CAPIS Insights

69 total posts

CAPIS Ownership Succession Transition Plan

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posted by CAPIS on 05/04/2021 at 10:01 am
by CAPIS on 05/04/2021

May 4. 2021   Ownership Changes/Succession Strategy   To all CAPIS Employees/Clients: In a move designed to ensure our long-term success and stability, Capital Institutional Services, Inc. (CAPIS) is proud to announce the initiation of a two-step succession strategy.  It is important to note that the Potts family will retain control of the firm and that these changes will only serve to improve our core businesses: global execution services, commission management, outsourced trading, and transition management. Step One, characterized by the shift of majority ownership to Cullen Potts, was effective May 1, 2021.  Cullen has worked with CAPIS for over 20 years and brings a wealth of outside business experience to the table.  “Cullen’s enthusiastic, hands-on approach is well known within the CAPIS family.  We are excited to have Cullen taking the reins,” Ann Sebert, CEO. Step Two is Employee Ownership.  Targeting year end, CAPIS intends to implement employee ownership opportunities.  “While the structure and timing have not been finalized, it is my intent to provide ownership opportunities to those that have helped me build this wonderful organization,” Don Potts, Founder and Chairman of the Board. As a result of these exciting changes, CAPIS will be withdrawing our Women’s Business…

May 4. 2021   Ownership Changes/Succession Strategy   To all CAPIS Employees/Clients: In a move designed to ensure our long-term success and stability, Capital Institutional Services, Inc. (CAPIS) is proud to announce the initiation of a two-step succession strategy.  It is important to note that the Potts family will retain control of the firm and that these changes will only serve to improve our core businesses: global execution services, commission management, outsourced trading, and transition management. Step One, characterized by the shift of majority ownership to Cullen Potts, was effective May 1, 2021.  Cullen has worked with CAPIS for over 20 years and brings a wealth of outside business experience to the table.  “Cullen’s enthusiastic, hands-on approach is well known within the CAPIS family.  We are excited to have Cullen taking the reins,” Ann Sebert, CEO. Step Two is Employee Ownership.  Targeting year end, CAPIS intends to implement employee ownership opportunities.  “While the structure and timing have not been finalized, it is my intent to provide ownership opportunities to those that have helped me build this wonderful organization,” Don Potts, Founder and Chairman of the Board. As a result of these exciting changes, CAPIS will be withdrawing our Women’s Business…

April Research Call RECAP: Nick Colas Says US Will Lead Recovery

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CAPIS Insights

posted by CAPIS on 04/21/2021 at 10:11 am
by CAPIS on 04/21/2021

  Last week we held our April research call, featuring Nicholas Colas, co-founder of DataTrek Research. Nick was joined by his co-founder Jessica Rabe as they both provided specific capital markets commentary. Nick is a regular speaker on CAPIS monthly research calls, and is a renowned media participant. Click here for the research call video Our own Dave Choate, COO & Executive Director of Sales and Trading, started the call with an update on commissions from CAPIS’ Q1 data and experiences. Choate explained that in analyzing over $600 billion in stock trading and custody data from CAPIS clients, he found that commission rates (full-service rates paid for bundled research) were up to their highest since 2017. Citing the data, Choate said over 75% of trades were executed at full-service rates, higher than the 73% seen in 2020 and up from 68% in 2019. Choate also spoke briefly about the upcoming May 6th virtual roundtable hosted by CAPIS, a discussion that will focus on low-priced stocks and how to avoid AML compliance issues. Stay tuned for details. Colas’ presentation provided the following insights: U.S. Geopolitics Investors have demonstrated that they are focused predominantly on the size and longevity of fiscal and…

  Last week we held our April research call, featuring Nicholas Colas, co-founder of DataTrek Research. Nick was joined by his co-founder Jessica Rabe as they both provided specific capital markets commentary. Nick is a regular speaker on CAPIS monthly research calls, and is a renowned media participant. Click here for the research call video Our own Dave Choate, COO & Executive Director of Sales and Trading, started the call with an update on commissions from CAPIS’ Q1 data and experiences. Choate explained that in analyzing over $600 billion in stock trading and custody data from CAPIS clients, he found that commission rates (full-service rates paid for bundled research) were up to their highest since 2017. Citing the data, Choate said over 75% of trades were executed at full-service rates, higher than the 73% seen in 2020 and up from 68% in 2019. Choate also spoke briefly about the upcoming May 6th virtual roundtable hosted by CAPIS, a discussion that will focus on low-priced stocks and how to avoid AML compliance issues. Stay tuned for details. Colas’ presentation provided the following insights: U.S. Geopolitics Investors have demonstrated that they are focused predominantly on the size and longevity of fiscal and…

Employee Spotlight – Jannette Vasquez, Manager of Client Services

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posted by CAPIS on 03/31/2021 at 9:20 am
by CAPIS on 03/31/2021

  At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We spoke with Jannette Vasquez, VP, Manager of Client Services, who has worked at CAPIS for 20 years. Take a look at our conversation below to learn about how she came to work at CAPIS, and some of the biggest challenges and successes she’s experienced over the past two decades, as well as her long-standing desire to keep the record straight.  [Note: This conversation has been edited for length and clarity.] Q: What piqued your interest in finance? How did you find yourself at CAPIS?  I didn’t have a large market background before CAPIS. Accounting-type work interested me, not so much finance and trading. The company I had been working for went through layoffs — I was an event planner for a property management company, and they weren’t doing great. A friend of mine worked at CAPIS in the trading group at the time and they were able to help make the connection.  I expressed to CAPIS’ CFO that when I used to balance my…

