Sales is a bespoke contractual relationship where every deal calls for a new contract with bespoke rules there are no standards and long lead times for every single deal. Sales deals are often confounded with trading deals as parties take positions. Contractual arrangements for such deals can be very complex but are always tailor made to a degree. Sales deals are rare so deals are pursued over long times and vigorously. Profit comes as a sort of fee for connecting offer and demand (sometimes with a transformative process on the product in between). Sales also is a team activity.
Trading, on the other side, deals with standardized products and a normalized procedure. Multiple trades can be performed simultaneously in very rapid staccato. Terms and procedures are pre-arranged in standardized framework agreements called EFET‘s or ISDA’s. Traders usually perform on a lot of single trades every day and for that reason works on multiple deals alone. His profit does not come from the “one big deal” but rather through accretion of multiple small deals. Therefore EV will stay clear of classical sales activities although if a back to back deal opportunity presents itself we will evaluate based on the economics of the deal and our ability to perform.