Additional reporting by Andrew Capon
Maybe the paranoia is starting to set in after five years of almost incessant banking crisis. The head of global markets at one of the world’s biggest banks is certainly on edge.
His biggest fear? That large buy-side clients are themselves so worried about banks’ inability to supply capital to support market-making that they are setting up crossing networks to internalize buy-and-sell orders between their own funds.
Liquidity has dried up in many financial markets and if the banks won’t help investors buy in and sell out, they must find ways to do it for themselves.
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