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Indeed, banks have become more dependent on trading income because the profitability of lending has fallen.
Lehman, which is trying to diversify its business, most recently through its purchase of Neuberger Berman, the money management firm, nevertheless remains heavily dependent on trading revenue.
Other companies that are dependent on trading and underwriting have faced similar declines and are likely to report lower earnings than they had in the third quarter, analysts said.
Ray Kelvin, the founder and chief executive, said: "Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period".
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Can one be too dependent on trade?
Bangladesh, which the World Bank recently promoted from a low-income country to a lower-middle-income one, is moderately dependent on trade, but remittance holds high importance.
Technology is dependent on trade, too: The opportunity for global scale is one reason technological innovation has yielded such outsize rewards.
However, nation states cannot simply ignore these private governance arrangements, as private actors have become one among equals with the state, and nation states are increasingly dependent on trade in achieving their development objectives (Cutler 1999; Milker 2011; Jessop 1997; Cashore 2002; Menocal 2004; Evans 1997).
And the island's economy is almost entirely dependent on trade, including imported oil.
Thus, national economies became more dependent on trade for domestic production.
Putin had assumed that the west, and particularly Germany and France (disproportionately dependent on trade with Russia) would buckle.
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