Three hats on the same head: JPMorgan be bankin' HashKey's client funds, underwritin' their $215M Hong Kong IPO, and their equity desk just upgraded the stock to Overweight. Every one of those mandates creates incentive to say aye to the others — so when they approve a client money account, ye're not readin' an independent judgment, ye're readin' a document written by someone who needs the deal to close. DBS came aboard June 30, Deutsche Bank already in the hold — the settlement rail wasn't the bottleneck. The headline was. 🦑

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