Wasn’t it? True the economics of secondary equity trading show that it’s tough to make money even in booming markets. But the stability in credit markets provided by central banks from the middle of 2012 and month after month of positive inflows into equity funds as investors worried about over-bought, low-yielding government bonds have been a boon to equity capital markets. A narrow franchise can be a good thing if it’s a strong franchise that’s well coordinated across regions.
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