Bloomberg News reports that targeting everything from how lenders charge for research to how they execute trades, the rules will make banks look at costs and put pressure on fees, the head of UBS’s investment bank said Tuesday at a Financial News event in London. This will make it even tougher to make money from trading equities and create more concentration in the industry, he said.
“If you think about cash equities, people say the top five clearly break even and everyone else doesn’t,” Orcel said. “I actually think it’s inside the top five, the top five doesn’t break even. Now you look at this environment. You’ve just moved the bar up.”
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