  At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We spoke with Jannette Vasquez, VP, Manager of Client Services, who has worked at CAPIS for 20 years. Take a look at our conversation below to learn about how she came to work at CAPIS, and some of the biggest challenges and successes she’s experienced over the past two decades, as well as her long-standing desire to keep the record straight.  [Note: This conversation has been edited for length and clarity.] Q: What piqued your interest in finance? How did you find yourself at CAPIS?  I didn’t have a large market background before CAPIS. Accounting-type work interested me, not so much finance and trading. The company I had been working for went through layoffs — I was an event planner for a property management company, and they weren’t doing great. A friend of mine worked at CAPIS in the trading group at the time and they were able to help make the connection.  I expressed to CAPIS’ CFO that when I used to balance my…

March Research Call Recap: Fairlead Strategies’ Katie Stockton on Long-Term Momentum

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posted by CAPIS on 03/23/2021 at 9:09 am
by CAPIS on 03/23/2021

This article was penned by CAPIS Last week we held our March research call, featuring Katie Stockton, founder of Fairlead Strategies. Stockton, a regular speaker on CAPIS research calls, is a renowned technical analyst who appears frequently on media outlets like CNBC. Click here for the research call video Our own Ed O’Dowd, Senior Vice President, Institutional Sales, started the call with an update on the day’s market activity – noting that despite pressure on the equities market, investors were still eager to purchase stocks (but with an eye to specific sectors). Furthermore, O’Dowd said that the Federal Reserve’s recent two-day meeting was now in the market’s rearview mirror without interest rate policy change, and that was a positive for stocks. Fairlead’s Stockton began her presentation by examining the market’s bearish moves in light of the spike in U.S. Treasury yields, saying that despite stocks suffering from a short-term oversold bias, the market remains solid moving forward. “We see long-term momentum to the upside continuing” for stocks, she said. This forecast for long-term strength, she added, will be supported by a continued decline in volatility (as measured by the VIX). “The market can avoid a ‘big’ correction in a lower…

This article was penned by CAPIS Last week we held our March research call, featuring Katie Stockton, founder of Fairlead Strategies. Stockton, a regular speaker on CAPIS research calls, is a renowned technical analyst who appears frequently on media outlets like CNBC. Click here for the research call video Our own Ed O’Dowd, Senior Vice President, Institutional Sales, started the call with an update on the day’s market activity – noting that despite pressure on the equities market, investors were still eager to purchase stocks (but with an eye to specific sectors). Furthermore, O’Dowd said that the Federal Reserve’s recent two-day meeting was now in the market’s rearview mirror without interest rate policy change, and that was a positive for stocks. Fairlead’s Stockton began her presentation by examining the market’s bearish moves in light of the spike in U.S. Treasury yields, saying that despite stocks suffering from a short-term oversold bias, the market remains solid moving forward. “We see long-term momentum to the upside continuing” for stocks, she said. This forecast for long-term strength, she added, will be supported by a continued decline in volatility (as measured by the VIX). “The market can avoid a ‘big’ correction in a lower…

Recapping “RIAs and Outsourced Trading: What You Need to Know To Navigate the Markets” 

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posted by CAPIS on 03/11/2021 at 9:09 am
by CAPIS on 03/11/2021

This article was penned by CAPIS On February 25th, CAPIS hosted the second of its virtual panels, “RIAs and Outsourced Trading: What You Need to Know To Navigate the Markets.” View the full recording here.  The panel featured: Mark Viani (Moderator), Director of Institutional Sales, ARC Product Manager, CAPIS  Matt Krebs, Director of Outsourced Trading, CAPIS  Chris Hurley, Director of Institutional Sales, CAPIS  David Krebs, Principal & COO at Signia Capital Management  Marc Van Rijssen, Director of Operations, UX Wealth Partners  The discussion centered on the operational processes and intricate requirements for when registered investment advisors (RIAs) consider outsourcing, either in whole or part, the aggregation of their institutional and wrap/custodial platform orders. On the subject of outsourced trading, Hurley said that clients are choosing to divert their attention from costly and time consuming operational and execution processes to focus on portfolio management and increased alpha generation. David Krebs estimated that the migration  of his prior  labor and capital intensive process to a complete outsourced trading solution saves his firm ~$150,000/year.  Other topics covered included: Operational complexities RIAs encounter when contemplating outsourcing. The aggregation and execution of institutional and wrap/custodial platform orders. Negotiating the elimination of “trade-away” penalties. Payment for…

This article was penned by CAPIS On February 25th, CAPIS hosted the second of its virtual panels, “RIAs and Outsourced Trading: What You Need to Know To Navigate the Markets.” View the full recording here.  The panel featured: Mark Viani (Moderator), Director of Institutional Sales, ARC Product Manager, CAPIS  Matt Krebs, Director of Outsourced Trading, CAPIS  Chris Hurley, Director of Institutional Sales, CAPIS  David Krebs, Principal & COO at Signia Capital Management  Marc Van Rijssen, Director of Operations, UX Wealth Partners  The discussion centered on the operational processes and intricate requirements for when registered investment advisors (RIAs) consider outsourcing, either in whole or part, the aggregation of their institutional and wrap/custodial platform orders. On the subject of outsourced trading, Hurley said that clients are choosing to divert their attention from costly and time consuming operational and execution processes to focus on portfolio management and increased alpha generation. David Krebs estimated that the migration  of his prior  labor and capital intensive process to a complete outsourced trading solution saves his firm ~$150,000/year.  Other topics covered included: Operational complexities RIAs encounter when contemplating outsourcing. The aggregation and execution of institutional and wrap/custodial platform orders. Negotiating the elimination of “trade-away” penalties. Payment for…

