- Strategic Financial Resources is a financial market consultancy that aims to help firms anticipate and address issues from the evolving electronic marketplace.
- It has a network of partnerships with leading financial service entrepreneurs and firms that provide institutional order flow, significant liquidity, and new technology.
- The consultancy sees an opportunity for an alternative trading system called PDQ that provides buy-side institutions like pensions direct access to liquidity while addressing issues like high fees and predatory trading strategies of some existing alternatives.
In the last few years, the financial markets have undergone dramatic change. While some of this is down to natural evolution, much of the change can be directly attributed to new rules introduced in the wake of the 2007 crisis. Regulators, legislators and central bank governors have been determined to avert another bubble bursting or an unexpected event that could threaten markets. Lawmakers have targeted key financial practices for reform, radically altering the expectations and behavior of industry participants. The combination of the Dodd-Frank Act, European Markets Infrastructure Regulation (EMIR), MiFID ll and Basel lll signify the biggest regulatory change in decades. These reforms have resulted in major change to how financial products are traded, settled, collateralized and reported, resulting in deep and ongoing structural changes to the markets.
There is no doubt that these new rules are directly impacting buy-side firms — be they asset managers, hedge funds, insurance companies or pension funds. But while the changes have certainly brought challenges, they have also brought opportunities. Firms that can proactively evaluate structural and operational dislocations in the marketplace and tailor business models to leverage the opportunities while addressing the challenges will be in the best position to stand apart from their competitors. Revised business models call for revisions to supporting processes and systems. Buy-side firms should look to re-architect their processes and technology infrastructure, with a goal to strengthen risk control and oversight, enhance transparency and improve efficiency of front-to-back office control functions.
The credit crisis, and the regulatory response it spawned have fundamentally reshaped financial markets for buy-side firms. But while the changes have brought about challenges, they have also ushered in opportunities. The key to success will be the speed with which firms are able to understand the changing marketplace and adapt their business models to align with the changes.
In the last few years, the financial markets have undergone dramatic change. While some of this is down to natural evolution, much of the change can be directly attributed to new rules introduced in the wake of the 2007 crisis. Regulators, legislators and central bank governors have been determined to avert another bubble bursting or an unexpected event that could threaten markets. Lawmakers have targeted key financial practices for reform, radically altering the expectations and behavior of industry participants. The combination of the Dodd-Frank Act, European Markets Infrastructure Regulation (EMIR), MiFID ll and Basel lll signify the biggest regulatory change in decades. These reforms have resulted in major change to how financial products are traded, settled, collateralized and reported, resulting in deep and ongoing structural changes to the markets.
There is no doubt that these new rules are directly impacting buy-side firms — be they asset managers, hedge funds, insurance companies or pension funds. But while the changes have certainly brought challenges, they have also brought opportunities. Firms that can proactively evaluate structural and operational dislocations in the marketplace and tailor business models to leverage the opportunities while addressing the challenges will be in the best position to stand apart from their competitors. Revised business models call for revisions to supporting processes and systems. Buy-side firms should look to re-architect their processes and technology infrastructure, with a goal to strengthen risk control and oversight, enhance transparency and improve efficiency of front-to-back office control functions.
The credit crisis, and the regulatory response it spawned have fundamentally reshaped financial markets for buy-side firms. But while the changes have brought about challenges, they have also ushered in opportunities. The key to success will be the speed with which firms are able to understand the changing marketplace and adapt their business models to align with the changes.
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Warren Allen, along with Wendy McGuinness and Mark Hucklesby, spoke at the CPA Congress 2016 held at SkyCity Convention Centre in Auckland on 18 October 2016. Their session was titled: Keynote 1— Panel discussion: Integrated reporting: Changing the corporate mind-set from one of compliance to it becoming a business imperative.
Acquiring one or merging with another entity constitutes a very complex operation from legal and financial standpoint making corresponding share purchase agreements (SPAs) full of potential pitfalls. SPA-related disputes stem not only from the non-performance on obligations but also from the interpretation differences, fueled alike by vague and over-detailed provisions.
More information: https://www2.deloitte.com/pl/en/pages/finance/articles/dispute-services/Post-M-A-Disputes.html
FTI Consulting is a global business advisory firm that is uniquely positioned to provide holistic expert advice to businesses that are facing financial distress due to the impact of COVID-19 and companies seeking government support through the CARES Act.
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In this workshop with BlockToken, they discuss how to invest in cryptocurrencies, what due diligence you should complete before investing and various types of investments as well as current market trends.
