No margin for error

The days when margins could be influenced by the quality of an expensive client lunch are long gone. The credit crunch has provided numerous examples of how important it is to get the margins right and perhaps made it easier to understand and appreciate why they are required. Simple transactions such as foreign exchange spot, where the major risk is settlement, have seen major initiatives such as CLS and more talk of central counterparty clearing, so margins are narrowing and not much of an