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It didn't just connect clients with capital; it also was aggressive in taking lucrative but risky proprietary positions.
The winners will be either big national guys with great computer systems and cost controls, or the guys with strong proprietary positions in regional markets.
They did not want trading to start until they were fully confident of their ability to serve their customers and defend proprietary positions in the market.
He questioned the large profits that some investment banks enjoy from taking proprietary positions at the same time as they make markets for their customers, wondering whether this sort of provision of liquidity is over-valued.
"You're never going to be able to craft a rule that permits legitimate market-making activities that our economy desperately needs while at the same time prohibiting proprietary positions," said Mr. Seiberg of MF Global.
The ability of companies from other countries to copy important developments has increased so much that there's no way for this society, with our high standard of living, to compete against societies with lower standards of living unless we have protected, proprietary positions.
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A proprietary position in a high-growth market should not be this hard a sell.
We are always driving for an ironclad proprietary position in all our products around the world.
That gesture gave Wood a proprietary position in the jocks-gone-wild discourse that attended the lacrosse scandal.
Dr. Evan Snyder, director of stem cell research at the Burnham Institute in La Jolla, Calif., said WARF "hindered the field" to enhance its proprietary position, making it expensive to obtain cell lines and for scientists to collaborate.
"Holding substantial securities in a trading book for an extended period obviously assumes the character of a proprietary position, particularly if not specifically hedged," Mr. Volcker wrote in his comment letter.
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