Are agency brokers the new powers in debt trading?
However, now the illiquidity in cash trading appears long term, the dominance of levered investors such as hedge funds, and prop and structured credit desks is a distant memory.
Investment banks are not only short of funding avenues but also of capital. With capital in short supply – and often provided by new stakeholders such as governments – the commitment of numerous dealers has come under scrutiny. Furthermore, measures of risk such as VAR have exacerbated the problem.
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