*this is not financial advice, please be aware of any risks when investing and consult your financial advisors beforehand.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
Mark Hucklesby, along with Wendy McGuinness and Warren Allen, spoke at the CPA Congress 2016 held at SkyCity Convention Centre in Auckland on 18 October 2016. Their session was titled: Keynote 1— Panel discussion: Integrated reporting: Changing the corporate mind-set from one of compliance to it becoming a business imperative.
Warren Allen, along with Wendy McGuinness and Mark Hucklesby, spoke at the CPA Congress 2016 held at SkyCity Convention Centre in Auckland on 18 October 2016. Their session was titled: Keynote 1— Panel discussion: Integrated reporting: Changing the corporate mind-set from one of compliance to it becoming a business imperative.
Acquiring one or merging with another entity constitutes a very complex operation from legal and financial standpoint making corresponding share purchase agreements (SPAs) full of potential pitfalls. SPA-related disputes stem not only from the non-performance on obligations but also from the interpretation differences, fueled alike by vague and over-detailed provisions.
More information: https://www2.deloitte.com/pl/en/pages/finance/articles/dispute-services/Post-M-A-Disputes.html
FTI Consulting is a global business advisory firm that is uniquely positioned to provide holistic expert advice to businesses that are facing financial distress due to the impact of COVID-19 and companies seeking government support through the CARES Act.
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Apohan is a start-up into consulting services for success-based strategic transactions to SMEs through disruptive, cost-effective, scalable, first-in-the-world, emerging-technology-enabled EquityTech platform.
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1. PDQ
Procedure Derived Quotes
-Strategic Financial Resources-
“Anticipating Market Evolution”
AGENTS OF CHANGE
December 4, 2011
Fred A. Gahl
917-509-1990
fgahl@stategicfr.com
2. Strategic Financial Resources
• Financial market consultancy featuring a network of partnerships with
leading financial service entrepreneurs and firms that includes;
– Institutional order flow,
– Significant liquidity providers,
– “Next-step” technology.
• GOAL
– ANTICIPATION-provide firms the ability to identify, and address, issues
and impact of the evolving electronic marketplace,
• Provide specific solutions to current needs,
• Provide dynamic means to introduce ongoing business
development strategies that assure positioning in evolving market
structure going forward.
3. Strategic Financial Resources-Agents Of Change
• Point Of Difference- “The Edge”
– Intricate knowledge of inner functions and relationships that
comprise financial markets,
– Extensive experience regarding strategic business development
related to all categories;
• Buy Side,
• Order Management + Execution
• Sell Side,
• Exchanges
– Network of relationships with best-of-class cross-category
expertise and resources;
• Strategic partnerships,
• PULSE-market structure indicators.
4. Market Dynamics-Buy Side
• Major pension funds and institutions provide commission flow that drives
the market,
• Institutional investors;
– Pay $28b/yr to brokers for equity trades
• Average commissions costs for a $50b fund is $150m
– Pay $26 b/yr. in transaction costs-Liquidity
5. Market Dynamics-Sell Side
– Brokerages/banks are seeking means to maximize the revenue
potential of orders they receive.
– Competition has forced brokerage/banks to;
• Address costs of executing orders on major exchanges,
• Seek additional sources of revenue.
– Major banks and brokers have created private alternative
trading systems (ATS’) to trade their customer and firm orders;
• Avoid NYSE fees;
• Cross/match internal flow,
• Internalize-Trade against internal flow,
• Limit access to competing liquidity providers,
6. Alternative Exchanges-Sell Side
• Common Ownership ATS’
– Some major banks and brokerages joined a strategic partnership with
one major liquidity firm-(Direct Edge)
– Some major brokerages have partnered with a discount ATS-(BATS)
• Specialty ATS
– Anonymous institutional order matching-(LiquidNet)
7. Level the playing field..
• Major pension funds, institutions, and independent liquidity
providers, are being competitively disadvantaged,
– Want an alternative to banks and brokerages controlling
order flow.
– Want a means to avoid the adverse impact of high-
frequency traders; quote stuffing, information leakage,
“pennying”,
– Want direct access to significant sources of liquidity.
The market place needs an alternative…
8. The alternative…to alternatives
• PDQ ATS is a point of difference;
– Provides significant liquidity seekers an independent alternative;
• Pensions, hedge funds, institutions.
– Open access to/for liquidity providers,
– Introduction of patented PDQ “algorithmic auction” process;
• Anonymous,
• Confidential,
• No gaming /”pennying”,
• Price/Quantity execution,
• Significant opportunity for price improvement
9. The benefit
• PDQ provides buy side partners;
• Increased market transparency.
• Access to deeper liquidity.
• Creates a peer to peer grid bringing liquidity to your
desktop.
• Strategic business opportunity to;
– minimize market related costs
– maximize profitability.