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Cowen Prime Services
Cowen Prime Services Average Score 2022 Average Score 2021 Average Score last 3 years Global Average Difference with Global Average Capital Introductions 5.43 5.37 5.38 5.38 0.05 Client Services 6.28 6.16 6.27 6.14 0.14 Consulting 6.04 5.91 6.17 5.91 0.13 Operations 6.35 6.09 6.31 6.00 0.35 Technology 5.91 5.71 5.77 5.79 0.12 Risk Management 6.05 5.85 6.02 5.88 0.17 Asset Safety 6.31 6.15 6.30 6.15 0.16 Trading and Execution 6.40 6.20 6.32 6.19 0.21 Financing 5.40 5.92 6.00 5.81 -0.41 Stock Borrowing and Lending 5.93 5.88 5.95 5.93 0.00 Foreign Exchange Prime Brokerage N / A N / A N / A 6.04 N / A Fixed Income 6.36 5.69 5.85 6.00 0.36 OTC Clearing 5.84 6.19 6.23 5.92 -0.08 Listed Derivatives 6.42 6.23 6.42 6.07 0.35 Average 6.06 5.95 6.08 5.94 0.12
While this year ’ s survey results were being finalised , the announcement came through that TD Bank Group and Cowen had reached a definitive agreement for the former to acquire the latter in an all-cash transaction . In the meantime , Cowen has launched a number of initiatives for its prime brokerage business . Given the current climate ( see intro ), Cowen has introduced updated risk-based margin models that allowed it to accommodate clients in what it describes as a constructive , rather than arbitrary manner . “ We view this as one of our major accomplishments of the past year as it provided our clients the opportunity to avoid unnecessary damage to their portfolios ,” says Cowen . “ We expanded our international PB team with hires in London and Hong Kong across trading , operational support , compliance and capital introduction . Additionally , we launched a fixed income solution as a complimentary service to our long-standing global equity outsourced trading service .” This is reflected in the significant rise in Cowen ’ s score for Fixed Income , while its highest score , 6.48 , is recorded for Trading and Execution . “ Given our positive experience with Cowen ' s trading and execution services , we have been using their outsourced trading desk as a backup trading facility for our trading needs ,” says one US client . “ This has definitely alleviated some pressure from our internal trading resources and allowed us to be more efficient with our trading set-up .”
66 Global Custodian Fund Services Annual 2022