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April 30, 2024
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anyone?
Not really, the regulatory requirements have largely led to banks shedding areas that take up balance sheet. Why do you ask?
Just curious. I thought maybe some new securitized product or something might be interesting. Also, what about banks that aren't headquartered in the US? Are they also affected by dodd-frank and the other regulations? BTG Pactual is supposedly expanding in their commodities trading
It affects everyone for the most part, probably the Europeans more than others initially, getting in compliance with Basel, etc.
It's hard to say if there's any "hot new product", but it's beginning to be very clear which banks are going to remain players in the space... Basically all of the European banks (ex. DB, Barclays, and RBS recently) have or will be exiting many areas soon especially within FICC. UBS and CS have already went through most of this, and have chosen what areas in S&T they want to focus on. If it doesn't make sense in terms of shareholder return and balance sheet use, then they'll leave.
The only banks that seem to be remaining full service players in S&T are primarily the North American banks... (GS, JPM, Citi, BAML). In some areas, they've been gaining market share as the other competitors have been pulling away.
The only exception seems to be MS as they've pulled out significantly from the FICC space to the point where they aren't really a major player anymore, and seem to be heavily focused on equities. There's a lot of market share up for grabs and you might see some banks like BTG pick it up. BNP also seems like they are committed to growing as well.
No and no... In fact, in terms of products, the set is shrinking, rather than growing, IMHO. As Revsly says, the European banks are in the hot seat at the moment, due to the BCBS and Mifid II coming arnd the bend. It's all just a tad depressing, really.
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