Sure, physical players not involved with upstream production love this chaos. I was referring to derivative desks though, mainly in BB, as a lot of them are selling their books while others are buying. Any opinions on that? GS and Citi seem to be standing firm and buying books while JPM MS are mainly selling.

 

The flow side needs banks to make a market in their hedging products. So there will always be some people making a market in hedging products. It happens to be a business that favours a large institution with the overhead and sophistication to offer such products cheaply.

Maybe demand for those products outside the merchants has gotten slack enough that - just as with mortgage products a few years ago - the extra people hired to cope with the boom and every pension fund manager "wanting to be in commodities" are no longer worth the large $$.

 

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