Sarah’s Circle Winter Walk: A Mile in Her Shoes

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posted by CAPIS on 03/09/2021 at 11:00 am
by CAPIS on 03/09/2021

This article was penned by CAPIS At CAPIS, we understand the importance of giving back. For years, participating in philanthropic events has been a part of our core values, and as it is Women’s History Month, we are proud to support organizations who specifically target improving the lives of women and children. One of those is Sarah’s Circle, a non-profit organization with a mission of serving women who are homeless or in need of a safe space. On February 28, we sponsored its annual Winter Walk. For nearly three decades, Winter Walk: A Mile in Her Shoes has rallied support for women who are homeless in Chicago. By highlighting the extreme hardships women who are homeless face during Chicago’s harsh winter months, Winter Walk is an opportunity to make a lasting impact on the lives of these women. We are proud to announce that Sarah’s Circle exceeded their goal, and raised $230,809 from the Winter Walk. If you have questions, or would like more information about Sarah’s Circle, you can visit the website at sarahs-circle.org. Additionally, if you are interested in supporting its mission, you can donate here.

This article was penned by CAPIS At CAPIS, we understand the importance of giving back. For years, participating in philanthropic events has been a part of our core values, and as it is Women’s History Month, we are proud to support organizations who specifically target improving the lives of women and children. One of those is Sarah’s Circle, a non-profit organization with a mission of serving women who are homeless or in need of a safe space. On February 28, we sponsored its annual Winter Walk. For nearly three decades, Winter Walk: A Mile in Her Shoes has rallied support for women who are homeless in Chicago. By highlighting the extreme hardships women who are homeless face during Chicago’s harsh winter months, Winter Walk is an opportunity to make a lasting impact on the lives of these women. We are proud to announce that Sarah’s Circle exceeded their goal, and raised $230,809 from the Winter Walk. If you have questions, or would like more information about Sarah’s Circle, you can visit the website at sarahs-circle.org. Additionally, if you are interested in supporting its mission, you can donate here.

Approaching Diversity in Financial Services As a Small- or Mid-Sized Firm

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posted by CAPIS on 03/03/2021 at 10:28 am
by CAPIS on 03/03/2021

This article was penned by CAPIS Today, one of the best investments a financial services firm makes is in its diversity and inclusion efforts. The financial industry has been making some progress on this front, but still has a long way to go. The industry knows it needs to improve. Last year, the U.S. House Committee on Financial Services released its first report on Diversity and Inclusion, specifically looking at large banks — all 44 banks asked to participate acknowledged the need to do more.  Earlier in the year, CAPIS’ Coleen Donohue spoke with Liz Whitehead and Heather Cox, co-founders of business consultancy Diversity Masterminds™, about what small- and medium-sized businesses can do to compete with large firms that have more resources to devote to D&I. They mentioned that for any business, investment in internal D&I efforts (like hiring practices), as well as external ones (like supplier diversity programs), leads to better performance of the business. We wanted to drill into that sentiment, especially since the bottom line will move even the most stubborn firm into action. The research is clear — more diverse firms do better. According to McKinsey, those companies in the top quartile for ethnic and racial…

This article was penned by CAPIS Today, one of the best investments a financial services firm makes is in its diversity and inclusion efforts. The financial industry has been making some progress on this front, but still has a long way to go. The industry knows it needs to improve. Last year, the U.S. House Committee on Financial Services released its first report on Diversity and Inclusion, specifically looking at large banks — all 44 banks asked to participate acknowledged the need to do more.  Earlier in the year, CAPIS’ Coleen Donohue spoke with Liz Whitehead and Heather Cox, co-founders of business consultancy Diversity Masterminds™, about what small- and medium-sized businesses can do to compete with large firms that have more resources to devote to D&I. They mentioned that for any business, investment in internal D&I efforts (like hiring practices), as well as external ones (like supplier diversity programs), leads to better performance of the business. We wanted to drill into that sentiment, especially since the bottom line will move even the most stubborn firm into action. The research is clear — more diverse firms do better. According to McKinsey, those companies in the top quartile for ethnic and racial…

February Research Call Recap: Nicholas Colas on the “Biden Effect”

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posted by CAPIS on 02/25/2021 at 10:16 am
by CAPIS on 02/25/2021

This article was penned by CAPIS   Last week we held our February research call, featuring Nicholas Colas, co-founder of DataTrek Research. Colas is a regular speaker on the CAPIS research call and respected commentator on financial markets.  Our own David Choate, COO & Executive Director of Sales and Trading, started the call with an update on CAPIS’ status given the effects of recent winter weather in Texas and the resultant power grid failure and disruptions. Choate explained to attendees CAPIS suffered no trading disruptions at its data centers and trading desk, emphasizing the firm’s technological and trading redundancy, as well as its commitment to having physical traders on the main Dallas trading desk. Then Colas began his presentation that addressed the following questions: What does history say when one party has all control of the legislative and executive branches? Using data collected since 1948, when Democrats control both the legislative and executive branches, the S&P 500 returned ~14%. When Republicans held control of both Congress and the Presidency, it returned ~16%. This led Colas to say that “parties have an incentive to get ‘everything’ right when in full control” — meaning the Democrats need to manage and handle the…

