Financial Institutions
Monetary policy, tech disruption and evolving regulations are forcing financial institutions to take a hard look at their business models. You will find here some insights into how these trends are affecting the credit profile of our broad coverage of banks, asset managers, clearing houses and other non-bank financial institutions.
Systemic Risk: Trading Firms' Expansion Affects Selected Ratings
Nonbank trading firms are larger and more important than ever. The ecosystem of proprietary trading firms, hedge funds, and other market participants has expanded rapidly over the past five years. As of third-quarter 2025, global hedge fund assets under management had surpassed $5 trillion, while rated proprietary trading firms--including market leaders Jane Street, Citadel Securities, Hudson River, and IMC--generated about $40 billion in revenues in 2024. Growth accelerated further in 2025 and nonbank trading firms now play a significant role in markets ranging from sovereign debt to equity options.
Economic Research: Banks Call For Clarity On ECB's Liquidity Tools After Quantitative Tightening Ends
The conclusion of the ECB's quantitative tightening programs signals a shift in how banks will manage their future liquidity needs. Therefore, we see an urgent need for greater clarity regarding the tools that the ECB will use to provide liquidity to banks in future. Markets are particularly keen to hear more about two measures under consideration: new structural LTROs and a structural bond portfolio.
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