Caught between multiple headwinds, the traditional FCM business model needs to be realigned
around the world are pursuing a relentless agenda aimed at
reducing risk and increasing transparency. The derivatives
industry, with its 24-hour global and highly interconnected
business model, is therefore providing an interesting challenge
for them. The macro-economic position, as abnormally low
interest rates have become the new normal, is not helping
either. This suggests that an FCM model dependent solely on
intermediating between clients and liquidity may not be viable
changes can be summed up in two words: convergence and
aggregation. Distinct OTC and exchange-traded workflows that
used to run along separate but parallel streams have now become
permanently intertwined. The FCM of the future will need to
refine its strategy and streamline its operations
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