This article was penned by CAPIS   Last week we held our February research call, featuring Nicholas Colas, co-founder of DataTrek Research. Colas is a regular speaker on the CAPIS research call and respected commentator on financial markets.  Our own David Choate, COO & Executive Director of Sales and Trading, started the call with an update on CAPIS’ status given the effects of recent winter weather in Texas and the resultant power grid failure and disruptions. Choate explained to attendees CAPIS suffered no trading disruptions at its data centers and trading desk, emphasizing the firm’s technological and trading redundancy, as well as its commitment to having physical traders on the main Dallas trading desk. Then Colas began his presentation that addressed the following questions: What does history say when one party has all control of the legislative and executive branches? Using data collected since 1948, when Democrats control both the legislative and executive branches, the S&P 500 returned ~14%. When Republicans held control of both Congress and the Presidency, it returned ~16%. This led Colas to say that “parties have an incentive to get ‘everything’ right when in full control” — meaning the Democrats need to manage and handle the…

Fixed Income Insights – An Interview with David Lee

CAPIS Insights

CAPIS Insights

posted by CAPIS on 02/17/2021 at 12:00 pm
by CAPIS on 02/17/2021

This article was penned by CAPIS   Trading in normal circumstances is already fraught with myriad complexities and idiosyncrasies but when one adds COVID-19 and all of its unique effects, it more closely resembles rocket science rather than simply matching a buyer and seller together. Just ask David Lee, CAPIS’ Director of Fixed-Income David Lee, who day in and day out meets this challenge for his clients.  In this Q&A conducted by CAPIS’ FVP of Institutional Sales Coleen Donohue following a panel discussion at a recent bank trust conference, Lee shares his insights on bond trading including how the markets have changed since going remote, client trading styles, and where liquidity can be found. Coleen: What can be said about trading methodologies that you see in action day in and day out? Is there a common “type” of trade you find yourself involved in?   David: Our most frequent trades are in investment-grade corporates in the secondary market on both the bid and offer.    Coleen: Headlines frequently point to the ongoing rise of electronic bond trading platforms — is CAPIS seeing volumes shift one way or the other?  David:  I have seen many of the reports that talk about the…

This article was penned by CAPIS   Trading in normal circumstances is already fraught with myriad complexities and idiosyncrasies but when one adds COVID-19 and all of its unique effects, it more closely resembles rocket science rather than simply matching a buyer and seller together. Just ask David Lee, CAPIS’ Director of Fixed-Income David Lee, who day in and day out meets this challenge for his clients.  In this Q&A conducted by CAPIS’ FVP of Institutional Sales Coleen Donohue following a panel discussion at a recent bank trust conference, Lee shares his insights on bond trading including how the markets have changed since going remote, client trading styles, and where liquidity can be found. Coleen: What can be said about trading methodologies that you see in action day in and day out? Is there a common “type” of trade you find yourself involved in?   David: Our most frequent trades are in investment-grade corporates in the secondary market on both the bid and offer.    Coleen: Headlines frequently point to the ongoing rise of electronic bond trading platforms — is CAPIS seeing volumes shift one way or the other?  David:  I have seen many of the reports that talk about the…

Employee Spotlight – Stephanie Deroy, Operations Supervisor

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CAPIS Insights

posted by CAPIS on 02/10/2021 at 11:00 am
by CAPIS on 02/10/2021

The following article was penned by CAPIS   At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We spoke with one of the members of our operations team, Stephanie Deroy, who has worked at CAPIS for over 20 years. Take a look at our conversation below to learn about her career path, some of the biggest challenges and successes she’s experienced over the past two decades, and the next place she plans to travel to with her family of six.    Q: What did your career path look like and what is your current role at CAPIS? I joined CAPIS very young — I was 18 and the youngest in the company. I was in college and this was going to be my job during college years, but it turned into my career. I started off as an entry level, new account, back office clerk. Over the last 20 years I’ve become an expert in my field. I didn’t plan this path, it fell in my lap and became my career. I actually wanted to…

The following article was penned by CAPIS   At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We spoke with one of the members of our operations team, Stephanie Deroy, who has worked at CAPIS for over 20 years. Take a look at our conversation below to learn about her career path, some of the biggest challenges and successes she’s experienced over the past two decades, and the next place she plans to travel to with her family of six.    Q: What did your career path look like and what is your current role at CAPIS? I joined CAPIS very young — I was 18 and the youngest in the company. I was in college and this was going to be my job during college years, but it turned into my career. I started off as an entry level, new account, back office clerk. Over the last 20 years I’ve become an expert in my field. I didn’t plan this path, it fell in my lap and became my career. I actually wanted to…

