This article on the global trading of financial instruments is the third in a series of four publications covering the impact of transfer pricing on the global financial services industry. Objective here is to take a pragmatic "real world" view of some of the challenges that arise in practice. A discussion is provided over recent trends in the global trading arena from a business perspective and also within the transfer pricing legislative sphere. The transfer pricing challenges awaiting financial institutions (as they attempt to balance tax, regulatory and business requirements within a global environment are out-lined. Some practical approaches and roadmaps to possible solutions that might be adopted when trying to tackle these challenges are presented.