Dealer poll: Difference between revisions
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Revision as of 08:09, 21 April 2023
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One of the great foundational myths of the financial market is that, in times of trouble, a council of expert market professionals will rally around a stricken colleague and provide wise, equable and firm prices on complicated derivative positions that underly the dealer’s structured products business. It is enshrined in the canonical texts of the financial services faith: the ISDA Master Agreement, the run of standard ICMA bond terms and conditions.
The fact that such a council of reference dealers has never once been reliably witnessed in the history of the derivatives markets, yea even unto the First Men, troubles no-one.