The First Merger of a Primary Dealer

The Swiss National Bank is a wholly unsubsidiary of the Bundesliga. No one noticed this, even zero hedge which reported on it missed the important point. This is the first time a primary dealer that issues treasuries went down. It's the first merger of a GC. By the way, Colin Kallinger who's the chairman of UBS and in Switzerland,. He's who hired me and we're in Stanley.