What has been the biggest trend in terms of client activity since last summer?
Volatility and falling global interest rates sparked massive demand for restructuring of both asset and liability-side trades, particularly in the second half of 2008. We were incredibly busy helping clients unwind risk management products that were more suited to low volatility markets, while helping investors exit carry trades that were adversely impacted by global monetary easing in the second half of last year. A popular strategy during the bull market, carry suffered in 2008 as global interest rates began to converge. Diversifying investors into better performing strategies or into baskets of less volatile currencies was a key task last summer. Access to deep pools of investor liquidity has also been extremely important when restructuring trades amid highly volatile markets as it helps risk to be transferred efficiently and at the best possible price. Do you therefore think the days of highly structured, complex products are over? I think complexity will always have a role, partic
