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Market-making and underwriting are exempt, too, though the line is often fuzzy between these pure client activities and proprietary bets.
Market-making and underwriting are excused, too, though the line is often fuzzy between these pure client activities and proprietary bets.
The Delta One desks operate in a gray area, where the line is sometimes blurred between proprietary trading and client activities like market making.
The revenue provision also underscores the challenge regulators face in ferreting out proprietary trading, especially when the line is blurred with legitimate client activities.
Mr. Washkowitz, who has worked at Lehman for 35 years, "will continue to be involved in merchant banking and other senior client activities," a Lehman spokeswoman, Kerrie Cohen, said.
Promontory also declined to address it, but a spokesman acknowledged that the firm "from time to time receives document requests in the form of subpoenas related to client activities".
Similar(48)
Global recession fears have led to increased risk aversion and lower client activity at UBS.
There are other ways to customize or add client activity to your Web site.
Deutsche Bank said it was seeing "a significant and unabated slowdown in client activity".
Client activity was "subdued," which also weighed on the results, the bank said.
"It was really driven by lack of client activity and lack of revenue," said Mr. Viniar.
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