inaccurately pinned slowing volume growth on the lack of volatility with claims that the calm environment eliminated trading opportunities.

Jan. 14, 2016

TABB Metrics Names Paul Schmid as Director of Sales for Clarity, the U.S. Equities Best Execution Service

TABB Metrics™, the data-driven division at TABB Group, named Paul Schmid as director of sales for Clarity, the U.S. equities best execution service. Based in New York, he is responsible for driving client growth throughout North America.

Jan. 14, 2016

TABB Group Strengthens Global Derivatives Research and Consulting Practice with Addition of Tom Lehrkinder and Callie Bost as Analysts

TABB Group has hired Tom Lehrkinder as a Senior Analyst and Callie Bost as an Analyst to further strengthen their derivatives practice. Lehrkinder and Bost are based in New York and will focus on the global listed derivatives markets for TABB’s research and consulting practices, reporting to Andy Nybo, partner, global head of research and consulting.

Jan. 11 2016

Unintended Consequences of Regulatory Onslaught will Hurt Wall Street but Cripple Main Street, Says TABB Group in New U.S. Listed Options Research

While finalized and pending tax initiatives have been promoted as ways to simplify the U.S. tax system, eliminate current loopholes and raise revenue for the U.S. government, the potential impact of these regulations on the U.S. listed options market may be problematic, says TABB Group in new research, “Unintended Consequences: Tax Regulations and the US Listed Options Market,” that delves into these repercussions.

Jan. 7, 2016

Increased Liquidity, Electronic Access, Need for Efficient Risk Management Tools Drive Demand for Options on Futures, According to TABB Research

Rising market volatility and expanded investor demand are driving volume in options on futures (OOF) markets, with trading volume seeing a 12.8% CAGR since 2009, based on new TABB Group research, “Options on Futures: Use Cases in Efficient Risk Management,” which provides a detailed look at how the rising adoption of OOF has been facilitated by a number of structural shifts, including the electronification of the trading environment and a corresponding rise in liquidity as more and more firms are including OOF in their strategies.

Dec. 17, 2015

According to new TABB Group research, the imposition of MiFID II’s Dark Trading Double Volume Cap (DVC) is intended to increase transparency in European equity markets by reducing dark activity, but there are important exceptions to the DVC.

Dec. 14, 2015

According to TABB Group consulting analyst Rebecca Healey, the latest challenge is the interpretation of Article 27 of MiFID II and the proposed Regulatory Technical Standard 28, requiring investment firms to take all “sufficient steps” to achieve best execution, including publication of the quality of execution and internal monitoring processes to verify effectiveness of the execution.

Nov. 30, 2015

TABB Examines ESMA Methodology to Meet European Regulators’ Demand for Pre-Trade Bond Transparency

While the RTS have yet to be endorsed by the European Commission, subject to approval by the European Parliament and Council, the regulatory direction is clear, explains Rebecca Healey, a TABB Group consulting analyst who wrote “Pre-Trade Bond Transparency: Understanding the MiFID II Maze,” which breaks down the various constituents of the RTS to provide a detailed look at the new obligations that will be required and

Nov. 20, 2015

TABB Research Analyzes Electronic US Corporate Bond Trading Platforms that Market Participants Deem Most Relevant

With bond liquidity dissipated during the financial crisis and not yet fully returned, institutional investors have been seeking alternative forms of liquidity, this at a time when traditional market makers are burdened by new regulatory requirements limiting the amount of capital they need to commit to their secondary corporate bond market-making businesses.

Nov. 18, 2015

Blockchain Adoption by Capital Markets Seen as When, Not If; First Use Case Expected as Early as Q2 2016, According to TABB Research

The capital markets ecosystem’s adoption of blockchain’s disruptive “distributed ledger” technology has the ability to open entirely new markets for revenue generation, according to new research from TABB Group.

Nov. 6, 2015

TABB Group Report Recommends 13 Areas for Improving US Equity Market Resiliency

Five years after the May 6th Flash Crash, market infrastructure risk has become as important as market structure risk, according to a new TABB Group report, “Managing Market Structure Risk: Flash Back” commissioned by The Depository Trust & Clearing Corporation (DTCC).

Oct. 23, 2015

Interviewing 43 global heads of trading at hedge funds and asset management and private wealth firm in the US, UK and Europe to establish how they plan to adjust to the latest MiFID proposals and whether regulators will succeed in bringing back the block, TABB Group learned 67% prefer finding natural blocks than relying on a choice of venue, broker or strategy.

Oct. 19, 2015

Robo-Advisors and Traditional Investment Advisors Battle for Hearts and Minds of Retail Investors: TABB Research

The emergence of automated investment advisors known as robo-advisors are facing stiff competition from traditional advisors in capturing hearts and minds of retail investors, says new TABB Group research.

Sept. 30, 2015

Wall Street Firms are Turning to Social Media Analytics, Focusing on Five Specific Approaches to Mine Data, According to TABB Research

TABB Group's New Report Examines Different Areas of Specialization, Including 14 Social Media Analytics Firms, and the Emergence of New Users and Use Cases

Sept. 23, 2015

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