Large banks each spend billions of dollars a year on technology innovation. For their global markets businesses, much of that spending goes on tools for disseminating prices and automated dealing with buy-side clients.
Yet most work that portfolio managers do before handing a trade to their dealing desks, is devoted to forming a view of the world and of markets that leads them to a transaction.
“Far more important than getting the best price is doing the right trade,” says Chris Churchman, head of Goldman Sachs Marquee.
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