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Capital Markets: Taking Issue - Why Citigroup's Headline-grabbing Eurozone Trade Was Right On And Why M&A Behind The Headlines Is More Exciting Than The Glamorous Stuff. Brian Caplen Explains.

Publication: The Banker
Publication Date: 01-SEP-04 		Format: Online - approximately 793 words
Delivery: Immediate Online Access
Full Article Title: Capital Markets: Taking Issue - Why Citigroup's Headline-grabbing Eurozone Trade Was Right On And Why M&A Behind The Headlines Is More Exciting Than The Glamorous Stuff. Brian Caplen Explains.(banking industry)

Article Excerpt
Citigroup rivals should stop bleating

In 2004, markets cannot operate on the basis of a gentleman's agreement. That's why - love it or hate it - Citigroup's e11bn sale of eurozone sovereign paper that sent prices down, allowing the bank to buy back e4bn- worth at a lower price half an hour later, should not be the subject of an outcry from banks that lost money.

The trade was the result of a savvy and well-organised game plan that could only be executed by a major player. Dealers caught on the wrong side must review their trading strategies and whether they should be in the market at all. But they should not be bleating about the game being...

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