主题：有谁能讲一下那些投行是如今怎么实现盈利的吗 -- 领班军机

but in some aspects, they are still considered "investment bank".

By the way, the following statement is not proper

同时，投行还有面向客户的证卷业务。面向大型基金和公司的一面，叫做“Buy-side”，面向个人和小客户业务的一面，叫做“Sell-side”。有毒证卷一般就是这些个部门搞出来的。当然他们也有Research部门的背后支持。他们的业务包括企业债卷、政府债卷、各种复杂的证卷产品等等。他们有时候还会卖证卷保险。其实CDS就是保险的一种。

OTC trading is much much larger than retail trading.

This is the biggest profit center for an investment bank. Traditional IB business such as M&A plays smaller and smaller roles.