For some time now, I have questioned the rationale for the existence of the multibank platforms, arguing that the level of service provided by the banks’ proprietary systems make them superfluous to requirements. Many of the buy-side participants I have spoken to over the years simply hate paying commissions – they would seemingly, or so I thought, rather ‘deal for free’ with one of their banks directly.
“Have you seen the latest Greenwich Associates report?” my multibank chum asked.
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