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{{a|devil|}}One of the great unstated canards of the [[high-modernist]]s: that one can generate and capture ongoing value with an innovation that, when all said and done, takes the shape of a basic triage between dross | {{a|devil|}}One of the great unstated canards of the [[high-modernist]]s: that one can generate and capture ongoing value with an innovation that, when all said and done, takes the shape of a basic triage between dross and hard stuff. | ||
It won’t. You will quickly bank it, retire or redeploy the units that are committed to handling the dross and move on. | It won’t. You will quickly bank it, retire or redeploy the units that are committed to handling the dross and move on. | ||
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Time for one of the [[JC]]’s famous morality tales. | Time for one of the [[JC]]’s famous morality tales. | ||
Anyone who has had the misfortune to be employed documenting them will tell you that at is is painful and, in large part, composed of dross. Generally speaking, one will require the services of a sophisticated [[law firm]] to document the the various arrangements that are going on. Dematerialised securities are formally | Anyone who has had the misfortune to be employed documenting them will tell you that at is is painful and, in large part, composed of dross. Generally speaking, one will require the services of a sophisticated [[law firm]] to document the the various arrangements that are going on. Dematerialised securities are ''formally'' complicated, long-winded, dense, and they involve the [[agency]] of many market participants all of whom like to extract rent. Because of this cost hurdle they tend to be of large notional, such that the economies of scale overcome to produce any debt securities after all. | ||
Nevertheless substantively many [[debt securities]] are really quite straightforward. They are after all, glorified [[loan]]s. | Nevertheless substantively many [[debt securities]] are really quite straightforward. They are after all, glorified [[loan]]s. | ||
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Two things happened immediately. One was that trading volumes doubled overnight, both on the automated products, but also on the products that we had not automated since the the drafting team now had a great deal more capacity and could take on will products. We literally doubled volume of automated products. | Two things happened immediately. One was that trading volumes doubled overnight, both on the automated products, but also on the products that we had not automated since the the drafting team now had a great deal more capacity and could take on will products. We literally doubled volume of automated products. | ||
Secondly the management team immediately claimed, it would cost £5,000 to document through a law firm. | Secondly the management team immediately claimed, it would cost £5,000 to document through a law firm. Since volume is had doubled, the management team figured on a annual saving in the order of 5 million for which it claimed grandiose credit | ||