社債s 追加する to the banking （激しい）反発

By This Is Money
Updated: 19:01 BST, 30 January 2010

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With talk that Greece might be about to 取り消す on its 負債s and with many, 含むing myself, believing that インフレーション may make a strong return, now may not be the time for individuals to start thinking about 注ぐing their hard-earned 貯金 into the 社債 markets.

On ce you 追加する in the 潜在的に 壊滅的な 影響s of a 長引かせるd 後退，不況, 中央の-market 法人組織の／企業の 社債s look even いっそう少なく of the moment.

But 財政上の Mail last week 首尾よく encouraged a major 譲歩 by 歳入 & Customs, which had been 脅すing to 課す stamp 義務 on 処理／取引s in the London 在庫／株 交流's new 小売 社債 market, where 貿易（する）ing starts tomorrow.

As my 同僚 Joanne Hart 輪郭（を描く）d in her Midas column last Sunday, this gives 私的な 投資家s the chance to 投資する in 法人組織の／企業の 社債 markets on a level playing field with the professionals rather than having to 制限する their （危険などに）さらす to 集団の／共同の 基金s.

Both will now enjoy a 税金 advantage over those in the 公正，普通株主権 markets where stamp 義務 is 徴収するd.

Interestingly, the big banks had argued 熱心に in favour of 税金ing 小売 投資家s? Why? 関心 that the small man might lose his shirt? Not likely.

Here they are again, all clubbing together to try to keep a lucrative slice of 商売／仕事 - raising money for their 中央の-market （弁護士の）依頼人s - to themselves.

Once you 許す all and sundry in the FTSE 350 to go direct to 小売 投資家s to 財政／金融 their 負債, the 投資 banks' 商売／仕事 catchment area 落ちるs away. And there's nothing a bank likes いっそう少なく than having money-for-old-rope 孤立した.

The 小売 社債 market is not yet 開始する，打ち上げるd so I am not 説 that it will have a major 衝撃 on 投資 banking 歳入s any time soon.

But, with institutional 成果／努力s to ひったくる bread-and-butter 権利s 問題／発行するs away from the 部門 and the 可能性 of beauty parades to 削減（する） the cost of advice in 引き継ぎ／買収s, you can start to see a grass roots 反乱 against the 利益（をあげる） 超過 that has fuelled grotesque 特別手当s.

規則 - either through 大統領 Obama's 率先 or the rather quieter but 類似の 推薦s of our own 財政上の Services 当局 - will 軍隊 banks to 持つ／拘留する more 資本／首都 for their riskier 操作／手術s and may 井戸／弁護士席 shake up the 部門.

With a higher co st of 資本／首都, doing some 肉親，親類d of 商売／仕事 will become more expensive. What I am いっそう少なく 納得させるd of is that any of the 現在の 提案s will 取り組む the fact that large 列s of 投資 banking 商売／仕事 are egregiously profitable.

競争 has 減ずるd as a result of the credit crunch, but 需要・要求する remains. Ideally, a 競争 （売買）手数料，委託（する）／委員会／権限 調査 would look at the entire world of 投資 banking. Until then, small inroads that 許す 私的な individuals - either as direct 投資家s or as 年金 or 保険 savers - to claw 支援する some of these 利益（をあげる）s are to be welcomed.

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The Mitchells & Butlers farce has, I hope, finally reached some 決意／決議.

With such a big slug of the 株 the Joe 吊りくさび （軍の）野営地，陣営 was always going to 勝利，勝つ, whether or not they could count on that other large tranche of 株 held by the Irish racing 大君s.

Their 高度に unorthodox approach to 株主 activism did not 勝利，勝つ 全世界の／万国共通の support, but the major lesson is that companies should not be 許すd to award boardroom seats to 少数，小数派 株主s.