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After all, if the London market forfeits both its industrial users and its weird and wonderful date structure, it forfeits its competitive advantage over rival, more conventional futures exchanges such as CME or, further down the road, a Chinese market such as the Shanghai Futures Exchange ShFE. Another unique characteristic of the LME is the fact that it is a credit-driven forwards market, customers negotiating credit lines with their brokers and obviating the need for cash margining.
The costs associated with regulation, meanwhile, have also risen with some brokers now preferring to deal with their clients on an over-the-counter basis rather than jump through the hoops of segregated accounts. And they have accordingly evolved their trading practices, most particularly in the form of netting off positions before transacting on the LME and opting for cash-funded accounts rather than credit lines.
And in some cases, just not using the exchange at all. It still benefits from its historical position as price discovery forum for the global base metals industry, a preeminence that is not going to disappear overnight. But the threats are multiplying. Both CME and ShFE have been enjoying strong volume growth over the last couple of years and while it would be easy, as LME officials have at times done in the past, to dismiss both as merely forums for speculation rather than hedging, that may be starting to change.
Emboldened by its foray into the world of physical aluminium premium trading, CME has just launched a North American aluminium alloy contract, a niche product that appears directly targeted at the sort of smaller manufacturer that would have once used the LME for its risk management tools. And while there is no doubt that ShFE volumes are inflated by a day-trading investment crowd, its relatively new nickel contract, launched last year, appears to be gaining industrial traction in the form of physical arbitrage between the Chinese and international markets.
The global base metals space has been transformed from a unipolar world centred on London to a multipolar one in which regulation and costs mark the competitive battleground. The LME has just shown that it understands this evolution but the jury is out on whether it has done enough to tilt the playing field back in its favour. The new software dispensed with paper and even the actual forms themselves, would auto-fill and integrate, and most importantly automatically check account opening and other electronic forms for Not-In-Good-Order NIGO problems.
Another pain point was the way revenues were collected. I thought: there has to be a better way. Why is it that I can get on my phone and open an account at Robinhood, and be buying and trading positions way more elegantly at a way lower cost than I can as a professional RIA managing millions of dollars? To me, that made no sense. Altruist follows the embedded finance trend of building an entirely new, user-friendly front office onto a traditional back-office platform.
It offers custody through Apex Clearing, including mutual fund trades. Apex in the background and Altruist as the front-end of the custody and clearing platform offers a much more comprehensive software suite than the larger custodial competition, combining trading with an account-level rebalancing engine that rivals the commercial products, tied directly into its client asset database. People who were interested in doing something different were telling us exactly how their business functions today, and what things they were unhappy about.
The biggest pain point? Our cost of acquiring that client is basically zero; there is virtually no work involved. They wanted more simplicity and lower costs. This resulted in three departures from what you would get from the larger custodians. First, Altruist not only includes the usual trading and portfolio tracking features, but also provides functionality that most advisory firms have to buy separately. The integration of client portfolio reporting and rebalancing directly with the custodial platform allowed a few additional features to be added.
Perhaps the most important is the automated investing feature, where advisors can click a button that will allow clients to add assets to their portfolios. It is truly a bidirectional flow of data in real time. Hey, I wanted to follow up on the paperwork that we sent in last week.
People complain all the time about being put on hold just to get someone to help them. With us, everybody gets a real live human being within 30 seconds, and the resolution time is typically under two minutes, directly on the app. So we wanted to build a different architecture. Nobody has to look at the data mapping, and if a company that we get the data from changes how they tag some kind of incoming data feed, all of that is automatically reconciled.
The technology and clearing relationship, he says, was built to be almost infinitely scalable, and people have their accounts up and running in minutes, which addresses another pain point in the existing marketplace. What does this button do? And not have the capacity to support them. Here, too, Altruist is addressing pain points.
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