The old order of bulge bracket banks that for so long dominated the top ranks of the European bond markets, both as lead managers in the primary markets and as traders in the secondary markets, is starting to shift. Into a marketplace where the top positions once seemed set in stone, held tight by banks with large balance sheets, robust principal risk-taking capability, global sales and trading networks built over decades and closely nurtured relationships with all the big bond investors, relative newcomers are fast making headway.
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