But the ECB, in its latest report, is still suggesting the extra fiscal revenues be used to balance the budget and not to cut taxes. As you know, the Italian government has already decided to use part of this extra money to reduce taxes. How do you judge the government’s choice?
Clearing has traditionally been a low margin business, and brokerdealers have often offered these services to clients in the belief that doing so may lead to more profitable business. In the new environment, broker dealers are reconsidering this model, and may reduce services to smaller clients or move to an agency model with higher fees.