Next up in our “Meet the Team” series is EG Fisher, Head of Fixed Income and Equities Sales and Trading for BNY Mellon Markets. He discussed how the regulatory environment for traders has changed and what we’re doing to optimize the client experience. An excerpt of our conversation is below.
How is the current administration affecting your business and regulation?
There have been a lot of regulatory changes in the last four to five years- certainly it’s been one of the two major influences in the marketplace, along with central bank policy. I don’t expect that to change anytime soon, the new administration has its own ideas about the regulatory environment that we should be living in and I think there will be changes. At BNY Mellon we’re trying to help clients navigate those changes. Along the lines of, regulatory environment changing the landscape for many traders, it’s obviously changed the landscape for funding, and for banks abilities to provide funding in the marketplace.
The biggest example of that is the overnight government repo market for instance- where large investment banks provide a huge amount of funding, access to capital and collateral for clients around the globe. As the regulations have changed, banks have been forced to reprice their balance sheet, access to collateral or cash has diminished for many players. DBVX is a peer to peer platform that we are introducing, where large holders of cash and large holders of assets can meet to transact between themselves at market rates and be comfortable with the credit on each side. It’s a unique platform and a innovative solution.