And it sits oddly with separating trading and derivatives from deposit banking, since underwriting is akin to selling a large put option, and typically riskier than normal market-making. With underwriting on the trading side of the fence, the deposit bank could still supply the service to customers, but as a broker, not as a dealer.
这也和将交易和衍生品与存款银行业务分离格格不入，因为承销就好比是出售一大笔看跌期权，比通常的做市业务风险更大。承销业务属于篱笆靠交易的一面，这使得存款银行仍旧能够为客户提供服务，不过不是以经纪人的角色，而是以承销商的角色。承销属于狮子阵营。