Debt trading poll 2008: All change in secondary markets
INVESTMENT BANKS ARE riven by fear – the reason why managers have removed virtually all risk from their trading desks. Not that they have much capital to support risk-taking anyway. Much of what has been taken for granted, in trading and investing in bond markets, is being re-evaluated.
But amid the gloom and dislocation, there are at last signs of organic repair in the debt markets. This is not a government-sponsored initiative to fix some broken aspect of the financial market.
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