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RE: How stupid do financial institutions believe people are?
I used to manage the corporate bank accounts for a very large corporation. It's amazing how the fees get waived when the banks are afraid you'll take your money elsewhere. Taught me that "rules" are meant to be broken and that if you don't ask for something, you'll never get it.
Fully agree with that statement. Another amazing point is that if they have the ability to waive the fees it measn that they are making massive profits.
They definitely are. Just the spread on a $100M trade would easily net them $10,000. Flow trading, they get both sides of the action, earn double the money and do very little work other than matching.
Which is probably why quite a few of the traders on the desks i used to call have been made redundant.
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