What Credit Suisse did next

Secretive venture could be brand-new model for fixed-income

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At the start of February, Risk got wind that Jon Kinol – then New York-based co-head of the macro products group at Credit Suisse – was taking on a new role for the bank, heading what an internal memo referred to as an electronic market-making venture. People who knew something of the bank’s plans said there was more to it than that. The venture was not a group within Credit Suisse, it was a separate entity to which the bank would direct a portion of its fixed-income busines