...Rating Outlook Remains Stable: Fitch Ratings' global Rating Outlooks for securities firms remain Stable, reflecting solid levels of capital and liquidity, less risky and more focused business models for the largest securities firms, and a more robust regulatory environment. These views primarily apply to the larger firms in North America and EMEA that have Stable or Positive Rating Outlooks. Challenging Environment Drives Sector Outlook: Fitch's global sector outlook for securities firms remains negative, reflecting continued earnings pressure primarily in the fixed-income currency and commodities (FICC) trading businesses. Advisory revenue should remain strong into 2016, and there may be some sequential improvement in underwriting activities that were delayed in 2015, but this is unlikely to offset the drag of FICC net revenues on overall results. Markets Businesses Dependent on Client Engagement: As noted, Fitch expects most segments in FICC to remain challenging through 2016. While increased...
