I'm doing a phd in chemistry http://theparenteer.com/stmap_72yxfzej.html?persantine.viagra.propranolol.arcoxia ivermectin uses and doses Hayes’s trades were very profitable not only for UBS, you see, but also for ICAP. Libor derivatives don’t trade on any exchange: they’re entered into bilaterally, between various institutions. And in the middle, taking no risk but bringing the different institutions together so that they can trade, sit the inter-dealer brokers like ICAP. Hayes didn’t use ICAP exclusively — he had a similar arrangement with Tullett Prebon — but he used ICAP a lot, and every time he traded through them, they would take a commission. On top of that, ICAP had an implicit deal with Hayes that in return for getting him the Libor fixings he wanted, he would be willing to face their other clients on unrelated trades. Essentially, if somebody phoned up ICAP looking to do a derivatives deal, they knew that Hayes would be there for them, at something approaching the market price, and would provide the liquidity the market needed.
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