CAPIS Supports the Young Women’s Preparatory Network

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CAPIS Insights

posted by CAPIS on 02/09/2021 at 10:30 am
by CAPIS on 02/09/2021

This article was penned by CAPIS   Making a difference in young lives is important to CAPIS. That’s part of The CAPIS Difference. And we are proud to be a sponsor of this year’s STEAM Challenge, an event designed to develop and teach concepts in science, technology, engineering and math through interactive activities, encouraging competition and community awareness.   The Young Women’s Preparatory Network’s (YWPN) mission is to support single-gender, college preparatory, public education in Texas and beyond. According to the Office of Educational Research and Improvement, girls tend to drop out of the STEAM academic pipeline earlier than boys, with many losing interest in these subjects during middle school and high school. YWPN gives young women the academic and leadership skills to achieve success in college and in life. The program’s success is striking: 100% of its students who graduate from high school are accepted at a college or university. “Getting more girls interested in [STEAM] requires deliberate strategies to connect learning with ‘real-life’ experiences. We have to give our girls the opportunity to engage in authentic, real-world learning experiences, as well as providing a strong [STEAM] focus within the school classroom. In addition, we know from watching the success…

This article was penned by CAPIS   Making a difference in young lives is important to CAPIS. That’s part of The CAPIS Difference. And we are proud to be a sponsor of this year’s STEAM Challenge, an event designed to develop and teach concepts in science, technology, engineering and math through interactive activities, encouraging competition and community awareness.   The Young Women’s Preparatory Network’s (YWPN) mission is to support single-gender, college preparatory, public education in Texas and beyond. According to the Office of Educational Research and Improvement, girls tend to drop out of the STEAM academic pipeline earlier than boys, with many losing interest in these subjects during middle school and high school. YWPN gives young women the academic and leadership skills to achieve success in college and in life. The program’s success is striking: 100% of its students who graduate from high school are accepted at a college or university. “Getting more girls interested in [STEAM] requires deliberate strategies to connect learning with ‘real-life’ experiences. We have to give our girls the opportunity to engage in authentic, real-world learning experiences, as well as providing a strong [STEAM] focus within the school classroom. In addition, we know from watching the success…

CAPIS Q&A: Fixed Income Trading for Bank Trusts Made Easy

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CAPIS Insights

posted by CAPIS on 02/03/2021 at 11:00 am
by CAPIS on 02/03/2021

This article was penned by CAPIS   Bank trusts and wealth advisors have myriad broker-dealers vying for their business in the increasingly electronified fixed income trading universe. So why choose CAPIS? Because of the CAPIS Difference. But what is the CAPIS Difference? Coleen Donohue, First Vice President in Institutional Sales & Trading, explains how CAPIS stands out when it comes to fixed income trading in a conversation with David Lee, Director of Fixed-Income. David sheds light on how bank trusts can maximize their efficiency and profitability. Coleen: How do most clients access our fixed income liquidity: via our electronic platform, our trading desk, or is it a combination of high and low touch?   David: It’s a combination of both. Our bank trust/wealth advisors favor the electronic platform while our larger asset managers, insurance companies, bank portfolios, and pension funds utilize direct communications for ideas and execution.    Coleen: We know that ease and efficiency are key to our clients, and the electronic platform certainly offers ease of use, but how do clients know that they are getting the best price on the platform?   David: Many of the electronic platforms operate with little or no human intervention. Given the fixed income…

This article was penned by CAPIS   Bank trusts and wealth advisors have myriad broker-dealers vying for their business in the increasingly electronified fixed income trading universe. So why choose CAPIS? Because of the CAPIS Difference. But what is the CAPIS Difference? Coleen Donohue, First Vice President in Institutional Sales & Trading, explains how CAPIS stands out when it comes to fixed income trading in a conversation with David Lee, Director of Fixed-Income. David sheds light on how bank trusts can maximize their efficiency and profitability. Coleen: How do most clients access our fixed income liquidity: via our electronic platform, our trading desk, or is it a combination of high and low touch?   David: It’s a combination of both. Our bank trust/wealth advisors favor the electronic platform while our larger asset managers, insurance companies, bank portfolios, and pension funds utilize direct communications for ideas and execution.    Coleen: We know that ease and efficiency are key to our clients, and the electronic platform certainly offers ease of use, but how do clients know that they are getting the best price on the platform?   David: Many of the electronic platforms operate with little or no human intervention. Given the fixed income…

January Research Call RECAP: Geoff Garbacz on Short Interest Indicators

CAPIS Insights

CAPIS Insights

posted by CAPIS on 01/28/2021 at 10:43 am
by CAPIS on 01/28/2021

This article was penned by CAPIS   Last week we held our January research call, this time featuring Geoff Garbacz, co-founder of Quantitative Partners, who actually started his career with CAPIS. Geoff contributes to our Morning Note daily and discusses what he keeps an eye on in markets.  Our own Dave Choate, COO & Executive Director of Sales and Trading, started the call with some advice that would be well heeded in today’s markets: “When trading at or near the open when retail volume is the highest, use limits and avoid aggressive algorithms, because the aggressive algos will trade right through these price anomalies. And you’ll see that in your average price.” Little did we realize at the time, though, how prescient Dave’s and Geoff’s comments on markets would be — Geoff spent a good deal of time talking about evaluating heavily shorted equities.  Even if you had never heard of the r/wallstreetbets subreddit (a trading specific community on reddit.com, the message board of the internet) prior to the headline-grabbing market activities of the threads’ participants, heavily shorted names that have seen record activity were discussed on the call since Quantitative Partners utilization of Erlanger “squeeze” indicators. (Quantitative Partners represents…

