" Without order nothing would exist, without chaos nothing would evolve ". As the saying goes nothing would evolve without chaos and nothing would exist without order, the same applies in the areas of business. Something new comes into the market to bring order and safety in the markets but along with that comes confusion which causes chaos in the markets bringing creativity and new solutions which none would have thought about, before. This is the case in all areas of business.
For individual customers the banks offer services like mutual funds advisory, mortgages, savings and retirement plans etc. these are some of the services offered by the investment banks for individual clients.
As our application is on wealth management for the private clients I will just give a brief introduction on these services as well. For corporate clients banks offer services like asset management, securities services and banking.
Asset management: it is basically providing asset management services to both private and individual clients it includes private pension funds, insurance companies and major corporations.
Securities services:
This is the area on which the application is mainly built on; here the bank offers brokerage services in terms of bond markets, over the counter markets and forex markets. The application, which we are creating just, distributes data to the respective clients. I.e. it acts as a platform for distributing data between the bank and clients. The problems and its effects and the new regulation and its effects are considered here backed by a research to give a better solution to the problem.
Banking:
These are the normal banking services provided by the banks.Now with the basic understanding of the investment banks, lets get little deeper into the process for servicing the private clients in terms of securities markets. The application mainly revolves around two things they are sales and trading and structured finance. The other functions are also described below.
The following is a description of the main activities of investment banks. The large, full-service providers have a lot more activities, ranging from high-yield desks to arbitrage departments, to distressed securities desks to asset management, etc. Some of the boutiques also may not actually have some of these activities, as they might specialize in other areas. Most of the major activities, however, can fall into the one of the groupings below:
[...] Is it because of the System problems Application not customized Servers are slow Inadequate data Any other Will there be proper data available for cusips/ISIN? Yes No. What are some of the problems in the application? Will the client be happy when you send the reports on time? Yes No 10) Will the client come back when a cusip/ISIN is not priced? Yes sometimes asking the bank to buy back the bonds/securities Yes {but not sales person comes back on us} No Never 11) Have you seen two cusips with same description but having different cusips and having different prices? [...]
[...] Investment banks: A bird's eye view: Let me start of with the brief introduction about investment banks, as the application is all about wealth management let me give what wealth management is all about and what are the other services, which are offered by the banks etc. Normally investment banks give services to two types of clients they are Individual customers Corporate customers. For individual customers the banks offer services like mutual funds advisory, mortgages, savings and retirement plans etc. [...]
[...] This gives the complete picture of an investment bank will be handling a particular section for making an application. We will redesign the front- end part of the application, i.e. between the client management department and the clients. As the prices come from the traders instead of having them in papers the whole record is converted into an e-paper and sent through an application to the clients. The whole application works in the form of a web based application. How the present application works: I will just explain the process of how a present application works and what are the fields, which are required to set it up in the system. [...]
[...] The proposed new model: This model is one of the ways, which can be used to overcome the effects of MIFID, the model is external to the system, here for sorting the data in recent price, this model can be used if an investment firm wants to outsource its data distribution to a third party, this might be done to get the first movers advantage and minimize the costs in investing for the changes in terms of application changes. The data distributors can be divided into two separate departments, they are, Data assemblers Data distributors These are the following departments, which will play an important role in the model, which will help in publishing or sending real time data to the clients, Investment firms {front office} Data assemblers Data distributors Data consumers. [...]
[...] Product /client impact: Firms will therefore need an integrated method of assessing and identifying conflicts and potential conflicts and for escalating these to senior management as appropriate. It will be an advantage to be able to automate this monitoring process as much as possible. Client specific issues-portfolio management/suitability /appropriateness/client classification Regulation change: MiFID will increase the need to obtain, store and analyze a broad range of client specific information in addition to the transaction related information discussed above. Here are some examples: Acceptable loss parameters will have to be agreed between portfolio managers and clients with open uncovered contingent liability transactions. [...]
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