Two quite different partnership deals were announced this week that highlight an area where we believe there will be increased activity in the global wealth management sector: partnership and collaboration. First, thematic-focused online investment firm Motif Investing partnered with global clearing and custody house Pershing to extend its reach into international markets. Second, U.S.-based multifamily office, WE Family Offices (WE), formed a strategic alliance with Madrid-headquartered multifamily office MdF Family Partners (MdF). Under this partnership, WE and MdF will work together to share their respective resources, buying power, networks, and intellectual capital as the lives and challenges of their client families become more international and complex.
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The Federal Reserve yesterday issued "Strategies for Improving the U.S. Payment System," which presents its plan for collaborating with payment system stakeholders including large and small businesses, emerging payments firms, card networks, payment processors, consumers, and financial institutions to enhance the speed, safety, and efficiency of the U.S. payment system.
Spoofing—for lack of a better word—is good.
Spoofing is right.
Spoofing clarifies, cuts through, and captures the essence of the evolutionary spirit.
Spoofing, in all of its forms… has marked the upward surge of mankind.
And spoofing—you mark my words—will not only save electronic trading but that other malfunctioning corporation called the markets.
The wealth management industry in the United States has been reshaping ever since the start of the financial crisis eight years ago. This morning, Royal Bank of Canada (RBC) announced that it will acquire City National for US$5.4 billion. This acquisition responds to several market trends that have played out in recent years:
In our 2015 FX market update released last month, we noted that the arbitrary policies by the Swiss National Bank (SNB) were contributing to reduced trading volume in spot FX markets out of Europe for the past few years. The SNB's sudden and uncoordinated decision announced Thursday of this week is a major event for FX markets, and the repercussions will be felt far beyond Switzerland for months and years to come.
Here are the ways in which we see the FX market changing: