Toughing it out
The shake-up of the equity derivatives industry is leading to a domination of market share by large market participants that are all fighting for a bigger piece of a smaller pie. By Jill Wong
When times were good and derivatives dealers were getting more business than they could possibly deal with, all it took for one to expand market share was to poach the best people from the competition and pay huge bonuses to keep them. Life in the derivatives market is different these days, with cost control and job losses the order of the day.
"The plan for the derivatives market is to cut headcount. Every one is cutting back their business," says one head of cross-asset sales and structuring
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