​We Did Not See That Coming…

Nov 21, 2016

I had planned to write an editorial about the slow demise of Wall Street and big investment banks this quarter. It was going to be an in-depth look at how regulation and capital rules had hamstrung sales and trading desks to a point where some of the biggest players were redefining themselves away from their traditional over-the-counter derivatives markets. How initial margin rules were fundamentally changing the way banks operate in the interdealer markets. I even had a fancy little analogy ready to go about the persistent misconceptions around the decline of the Roman Empire that was, hopefully, going to make me sound really intelligent and witty…

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