Market Risk Solutions, 2023: Market and Vendor Landscape


In this report, we examine the structural shifts in enterprise risk systems and the impact of regulations and available technology. We first consider the universe of banks and broker-dealers (as well as associated services such as prime brokerage and security), looking at how institutional change, regulatory evolution, technology availability and shifts in the role of risk capabilities (including externalization, more links with clients and risk platforms embedded in specific businesses such as prime brokerages) are changing the demand profile for market risk systems. We will continue to detail the evolution of market risk and the various operating pressures driving these shifts in a series of related reports (covering areas such as pricing and valuation and accelerator tools), as well as in STORM, our broad survey of the evolution of computational techniques in finance.

In this report, we also consider the state of Fundamental Review of the Trading Book (FRTB) implementation, its implications for firms’ balance sheets and capital levels, its enduring effects on banking operations and firms’ technology stacks, and its influence on the technology vendor market that is developing to meet its requirements. We also explore the data challenge at the core of FRTB compliance, and assess the market for risk data aggregation solutions, as well as the various technical strategies being used by competing firms. And on the buy-side, we focus on the rapidly growing market for data and analytics packages to support enterprise market risk management for hedge funds, complex fund conglomerates, insurance firms and other asset managers.

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