White Papers and Industry Studies

At Adsatis, we work hard to capture the wealth of experience that we have in our team in order to offer our clients insights on the important issues that global firms and their leaders face in today's challenging environment.

Our White Papers and Industry Studies offer unique insight into current market issues and how we expect the industry to evolve. Our consultants are in an unparalleled position to offer their thoughts and opinions on issues surrounding the industry

What is Client Centricity?

Author: Adsatis, May 2018

Over the last few years, the ‘Client’ has been a key feature of the mission statements of all companies. All express the importance of being ‘Client focused’, ‘putting Clients first’, ‘focusing on providing excellence in Client service’ etc. - being Client Centric. But what does being Client Centric really mean?

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Brexit – Current State of Play for Investment Banking

Author: Adsatis, June 2017

Brexit is one of the key challenges currently facing Investment Banks. There has been much speculation and interest around how they will respond with particular focus on changes to location strategy and the impact on London as the leading global hub for Investment Banking. In this paper we assess the developments to date and summarise what is known about the position of leading banks.

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Compliance with UK Ring-Fencing Rules

Author: Adsatis, April 2017

Ring-fencing rules were introduced to protect retail clients from unrelated risks and shocks in banks affecting the wider financial system. This legislation requires each large UK bank to separate its retail banking activity from the rest of its business by January 2019. As the go-live date approaches, banks are working towards the transfer of large parts of their business to the new legal entities and the possession of the necessary authorisations.

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FRTB: Implementation Challenges

Author: Adsatis, April 2017

The Fundamental Review of the Trading Book (FRTB) rules were introduced in January 2016 to tackle perceived shortcomings of the existing market risk framework. Implementation of the new rules was always going to be extremely challenging and has become even more complex than banks originally feared as a result of other factors eg. model eligibility tests, non-modellable risk factors and the adoption of the new rules from multiple jurisdictions.

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Investment Banking Key Themes 2017

Author: Adsatis, January 2017

We’ve pulled together some thoughts on key themes for the year which we hope will be of interest.

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Modelling Pre-Provision Net Revenue (PPNR)

Author: Adsatis, October 2016

Banks need to understand how their profitability can be affected under various economic scenarios. Stress testing is a common approach to measure potential losses that might rise in an economic downturn. Less well known is Pre-Provision Net Revenue (PPNR) modelling, which is concerned with how variable bank earnings are, and how these could be affected in an economic downturn. However, banks face a number of challenges in modelling PPNR.

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BCBS 239 COMPLIANCE – REFERENCE DATA INITIATION

Author: Peter Ferguson, May 2014

Banks are beginning to focus more closely on BCBS 239 and the implications of this for their data management processes. As ever getting Reference Data right is one of the key challenges. We have produced a briefing note entitled ‘BCBS 239 Compliance – Reference Data Initiation’, on what this entails and how some of the challenges can be addressed.

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THE POTENTIAL IMPACT OF NEW REGULATION ON END USERS IN THE FX MARKET

Author: Michael Birks and Henry Wilkes, March 2014

This paper, based on interviews with large and small corporates, pension funds and asset managers examines whether new regulation, primarily aimed at the interest rate and credit derivatives market will impact the hedging activities of end user of FX markets.

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MARKETS TECHNOLOGY – THE WAY FORWARD

Author: Lee Richmond and Dipesh Polra, May 2013

A paper highlighting areas where cost savings in Markets Technology can be achieved both without cutting service levels and meeting regulatory demands. It asks the question ‘what next’? and suggests some ideas that are already being explored and likely future developments.

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THOUGHTS ON THE VOLCKER RULE – WILL IT MAKE THE WORLD A SAFER PLACE?

Author: David Frost, Dec 2012

This paper outlines and takes a look at the motivation behind the Volcker Rule, how the banks will remodel their businesses around it and what the future landscape of risk-taking may look like.

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AN ANALYSIS OF THE USE OF EQUITY DERIVATIVES BY PENSION FUNDS

Author: Michael Birks, Jeremy Lucas, Rupert Page, Paul Samuel, Jul 2012

A study of the use of equity derivatives in the management of pension funds. This study, based on interviews with leading pension funds, asset managers and consultants looks at recent trends and likely future developments.

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STALKING THE TIGERS – INVESTMENT BANKING IN ASIA

Author: Michael Smethurst, John Williams, Apr 2012

This study provides an overview of investment banking activity in Non-Japan Asia, with particular focus on the evolution of business in the region’s financial centres. The report examines the major products and business areas in the region. The report is based on public information and on the findings of conversations with senior professionals working in (or with first-hand knowledge of) the region.

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SINGLE DEALER EXECUTION PLATFORMS

Author: Adsatis, David Bullen, Mar 2012

An examination of the business case for the development of single dealer platforms, given the stricter requirements on the display of prices from multiple dealers in recent US and European regulation.

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THE FUTURE LANDSCAPE FOR SWAPS TRADING

Author: John Curchod, Michael Birks, Anne-Maria Rothenstein, Aug 2011

The Dodd Frank Act and proposed amendments to MiFID require swaps where possible to be traded on electronic platforms. This paper analyses how this is likely to be implemented and the probable impact on the market landscape for trading OTC swaps.

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BASEL 3, BANK LIQUIDITY AND BUSINESS MODELS

Author: Bill Allen, Apr 2011

An analysis of the impact of the proposed minimum liquidity requirements agreed under Basel 3. This examines the significant impact on the way in which banks will function and highlights a serious flaw in the initial proposals.

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AN ANALYSIS OF THE SELL SIDE RESPONSE TO THE IMPACT OF NEW REGULATION. A REPORT BASED ON INDUSTRY FEEDBACK

Author: Michael Birks, Jeremy Lucas, Anne-Maria Rothenstein, Apr 2011

An analysis of the reponses of the sell-side banks to the proposed legislation based on interviews with senior managers from 15 leading investment banks.

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AN ANALYSIS OF THE GLOBAL MARKET FOR DERIVATIVES – THE IMPACT OF NEW REGULATION. A SUMMARY OF INDUSTRY FEEDBACK

Author: Michael Birks, Anne-Maria Rothenstein, Sep 2010

A comprehensive analysis of the likely impact of derivative regulation following the publication of the Dodd Frank Act. Based on Adsatis analysis and interviews with over 45 leading institutions.

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