This article was penned by CAPIS   Last week we held our January research call, this time featuring Geoff Garbacz, co-founder of Quantitative Partners, who actually started his career with CAPIS. Geoff contributes to our Morning Note daily and discusses what he keeps an eye on in markets.  Our own Dave Choate, COO & Executive Director of Sales and Trading, started the call with some advice that would be well heeded in today’s markets: “When trading at or near the open when retail volume is the highest, use limits and avoid aggressive algorithms, because the aggressive algos will trade right through these price anomalies. And you’ll see that in your average price.” Little did we realize at the time, though, how prescient Dave’s and Geoff’s comments on markets would be — Geoff spent a good deal of time talking about evaluating heavily shorted equities.  Even if you had never heard of the r/wallstreetbets subreddit (a trading specific community on reddit.com, the message board of the internet) prior to the headline-grabbing market activities of the threads’ participants, heavily shorted names that have seen record activity were discussed on the call since Quantitative Partners utilization of Erlanger “squeeze” indicators. (Quantitative Partners represents…

Developing Diverse Relationships: Q&A with Liz Whitehead & Heather Cox, Diversity Masterminds

CAPIS Insights

CAPIS Insights

posted by CAPIS on 01/27/2021 at 11:00 am
by CAPIS on 01/27/2021

This article was penned by CAPIS   The Women’s Business Enterprise National Council (WBENC) is an advocate for and the largest certifier of women-owned businesses. CAPIS first gained its accreditation as a WBENC-Certified Women’s Business Enterprise in 2015 and was just recertified this month. But firms that have gained the certification, or begun to pursue their own type of diversity initiatives, can frequently struggle with what to do next.  Fortunately for those who find themselves uncertain of a diversity path moving forward, Liz Whitehead and Heather Cox are there to help. They founded a business consultancy, Diversity Masterminds™, with the exact aim of helping those with supplier diversity certifications who feel like they are underutilizing that certification, by offering concise courses and masterclasses. (Supplier diversity certifications refer to certifications across a range of categories such as gender [like our WBENC certification], race, and veteran status.) So, I sat down with Heather and Liz for some background and perspective on how firms of all sizes approach diversity efforts: (Note: The following Q&A has been edited for clarity and length.) Coleen: How did you two first meet and where did this idea for Diversity Masterminds come from?  Heather: I was going to…

This article was penned by CAPIS   The Women’s Business Enterprise National Council (WBENC) is an advocate for and the largest certifier of women-owned businesses. CAPIS first gained its accreditation as a WBENC-Certified Women’s Business Enterprise in 2015 and was just recertified this month. But firms that have gained the certification, or begun to pursue their own type of diversity initiatives, can frequently struggle with what to do next.  Fortunately for those who find themselves uncertain of a diversity path moving forward, Liz Whitehead and Heather Cox are there to help. They founded a business consultancy, Diversity Masterminds™, with the exact aim of helping those with supplier diversity certifications who feel like they are underutilizing that certification, by offering concise courses and masterclasses. (Supplier diversity certifications refer to certifications across a range of categories such as gender [like our WBENC certification], race, and veteran status.) So, I sat down with Heather and Liz for some background and perspective on how firms of all sizes approach diversity efforts: (Note: The following Q&A has been edited for clarity and length.) Coleen: How did you two first meet and where did this idea for Diversity Masterminds come from?  Heather: I was going to…

CAPIS Outsourced Trading Desk and CAPIS ARC Combine Forces

CAPIS Insights

CAPIS Insights

posted by CAPIS on 01/13/2021 at 11:00 am
by CAPIS on 01/13/2021

Penned by CAPIS   CAPIS recently incorporated its powerful Allocation, Reconciliation, and Clearing (ARC) post-trade wrap allocation platform into the offering of its outsourced trading desk. Now, RIA’s managing institutional, wrap, and custodial platform assets can efficiently aggregate and equitably trade these orders as a block. Do you aggregate your institutional and wrap/custodial orders? Or is rotation your default process? With the increased interest in outsourced trading as a solution for RIA’s, many potential suitors have been searching for an architecture to execute like orders across multiple platforms. These aggregated orders receive the same net price, all while employing the expertise of our outsourced trading desk. Commission wallet, research management, DVP settlement, step-out matching, email notifications, and full disclosure reports are combined into one consolidated package. RIA’s can now confidently outsource all or part of their trading executions to one centralized experienced trading desk, gaining the benefit of our years executing, servicing, and settling institutional, wrap, and custodial platform trade-aways. That’s the CAPIS Difference. For outsourced trading inquiries contact Chris Hurley at 214.978.4777 or churley@capis.com. For ARC inquiries contact Mark Viani at 214.922.3236 or mviani@capis.com.  For more updates and insight from our team, follow us on Twitter (@capisinc) and LinkedIn.

