Flow is very much back in vogue. Having been the poor relation to the structured desk during the boom times, flow business within fixed-income divisions has been a major driver of revenues for banks this year. A number of dealers have shut down prop desks or at the very least diverted resources to their flow business. Some dealers, with a reputation for specialising in structured, complex trades, have even begun building up flow operations virtually from scratch.

The reason is obvious - end-user

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