GreySpark Research

Capital Markets Intelligence

The industry demands quality, impartial and detailed analysis of market trends.

GreySpark’s response is Capital Markets Intelligence – a research and strategy offering which delivers research reports on current industry topics. GreySpark’s innovative approach is based on close relationships with key decision-makers across the financial industry, practical experience in delivering actual business and technology solutions to financial institutions and rigorous quantitative and qualitative analysis executed by a specialist team.

Sellside Order and Execution Management Systems

Current trends in OMS and EMS systems indicate a move from the traditional business model as greater numbers of firms seek to integrate their systems (brochure).

OMS and EMS systems manage and optimise trading, having complimentary functions in the trading process. Trends in OMS and EMS system adoption indicate their interoperability and the changing needs of traders in the face of an emerging algorithmic and high frequency trading environment, and concerns that relate to correctly functioning systems.
This 20+ page report analyses vendor offerings in pursuit of emerging business models and trends in the OMS and EMS space. A model of system deployment is extracted, taking account of the manner in which an OMS/EMS is implemented and the business model adopted. Buyside and sellside perspectives are gathered for system benchmarking, taking consideration of asset classes concerned and the systems functionality.

Infrastructure Investment: Are Banks Penny-wise and Pound-foolish?

Banks spend too much on IT projects and not enough on infrastructure. This report describes the challenges and the best practices that address them (brochure).

The biggest challenge for securing budget for IT infrastructure investment is to build a compelling business case – this paper explains how to build one by showing, quantitatively, what the costs and risks of not investing will be so that a clear cost-benefit analysis underpins the justification for budget. Additionally, it discusses reducing infrastructure costs by better leveraging service, utility and virtualisation models in step with current trends toward cloud computing and datacentre consolidation.

Annual Corporate Membership

GreySpark Partners’ research practice, Capital Markets Intelligence, has launched a new subscription based membership model. Gold membership offers clients the opportunityfor continued engagement with up to date Capital Markets insights, developed by a team of experienced consultants across our Technology, Business and Management Practices.

The corporate membership subscription provides full access to all GreySpark research content including comprehensive industry insight reports and articles on industry trends, best practices, regulations and technology trends. You are provided with unrestricted distribution of the downloadable research papers within your firm (for external distribution, please contact your GreySpark account manager).

Topics covered span three main domains
1. Risk and Trading
2. Market structure and regulations
3. Technology
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Trends in e-Commerce and Electronic Trading 2012 Research – Win an iPad 3

Following from the success of the 2011 Trends in e-Commerce and Electronic Trading report GreySpark Partners are embarking on a fresh 2012 review and analysis encompassing buyside and sellside institutions and covering all asset classes (brochure).

This report charts the shifting landscape of Single Dealer Platforms, Multi-Dealer Platforms, and FIX and direct APIs and anticipates its evolution from ‘must-have’ features, through regulatory compliance, to technical breakthroughs and their impact on returns. It does so by exploring the following aspects of e-commerce:

Trading platforms chosen by asset classes
Key factors in choosing an electronic trading platform
Frequently used trading platforms
Planned usage of trading platforms

Complex Event Processing

Complex Event Processing (CEP) systems process multiple real-time events flowing through them and perform actions as a result of patterns matched in these data flows. Fast paced realtime environments require immediate responses as events arise. CEP platforms respond by analysing incoming streams and identifying event patterns that signify emerging problems, risks and opportunities. This report aids institutions in opting for the most suitable CEP platform given their environment and budgetary requirements (brochure).

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Low Latency: Faster than Light

The pursuit of high frequency trading has engendered an industry-wide demand for latency measurement, assessment and optimisation. GreySpark discusses the best ways to measure and then reduce latency (a précis of the findings).

The race for low- and ultra-low latency has been propelled by the pursuit of electronic and algorithmic trading, yielding a strengthened demand for latency measurement, assessment and solutions. Developing and comparing industry benchmarks for latency in Equities, Fixed Income and FX trading platforms encompasses all aspects of the information flow. In addition to presenting the best available latency reducing strategies this report provides a yardstick against which firms can measure and compare their platforms. It surveys measurement techniques and assesses the practicality and functionality of each going on to provide the business and technology context in which these measures should be considered.
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OTC Derivative Clearing: Navigating the New Regulatory Landscape

Regulatory changes in the EU and US require OTC derivatives to pass through a clearing house, requiring organisational and technological changes (a précis of the findings).

Regulatory developments in the EU and US will have a significant impact on the OTC derivative environment. Key changes will make central clearing and transparency mandatory to the OTC market along with capital requirement adjustments, as part of a global move to reduce systemic risk. This report illustrates a buyside and sellside perspective of OTC derivative clearing, offering an inside view on the effect of regulatory changes on trading and operations. Key observations are made of operational areas that will be affected by the move to clearing houses, the expected growth in trades being centrally cleared, and the future of the OTC derivative trading environment.
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Best Execution: the State of Play

This GreySpark report determines that best execution generates distinctive expectations, benefits and delivery methods across buyside and sellside players, and technology providers (a précis of the findings).

The best execution requirement serves clients interest in an equitable trading environment, mitigating the advantage of sellside market information. Highlighting buyside concerns with best price and sellside interest in liquidity and low latency, this report establishes that technology providers bridge these matters through execution management and benchmarking solutions. Such technology is continuously advancing offering new solutions, accompanied by an increased service orientation of providers. Further to this we explore responses to regulatory calls for best execution as APAC begins to fall in line with EU and US policies.
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MiFID II: Impact of the new European Regulations

MiFID II should not adopt a universal approach for addressing faults in market segments, but should be more product-specific in its method (a précis of the findings).

Trends in E-Commerce and Electronic Trading

A new study by Best Execution and GreySpark Partners shows that the buyside are embracing electronic trading but the sellside needs to adopt a much more holistic approach to win business (a précis of the findings).

E-commerce no longer just applies to the trading end of the spectrum but needs to be across the entire investment life cycle if banks want to maintain their edge. The biggest challenge for the sellside will be to switch from a product and asset class centric approach to a client focus in order to deliver the best platforms across functions and divisions.
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