THE FASHION FOR agency brokerages shows no signs of fading. To a large extent, the conditions that contributed to the frantic formation of these providers of secondary market liquidity remain in place. Limits on bankers’ compensation are a given, while the capital banks are willing or able to deploy to bond trading desks is still restricted.
What began as a trickle at the end of 2008 became a torrent within a matter of months. Is there a boutique bubble forming? Probably, but of the many firms that have formed – and there are...