Penned by CAPIS   CAPIS recently incorporated its powerful Allocation, Reconciliation, and Clearing (ARC) post-trade wrap allocation platform into the offering of its outsourced trading desk. Now, RIA’s managing institutional, wrap, and custodial platform assets can efficiently aggregate and equitably trade these orders as a block. Do you aggregate your institutional and wrap/custodial orders? Or is rotation your default process? With the increased interest in outsourced trading as a solution for RIA’s, many potential suitors have been searching for an architecture to execute like orders across multiple platforms. These aggregated orders receive the same net price, all while employing the expertise of our outsourced trading desk. Commission wallet, research management, DVP settlement, step-out matching, email notifications, and full disclosure reports are combined into one consolidated package. RIA’s can now confidently outsource all or part of their trading executions to one centralized experienced trading desk, gaining the benefit of our years executing, servicing, and settling institutional, wrap, and custodial platform trade-aways. That’s the CAPIS Difference. For outsourced trading inquiries contact Chris Hurley at 214.978.4777 or churley@capis.com. For ARC inquiries contact Mark Viani at 214.922.3236 or mviani@capis.com.  For more updates and insight from our team, follow us on Twitter (@capisinc) and LinkedIn.

CAPIS CEO Ann Sebert Elected as FINRA Representative for District 6

News CAPIS Insights General

General

posted by CAPIS on 12/17/2020 at 10:19 am
by CAPIS on 12/17/2020

This item was penned by Ann Sebert, CEO   This month I was elected FINRA’s Representative Candidate for District 6, headquartered in Dallas. It’s been a winding road to get to this point, where I will have the responsibility of advising FINRA on industry trends and relaying relevant regulatory developments to District 6’s members. The first direct experiences I had with FINRA were 15 years ago when I began supervising CAPIS’ accounting as the firm’s controller. I did not think that come 2021 I would be in a position to advocate for the right regulatory frameworks for markets and give voice to issues impacting CAPIS. I just thought there’d be more examinations. (And on that front, I was right.) My time with FINRA will begin in January and I already know of a few things that will occupy my time. The Consolidated Audit Trail is in the midst of complex implementation and debugging. A new administration can, and inevitably does, revisit hotly debated proposals. Rule 606 is not without its issues. European regulators are examining the impact of MiFID II’s research provisions, a topic that impacts the American operations of global asset managers and the whole of commission management, a key…

This item was penned by Ann Sebert, CEO   This month I was elected FINRA’s Representative Candidate for District 6, headquartered in Dallas. It’s been a winding road to get to this point, where I will have the responsibility of advising FINRA on industry trends and relaying relevant regulatory developments to District 6’s members. The first direct experiences I had with FINRA were 15 years ago when I began supervising CAPIS’ accounting as the firm’s controller. I did not think that come 2021 I would be in a position to advocate for the right regulatory frameworks for markets and give voice to issues impacting CAPIS. I just thought there’d be more examinations. (And on that front, I was right.) My time with FINRA will begin in January and I already know of a few things that will occupy my time. The Consolidated Audit Trail is in the midst of complex implementation and debugging. A new administration can, and inevitably does, revisit hotly debated proposals. Rule 606 is not without its issues. European regulators are examining the impact of MiFID II’s research provisions, a topic that impacts the American operations of global asset managers and the whole of commission management, a key…

From Our Family to Yours: CAPIS Holiday Recipe Book

News CAPIS Insights General

General

posted by CAPIS on 12/11/2020 at 12:20 pm
by CAPIS on 12/11/2020

At CAPIS, we pride ourselves on being a family both inside and outside of the office. We wanted to bring our team together, though we are apart this holiday season, so we collected favorite recipes and put together a CAPIS Family Recipe Book to share with each other, our clients, friends, and family, since food brings people together – especially here in Texas. Within this e-book you’ll find some favorite recipes from almost every family member here at CAPIS. You’ll see a variety of dishes from appetizers to casseroles, southern side dishes, and tasty desserts like my family’s Sweet Noodle Kugel (page 64) and our COO Dave Choate’s Aunt Huldah’s Chocolate Sheet Cake (page 9). Dive into our recipe book to get some inspiration for upcoming holiday meals, hearty comfort food classics, or ideas for dinner this week. Don’t forget to follow us on Twitter and LinkedIn to see featured recipes and learn more about #TheCAPISDifference. Have a happy, healthy (and tasty) holiday season, Ann Sebert, CEO  

At CAPIS, we pride ourselves on being a family both inside and outside of the office. We wanted to bring our team together, though we are apart this holiday season, so we collected favorite recipes and put together a CAPIS Family Recipe Book to share with each other, our clients, friends, and family, since food brings people together – especially here in Texas. Within this e-book you’ll find some favorite recipes from almost every family member here at CAPIS. You’ll see a variety of dishes from appetizers to casseroles, southern side dishes, and tasty desserts like my family’s Sweet Noodle Kugel (page 64) and our COO Dave Choate’s Aunt Huldah’s Chocolate Sheet Cake (page 9). Dive into our recipe book to get some inspiration for upcoming holiday meals, hearty comfort food classics, or ideas for dinner this week. Don’t forget to follow us on Twitter and LinkedIn to see featured recipes and learn more about #TheCAPISDifference. Have a happy, healthy (and tasty) holiday season, Ann Sebert, CEO  

