Morgan Stanley
The credit derivatives market in the past 12 months has been dominated by the launch of various tradable indices. They have proved a phenomenal success, increasing liquidity and transparency and, as a result, the number of players and types of trade possible.
As that has also led to a narrowing of bid-offer spreads, the easy money for the broker-dealers has gone, forcing them to find new ways of making money from the product as well as being competitive in the flow business.
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