RBC takes the open road
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It is generally agreed that it is important to have a captive distribution network - especially one that is both productive and wide. The three major structured product providers in the North American market - Merrill Lynch, Citibank and Morgan Stanley - own captive retail distribution channels, but none of them are open to third-party products. This puts them in a position whereby they collectively control more than 50% of the country's retail structured products market, making it difficult for
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