By its own admission, this year’s credit derivatives winner is not the biggest dealer on the Street. It has not been the largest liquidity provider and does not have the broadest client base. What it does have is a consistently profitable business – and the clients it trades with rave about it.
“We have never subscribed to the notion that providing excessive liquidity is a constructive way to approach the markets. Actually, being nimble and able to correctly identify your key clients is a better