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Promise a child unlimited pocket money and let him loose in a sweet shop and the results are likely to be indiscriminate gorging and extensive wastage. Until very recently, that is more or less what happened in the world of fixed income research.
Whether it was to provide clients with genuine investment insights or to push their own traders’ books or to support their syndicate desks, investment banks in particular showered the investment community with research on fixed income, currencies and commodities.
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