The Swiss-based trader doesn’t have to put up with the regulation that affects its rivals. Christine Harper, Elisa Martinuzzi and Zijing Wu report
For Goldman Sachs and Morgan Stanley, two of Wall Street’s biggest commodities-trading firms, the year’s largest initial public offering represents a nightmare come true: the rise of unregulated rivals.
In the wake of the financial crisis, governments and regulators such as the Federal Reserve and Basel...
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