Reporting a 26% slump in half year profits, he said trading volumes had fallen everywhere - in equities, futures, foreign exchange, commodities, fixed income and over the counter trading.
Brazilian families gathered at tables loaded with barbecued meats, known as churrasco, and men sat along the counter trading gossip and sipping coffee or Brazilian beer.
The shop is staffed in equal parts by employees and retired fishermen, who hang out behind the counter, trading stories and insults.
Second, it recognises that many remedies do not require new regulators, but simply better regulations, such as beefed-up capital and liquidity buffers for banks and shifting much of the "over the counter" trade in derivatives to regulated exchanges and clearing houses.In other respects the plan does not go far enough.
And financial institutions have to post more collateral than before as protection for over-the-counter trades.
Even then, supervisors missed the huge exposures being taken on by AIG, an insurer, in over-the-counter trades.
That was one-tenth the price of over-the-counter trades of carbon dioxide emissions allowances in Europe.
Moreover, they will enjoy some capital relief as more contracts are cleared centrally, freeing some of the buffer needed to back over-the-counter trades.
EEX, the energy exchange in Leipzig, handles only 9% of German electricity trading, though another 15% is cleared there in the form of over-the-counter trades.
But because such over-the-counter trades are outside regulated markets, they can be unreliable and leave benchmarks vulnerable to manipulation.
Over-the-counter trades would be subject to tax just as would transactions on a stock exchange, as long as a financial institution — a term that is also defined very broadly — was involved.
