Banks are reorganising to serve the converging retail and institutional markets better. They want their capital markets engines to be devising products for both markets, and the future distinction will not be between type of client but between type of product: high end that needs personal selling and commoditised products that clients can trade for themselves.
Amy Nauiokas, head of brokerage at Barclays Wealth, says: “Eventually retail and institutional markets will converge across all asset classes. This has happened already in the equity and FX markets and is now spreading to other sectors. Markets will become more transparent and more liquid”
