Of course it’s not that simple; other variables and costs have to be included. Sales credits, the measurement of which still remains more of an art than a science, is one; brokerage, IT and post-trade costs are others. There is little consensus from institution to institution on how these are measured; it often takes a merger to realise the system is antiquated or, more worryingly, completely deceptive.
When I was young, I had the privilege of working as an inter-bank spot trader for Midland Bank.
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