Return of the DPCs

Return of the DPCs

Phoenix

From photos of glassy lakes, alpine hillsides and snow-capped peaks to functional black-and-white text – like the rest of the financial markets, the annual report of Merrill Lynch’s derivatives product company (DPC) went through a cruel transition between 2007 and 2008. The second of those reports doesn’t even feature a logo – just words and numbers. And in later years, the numbers confirm a dramatic fall from favour: between 2008 and 2010, there was a 55% drop in the notional volume of client

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