- 1.0 Sellside Cash Equities & Equities Derivatives Trading: The Juice Runs Dry
- 1.1 Getting Out of Dodge: Post-financial Crisis Regulatory Adaptation & Resulting Commercial Pressures
- 1.2 The Erosion of the Four Investment Banking Industry Cash Equities Sales & Trading Pillars
- 2.0 The Future of High-touch Sellside Cash Equities Buyside Client Services
- 2.1 Supporting Cash Equities Execution Technological Sophistication on the Buyside
- 2.2 What is a Sellside Cash Equities Sales-Trader, Anyway?
- 3.0 The Future of Sellside Cash Equities Trading Technology
- 3.1 Mind the (Shrinking) Gap: Vendor Solution Utilisation in the Sellside Cash Equities Trading Technology Stack
- 3.2 Functionality, Not Systems
- 4.0 Appendices
- 4.1 Table of Figures
The Juice Runs Dry for the Sellside’s Squeezed Middle
This report reviews the state of sellside Tier I and Tier II cash equities and equities derivatives sales and trading franchises, examining the so-called squeezed middle of franchises that has formed since the financial crisis. In 2019, the economic precariousness of the squeezed middle – those stuck between the small number of volume-driven global flow monsters and a long tail of niche specialists – is coming to a head and even formerly leading Tier I global investment banks count amongst its ranks. The impacts of these developments are profound, both from an organisational strategy and role perspective, as well as its implications for technology requirements going forward.