In the end, everything comes down to the documents. More than anything else, it is the millions of pages that detail how transactions should take place and what information the parties to a trade should be aware of that are the lifeblood of the primary debt capital markets.
Trawling through all that can be a dull job, but until fairly recently someone – or many thousands of people, usually lawyers – had to do it. Increasingly, though, that is not the case.
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