Market Indicators: Fairlead Strategies’ Katie Stockton on the Markets

CAPIS Insights

CAPIS Insights

posted by CAPIS on 12/07/2020 at 10:49 am
by CAPIS on 12/07/2020

Penned by CAPIS Staff What assets are market drivers? What factors are outperforming? What correlations should be watched? With all that is happening in global markets during a year-long pandemic, guiding hands that can cut through the noise are beneficial, if not essential, context providers. Shortly prior to the Thanksgiving holiday, CAPIS hosted the second of its new research call series which featured Katie Stockton, founder and managing partner of Fairlead Strategies, who provided such a viewpoint, ensuring asset owners and managers don’t miss the forest for the trees. The following are some of the high-level takeaways from Stockton’s presentation: A Momentum Game As the market saying goes, “The trend is your friend.” And right now the trend remains bullish according to Stockton. While the market might benefit from a period of consolidation — a brief breather before resuming a bullish charge — and will exhibit some chop, the up-and-to-the-right dynamic remains entrenched. Tech Gets Friends As has been well documented, tech and consumer discretionary sectors have been contributing the majority of the horsepower driving this post-March rally. That will likely not be the case as we move along — other sectors will contribute as well (e.g. the recent performance…

Penned by CAPIS Staff What assets are market drivers? What factors are outperforming? What correlations should be watched? With all that is happening in global markets during a year-long pandemic, guiding hands that can cut through the noise are beneficial, if not essential, context providers. Shortly prior to the Thanksgiving holiday, CAPIS hosted the second of its new research call series which featured Katie Stockton, founder and managing partner of Fairlead Strategies, who provided such a viewpoint, ensuring asset owners and managers don’t miss the forest for the trees. The following are some of the high-level takeaways from Stockton’s presentation: A Momentum Game As the market saying goes, “The trend is your friend.” And right now the trend remains bullish according to Stockton. While the market might benefit from a period of consolidation — a brief breather before resuming a bullish charge — and will exhibit some chop, the up-and-to-the-right dynamic remains entrenched. Tech Gets Friends As has been well documented, tech and consumer discretionary sectors have been contributing the majority of the horsepower driving this post-March rally. That will likely not be the case as we move along — other sectors will contribute as well (e.g. the recent performance…

Employee Spotlight: Bryan Gibbs

CAPIS Insights

CAPIS Insights

posted by CAPIS on 12/03/2020 at 10:46 am
by CAPIS on 12/03/2020

At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We sat down with Bryan Gibbs to discuss his formative experiences and influences. Bryan began his career at CAPIS as an intern in 2002 and is now SVP, manager of transition management.  What was your first exposure to markets?   My first exposure was when my dad bought stock for me in a PaineWebber account when I was a teenager. Other than that, I didn’t pay much attention to the markets until I took more courses in economics when I was in college. Even then, I was on track to do something with my biology degree, so working in financial services was not on the radar. Tell us more about your biology degree. Do you think your background in science has had an impact on how you approach trading? I have always viewed myself as a jack-of-all-trades. I had a biology major with minors in economics and math, and was a class or two shy of a minor in chemistry, I believe. Transition management really requires you…

At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to get to know each member and shine a spotlight on them. We sat down with Bryan Gibbs to discuss his formative experiences and influences. Bryan began his career at CAPIS as an intern in 2002 and is now SVP, manager of transition management.  What was your first exposure to markets?   My first exposure was when my dad bought stock for me in a PaineWebber account when I was a teenager. Other than that, I didn’t pay much attention to the markets until I took more courses in economics when I was in college. Even then, I was on track to do something with my biology degree, so working in financial services was not on the radar. Tell us more about your biology degree. Do you think your background in science has had an impact on how you approach trading? I have always viewed myself as a jack-of-all-trades. I had a biology major with minors in economics and math, and was a class or two shy of a minor in chemistry, I believe. Transition management really requires you…

The Importance of Giving Back at CAPIS

CAPIS Insights

CAPIS Insights

posted by CAPIS on 12/01/2020 at 12:13 pm
by CAPIS on 12/01/2020

At CAPIS, we’re a family. It is impossible to not form these sorts of bonds over years and years of working alongside the same talented, good-hearted people.  We often talk about our experience in markets, the decades of trials and successes shared by the traders on our desk. But the impact of that on our culture, how it forms us into a family, is the priceless part. As we pass a Thanksgiving and enter into a holiday season where we couldn’t and can’t be, to the same extent as usual, with our families, this period of reflection and giving of thanks is all the more intense and necessary.  Because of the shared impact on our communities — our industry, our families — due to a universal need to address and deal with COVID-19, I hope that those of us with the wherewithal can harness that heightened awareness and empathy on a day like today, Giving Tuesday, to lend a digital helping hand. COVID-19 has made good situations bad, and bad situations worse — so many are in need.  The CAPIS family would normally be out there, involved hands-on in philanthropic activity, a literal impossibility in 2020. Typically, our staff is…

At CAPIS, we’re a family. It is impossible to not form these sorts of bonds over years and years of working alongside the same talented, good-hearted people.  We often talk about our experience in markets, the decades of trials and successes shared by the traders on our desk. But the impact of that on our culture, how it forms us into a family, is the priceless part. As we pass a Thanksgiving and enter into a holiday season where we couldn’t and can’t be, to the same extent as usual, with our families, this period of reflection and giving of thanks is all the more intense and necessary.  Because of the shared impact on our communities — our industry, our families — due to a universal need to address and deal with COVID-19, I hope that those of us with the wherewithal can harness that heightened awareness and empathy on a day like today, Giving Tuesday, to lend a digital helping hand. COVID-19 has made good situations bad, and bad situations worse — so many are in need.  The CAPIS family would normally be out there, involved hands-on in philanthropic activity, a literal impossibility in 2020. Typically, our staff is…

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