HSBC Outsourcing Trading Is a Risky Business
Electronic market makers like Citadel Securities LLC and Jane Street Group have been gobbling up market share from investment bank rivals, but to really get ahead they'll need a helping hand. They might be about to get it from a surprising source: Some of those same banks.
HSBC Holdings Plc has had talks about outsourcing some of its bond trading operations to a non-bank market maker, Bloomberg News reported Monday. The bank wouldn't confirm the talks or which areas might be affected. Such a deal would be a huge coup not only for the firm that won the contract, but also for the idea of outsourcing that's catching the imagination of European bank bosses. However, there's a long way to go to show it can work and a fair chance that the potential rewards won't exceed the risks.
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