Taking Issue

摘要

In 2004, markets cannot operate on the - basis of a gentleman's agreement. That's why - love it or hate it - Citigroup's EUD11bn sale of eurozone sovereign paper that sent prices down, allowing the bank to buy back EUD4bn-worth at a lower price half an hour later, should not be the subject of an outcry from banks that lost money. The trade was the result of a savvy and well-organised game plan that could only be executed by a major player. Dealers caught on the wrong side must review their trading strategies and whether they should be in the market at all. But they should not be bleating about the game being unfair or expect regulators to step in to take their side.