Andrew Hauser

Clearly it is the billion dollar question, particularly on fixed income markets, we do need the market-maker model to some degree. (But) For less liquid assets there may be the case for some of this business to move onto platforms or exchanges.

The death of the market maker model is overplayed. It is not one or the other, clearly the pricing of risk was too low and it has returned to more sustainable levels ... The market maker model is becoming more selective, people (in banks) are looking more ruthlessly at businesses.