Look, I tried: Difference between revisions

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 In our crazy, inter-connected world, much financial markets activity comprises of fattened [[Intermediary|intermediaries]] sitting cross-legged in a circle, passing around  a parcel belonging, at some remove, to the [[ultimate client]]. As it passes by, each one takes a nibble at it.
-The [[ultimate client]] himself is probably some benign, well-meaning, atavistic pensioner with few expectations beyond seeing out his autumnal years dandling a grand-daughter on his knee, watching her blow dandelion fronds around a meadow bathed in golden light. To this unitary goal his extra pennies have all gone into a pension plan managed by an asset manager, who has outsourced its trading function to a trading desk, who is hedging the actuarial delta with a fund of hedge-funds, which in turn invests in a diversified portfolio and hedge hunds, who
+Now each of these intermediaries need to agree the terms on which the parcel passes. Their main concern is that they get enough of a handle on the asset for long enough to have a good bite before they pass it on, but each needs also to prepare for the consequences of the parcel not, eventually coming back to them when their immediate client — in most cases the person who passed the parcel to them — decides to ask for it back.
-Now the intermediaries need to agree the terms on which the parcel passes. Their main concern is that they get enough of a handle on the asset for long enough to have a good bite before they pass it on, but each needs also to prepare for the consequences of the parcel not, eventually coming back to them when their immediate client — in most cases the person who passed the parcel to them — decides to ask for it back.
 {{sa}}