Letter To The Editor
EDITORS LETTER
One comment I want to make, however, is that banks' bread and butter comes not from interbank dealing but from their middle-market customers, which usually get a 1–3% spread. Interbank trading carries risks, whereas the small and middle-level banks take small intraday trading to justify the cost of the dealer's seat. The large banks dictate the conditions of the interbank play, but in fact all of them are getting most of their daily P&L from the corporate flow and spreads. It is sexy to participate on EBS and Reuters, but the sales and trading results at the end of the day will tell you that it is the spread from the corporate business that is where the money is.
Sincerely,
Paul Belogour
President, IFX Markets
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