Part of SBC Warburg’s success must spring from the unusual structuring of its business. Credit, government and derivatives trading have been separated but all of the bank’s credit products have been integrated, which means that loans, asset swaps, securities and money-market instruments are under the same management and valued on similar models. This, SBC Warburg reckons, makes for a transparent and credit-focused approach to client market-making.
The bank has also split the trading books in an attempt to ensure that all clients receive an appropriate price service.
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