Thursday, June 1st, 2017 // Fitch Learning // New York, NY
The number of broker dealers and FCMs registered in the United States continues to decline as industry consolidation gathers pace. This fact is somewhat surprising given that trading volumes, in both cash and derivatives, remains robust. According to Bank for International Settlements (BIS), exchange traded futures and options volumes, measured in notional principal, rose over 12% between 2015 and 2016. Meanwhile, the global OTC derivatives market rose by 10.5% during the same period. So, what is going on here? Of course, downward pressure on fees and commissions, combined with low interest rates, have punished operating margins at traditional firms. In other words, many dealers and FCMs are not able to earn economic profits, net of capital costs.
We will discuss the key drivers of these firm’s cost of capital and return on capital. Emphasis will be placed on how firms can maintain or increase topline growth whilst at the same time being more capital efficient. This session will be discussion based and participants will be encouraged to share their thoughts and experiences.
Speaker:
Edward Talisse, Instructor, Fitch Learning
Presentation Location:
Fitch Learning
55 Broad Street
New York, NY 10004
Floor 3- Room 3.
Cocktail Reception Location:
Bobby Van's Steakhouse – The Vault Bar
25 Broad Street
New York, NY 10004
Schedule:
4:30-6:00 p.m: Presentation: The Capital Challenge
6:00-8:00 p.m: Cocktail Reception/Networking
Cost:
$60.00 for FIA Operations Americas/ Market Technology Members
$70.00 for Non-Division Members
About the Speaker:
Edward (Ed) Talisse, CFA, CPA, CQF, MBA
Ed specializes in intermediate to advanced level capital market topics including equity, fixed income, alternative assets and related derivative products. Additionally, his expertise extends to investment and private banking, with an emphasis on valuation and building successful business models. Ed is also a specialist on banking and insurance sector regulations, including capital planning and optimization with a focus on BASEL, CCAR and solvency-related issues.
Ed has extensive training experience in the United States, Europe, Asia, the Middle East and India. He has trained at large sell- and buy-side institutions, regulators, financial market utilities and at a variety of capital market industry hosted events.
Up until July 2013, Ed worked as a Rates Trader, Hedge Fund Salesperson and Risk Manager in a Chief Operating Officer capacity for Morgan Stanley’s Global Interest Rate Products Group. Aside from teaching, he is the founder of Chelsea Global Advisors, a professional investment management company that collects, analyzes and evaluates observable data and other empirical evidence to assist traders, investors, regulators and C-Suite executives in making decisions related to financial markets. His primary areas of interest are in G3 fixed income trading and investment strategies plus capital structure optimization.
Ed has delivered training to the following clients:
RBS
Toronto Dominion
JP Morgan
Goldman Sachs
Convexity
AIDA
Credit Suisse
Wellington Management
Neuberger Berman
Wells Fargo
Fitch Ratings
