The once arcane world of collateral management could be the source of one of the biggest potential new revenue streams for banks, exchanges and clearing houses, according to an influential new report on the state of the wholesale banking sector.

A revenue pool of as much as $1bn is up for grabs over the next three to five years from post-trade and risk management services, according to Morgan Stanley and Oliver Wyman's Wholesale & Investment Banking Outlook, which is this year subtitled Liquidity Conundrum: Shifting risks, what it means.