We’ve all known it for years: brokers don’t really care which way an asset is moving. Their only desire is that prices change, so they can match up buyers and sellers. Equities are arguably the only exception, but in my view that’s a rigged, one-way market. For a diversified inter-dealer-broker company like Icap, if one market is quiet, the likelihood is another will be whacking about. So for most of the time the sun is shining as far as Icap is concerned.
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