Some Wall Street banks are better than others at focusing on their most-profitable debt-trading desks.
Bloomberg News reports that JPMorgan, for example, generates the most fixed-income revenue globally even though it ranks fourth when measured purely by trading volume, according to Greenwich Associates data.
'It’s a profitability game now', said Kevin McPartland, head of research for market structure and technology at Greenwich Associates, a research firm. 'You can have the huge investor client that does tons and tons of flow, but those same clients often are demanding. You’re giving them better pricing, you’re making less money per trade'.
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